As you plan to apply for a no medical life insurance, you can’t help but ask certain questions about it. Apart from the type of insurance available, you may also wonder how your application will be reviewed for approval when there are no blood works and laboratory exams done.
Well, you don’t need to answer any health questions; that is certain. But you will still go through an interview process. After your questionnaire is filled out, you will be receiving a phone interview with your insurance agent. This person can be your screener or underwriter who reviews the data you have provided. They will also investigate on your records by referring to your Motor Vehicle record, Medical Information Bureau and Pharmacy Database. By doing so, they will know if you maintain a medication, is suffering from an illness or has been involved on a car accident in the past. For this reason, you have to be honest in answering all questions on the questionnaire. In fact, you have to admit if you have been declined in your life insurance application in the past. Besides, they will know about it when they do an MIB check. So better be true in your answers rather than getting denied in your application for providing wrong data on the questionnaire.
Your next concern may be the length of waiting time before you finally get the approval that you want. Well, normally it takes 2-10 business days for the company to review your papers and approve or deny your application. This will vary depending on what type of policy you are applying for or the cost of death benefit you want to buy for the coverage. Your coverage may not be applicable right away after your first payment. Some insurance companies will still let you wait for a certain period of time like 2 years before you are fully covered. Again, this will depend on your personal health profile.
The good news is; even applicants with fatal illnesses like cancer, cardiac disorder or diabetes can apply for a life insurance with no medical exam. This is if you apply for a “Guaranteed Issue” type of insurance. However, this type can be more expensive and because of greater health risk, you can only avail for a smaller death benefit. So, when buying life insurance with no medical exam, make sure that you have all your queries answered. After all, you can only get the most of your life insurance if you know the extent of its coverage.