When you begin the tedious task of searching for an inexpensive term life insurance plan, you’re bound to become frustrated with what seems like the never-ending process of information gathering. Insurance companies want to find out everything they can about you: your personal details, your habits, your family history, your health. Not only is it stressful and invasive but it also requires a huge time commitment.
One of the most annoying aspects of the process is the physical exam. Be prepared to set aside a chunk of time for a paramedical physical exam. During the exam, you’ll spend about 30 minutes going through your medical history and your current health. You’ll also have to have blood drawn, and some insurers ask for saliva and urine samples as well. Some companies even require an EKG, or electrocardiogram, to check your heart health.
After the appointment, you’ll have to wait for the medical examiner to send the results to the insurance company. Meanwhile, you’ll naturally be anxious to know if the exam turned up anything that could affect your access to a good life insurance plan.
There are ways to speed up the process and eliminate the hassle. One option?
That’s right. You can bypass the physical exam altogether.
What Is No Medical Exam Life Insurance?
No medical exam policies are exactly what their name implies: You don’t have to take a medical exam for this type of policy like you do with a traditional life insurance policy. Yet they provide the same guaranteed coverage as those that do require a medical exam. But, no medical exam policies — also called “simplified issue” policies — are typically limited to lower coverage amounts. And, most of the time they are still fully underwritten with a complete medical questionnaire. Your background review could include the following:
-Pharmacy report, which lists all medications you’ve been prescribed over the last 5–10 years
-Motor Vehicle Department report
-Medical Insurance Bureau report (to see if you’ve applied for or have been denied life insurance in the past)
-Credit history (only a few insurance companies check this)
Call Cosmo to get a free life insurance quote today!
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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