When you’re shopping for life insurance coverage, there are several types of plans that you can choose from. All of them are going to have different advantages and disadvantages that you’ll need to consider to ensure that you’re getting the best plan available.
One of the types of plans that are gaining popularity is a no exam life insurance plans. As you can imagine from the name, these plans will allow you to get insurance coverage without having to take the medical exam. These plans can be a great option for some applicants, but because they are relatively new to the market, there are a lot of questions about the application process and what the insurance company is going to ask when you apply for your plan.
Applying for No Exam Life Insurance
With a no exam plan, the insurance company won’t require that you take a medical exam before they accept your application, but there are still going to be a few hoops that you have to jump through before you have life insurance.
One of the most significant parts of the application process is going to be the phone interview. Just like with a traditional life insurance policy, the insurance company is going to schedule a phone interview, and they are going to ask you dozens and dozens of different questions. They are going to ask you a ton of questions about your current health and your family history. They are going to get as much health information as they can, without requiring you to take the physical. Every insurance company is different, but the majority of insurance interviews are going to last around an hour.
During the interview, they are going to ask if you’ve ever been diagnosed with any severe medical conditions, like heart disease, diabetes, any sexually transmitted diseases, and much more. The goal of the phone interview is to get an idea of how much risk you are to insure. The more risk that you are (, the worse that your health is) then, the more that they are going to charge you for your insurance protection.
Aside from the phone interview, and the barrage of questions, the insurance company is also going to look at some of your records to give an idea of how much they should charge you for your coverage. The insurance company is going to pull your prescription history for the last five years. This is going to reveal any medications that a doctor has given you, and those prescriptions are going to play a major role in how much you pay every month. The more drugs and medications that you have to take, the more that you’re going to pay every month.
Additionally, the company is going to look at your Medical Information Bureau records that will show any results of medical tests that you’ve taken in the past. This will give the insurance company an idea of what your health has been in the past and might reveal any significant conditions or health problems that you’ve had in the past. Because you are not required to take a medical exam, the company won’t get a current view of your health, but they will see any results from the past.
While most applicants don’t realize it, the insurance company is also going to review your driving records. If you have any DUIs, accidents, or speeding tickets on your record, then you’re going to pay more for your insurance coverage versus someone that doesn’t have those marks on their records. If you want to save money on your no exam plan, you’ll need to slow down on the way to work every morning.
Getting Cheap No Exam Life Insurance
Because the life insurance company doesn’t get as much information about you before they give you life insurance, a no exam plan is going to be more expensive than a traditional plan that requires the health tests. While these policies are going to be more expensive, that doesn’t mean that you have to have a policy that’s going to break your bank every month.
The best way to get cheaper premiums on your no exam plan is to quit using any tobacco. If you’re listed as a smoker, or you use chewing tobacco, then you’re at a much higher risk for conditions like cancer or heart attacks. If you’re a smoker, then you’re going to pay a lot more for your insurance coverage versus what a non-smoker is going to pay for the same sized plan. In fact, smokers are going to pay at least twice as much for their insurance plan versus someone who doesn’t smoke. Quitting the bad habit is going to save you thousands of dollars every year.
If you want to ensure that you’re getting the lowest rates is to compare dozens and dozens of plans before you decide which one is going to work best for you. Every company that offers no exam coverage is going to give you different rates depending on which company that you get the quote from. Some companies are going to give you higher rates based on your medical history.
Because there are thousands of companies on the market, you could spend weeks calling different companies, or you can let one of our independent insurance brokers do all of the work for you. Unlike traditional insurance agents that you’ve spoken to in the past, our independent brokers don’t represent one single company. Instead, we work with dozens and dozens of highly rated companies across the nation. Working with one of our agents can save you both time and money on your life insurance coverage.
If you have any questions about your life insurance or no exam coverage, please contact one of our agents today. We would be happy to answer those questions and connect you with the best plan available.