Choosing No Exam Life Insurance Plans When Your Health is Bad or not so Perfect
Choosing No Exam Life Insurance Plans When Your Health is Bad or not so Perfect
Choosing No Exam Life Insurance Plans When Your Health is Bad or not so Perfect
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Home Page > Finance > Insurance > Choosing No Exam Life Insurance Plans When Your Health is Bad or not so Perfect
Choosing No Exam Life Insurance Plans When Your Health is Bad or not so Perfect
Posted: Aug 11, 2010 |Comments: 0
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First and foremost, no exam life insurance has, for the most part, a similar underwriting process as regular life insurance. There are two main variations between no exam life insurance and regular life insurance. If you do a no exam plan, at the minimum, all companies will check MIB, pharmacy report and other reports that can be easily accessed by the insurance company through your personal information (social security number, date of birth…).Companies that only check these reports tend to give you the fastest answers (as fast as one day).
Then they are no exam companies that, in addition to the previous, will also order medical records. These insurance companies tend to take a bit longer for an answer as medical records are often slow to acquire. In all instances, all companies will ask basic to extended medical questions which mostly need to be answered yes or no to pass or fail the preliminary approval process. As you can see, just because it is a no exam plan, does not mean that it is a no medical questions plan. You need to check before applying. There actually is one company we know of, that does not ask ANY medical questions and I am sure there are many more. The thing to keep in mind, though, is that the less information the insurance company requires, to give you an answer on your application, the higher the premiums. Which makes full sense as the insurance company who offers a no questions or limited questions plan is taking a greater risk that a claim will need to be paid.
Bottom line is, the easiest the underwriting process, usually, the more you will pay for the life insurance! So don’t be so excited about no questions asked life insurance as you may end up paying much higher rates than you should. The question is (no pun intended), how do you know which plan to choose. That is fairly simple. Ask a lot of questions! Give the agent broker as much as you can about your medical history and try to get a good idea of what might happen if you apply for a plan that has a more extensive underwriting as opposed to a plan with fewer requirements. Then ask another broker and at least another. Once you have at least three opinions, you should be able to make a much more educated decision and, in the process, possibly save a good amount of money on premiums.
For example, if all you have is high blood pressure and it has been fully controlled for years and you have not been hospitalized for it, then a more extensive, no exam life insurance plan may be best. On the other hand, if you are on dialysis then a “no medical questions asked” plan may be best. Keep in mind that the no medical questions plans tend to have modified death benefits. Some may not fully cover you for two to three years. In other words, if you should die during the two to three years of the plan being in force, your beneficiary(ies) may only receive a return of premiums plus some interest.
There is so much more to share on selecting the right plan that I could keep writing for a long time. The bottom line is, ask a lot of questions and get as educated as you can on the many options available before you make a decision. Feel free to select us as the first people to ask – click here . We will be happy to just answer questions.
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Philippe Deray -
About the Author:
Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com
Company Profile
MCD Life is a successful, dynamic company built on the principal of serving our customers FIRST! Our primary mission is to bring peace of mind to our clients by offering innovative, value-added products and information that place emphasis on short and long term benefits, benefits backed by selected companies with high quality assets and written guarantees.
Our Focus Life Insurance for people who have or have had health problems
With many years of experience in the insurance business, we have developed proprietary methods to help individuals with not so perfect health history, get affordable insurance. We offer term insurance, whole life and universl life insurance. We will make this process as simple as possible and get you an answer as fast as possible.
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What are some school health issues ?
I have no income, am pn disability for cancer (1285/mo) and owe 4000. I want oic what exceptions are tehre for health issues in payment as i have 000 savings i need ot save as i cant work yet
I am considering purchasing a home next to a hydro electric station in Ontario. Can I ask them to have a study done to ascertain the degree of the magnetic field., as relates to health issues? Darlen
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Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com
Company Profile
MCD Life is a successful, dynamic company built on the principal of serving our customers FIRST! Our primary mission is to bring peace of mind to our clients by offering innovative, value-added products and information that place emphasis on short and long term benefits, benefits backed by selected companies with high quality assets and written guarantees.
Our Focus Life Insurance for people who have or have had health problems
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