On Policies: My Rationale Explained

Get A Life Insurance Even Without Medical Exam

There’s actually a big difference between term life insurance and whole life insurance wherein the former, it is a kind of policy that doesn’t require any medical exams and has a guaranteed acceptance while in the latter, it needs the person to answer some medical questions before securing an eligibility. While it is true that there may be no paramedic or physical examination needed to be able to secure a term policy, still there will be some underwriting process that will take place after applying coverage for a number of carrier.

Although there are a lot of people are assuming that these policies are not requiring paramedic examinations are bought as in the same manner that you’d buy an off-shelf product from retail stores, it is essential to have an understanding that insurance companies are going to run a series of double checks that are referred to as underwriting process before issuing the policy.

When planning to get a term life insurance, some of the cases that’ll be reviewed are:

Number 1. Driving record verification – with majority of the insurance providers, the application process includes consent to review the driving record activity of the interested client. Depending on the company selected, there is going to be requirements that should be meet to acquire eligibility. More often than not, these would be no DUI cases within the past 7 years, no other major violations committed for the past 5 years, no driver’s license suspension in the last 5 years and no more than 2 standard moving violations.

Number 2. Prescription history check – the insurance carriers will be performing review to the applicant’s prescription history to be certain that there aren’t any prescriptions that had been prescribed which are usually reserved to those who have medical conditions that’ll make the applicant ineligible for coverage when applying for a life insurance policy.

Number 3. M.I.B check – truth is, M.I.B stands for Medical Information Bureau that will review the history of the applicant. Fact is, they are the one checking for the recently applied coverage or outstanding coverage. Even though some customers may see this review as being counterproductive and intrusive, it is essential that the life insurance provider perform their part in protecting the rates of those who’ve qualified for coverage and ensured that only the appropriate clients can get coverage from their policies.

The aforementioned points are only some of the basic tests that a number of life insurance companies are going to do on their applicants on the other hand, it will be advisable to expect more tests to be carried out if you like to have the best life insurance.

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