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Questions About Policies You Must Know the Answers To

How You Can Get Rid Of Medical Exams When Buying Life Insurance?

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. Even though there might not be no paramedic or physical examination needed in order to secure a term policy, still there is going to be underwriting process that should take place after applying coverage for most carrier.

Although numerous people assume that these polices aren’t requiring paramedic examinations are bought as in the same manner that you just buy an off-shelf product form retail stores, it is important to have a thorough understanding that insurance companies will run a series of double checks referred to as underwriting process before they issue a policy.

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

Number 1. Driving record verification – with most of the insurance companies, the process of application will include a consent to review the driving record activity of the interested client. Depending on the selected company, there’ll be requirements to be met in order 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 – while in the process of applying for a life insurance policy, insurance providers will review the prescription history of the applicant to be certain that there are no prescriptions that had been prescribed which are usually reserved to people who have medical conditions that’ll make the applicant ineligible for coverage.

Number 3. M.I.B check – this is basically a reference to Medical Information Bureau that is reviewing 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.

These 3 are just some of the basic tests that life insurance companies will perform on their applicants however, expect more tests to be done if you want to get the best life insurance.