If you have ever applied for life insurance before, you will probably remember that someone came out to your home or office to ask urgent medical questions, take blood and urine samples. But nowadays, you can actually get a life insurance policy without a degree or non-medical life insurance policy. Different names for the same thing.
You usually pay a little more for your coverage than you would if you went through the hassle of undergoing a full paramedic examination. But for most, the opportunity is to get an examiner to come into their home or office to take some blood, a urine sample and ask lots of invasive questions. And I fully understand.
Some people suggest that you should never pay more for a life insurance without a degree and that you should always undergo a full survey to get a lower price. But after being in the life insurance industry for more than 20 years, I can say that it is always better to have a life insurance policy than not to have one.
If you would rather buy an insurance policy that does not require a medical degree or talk to an examiner, you should definitely buy a non-medical or no degree life insurance policy.
What is the process for buying a non-medical insurance?
Let's take a look at some details regarding life insurance policies that you can purchase without a medical examination.
I presented the figures for a 20-year policy for a 35-year-old non-smoker to compare what a fully subscribed policy (blood, urine, etc.) would cost him and compared it to a 20-year policy that does not require any form of medical examination. The non-medical insurance is really a food insurance without a degree that does not require you to dot and dot of a typical fully insured insurance. questions, most simplified questions life policies are just a few pages and require only basic personal information and health information.
The main reason why this type of warranty process is now possible is due to artificial intelligence and big data. Life insurance companies can buy large amounts of compiled information about you after you have given your permission – signing your life insurance application means that you approve it in most cases. The software can quickly retrieve information about you, compile it and compare you with similar profiles of other insured persons that they have registered and determine your insurance ability.
In many cases, these policies do not offer a specific rating but are instead a & # 39; Yes or no & # 39 ;. And the decision is made immediately or within a few hours. Sometimes the application may require a manual insurance review and in that case the insurer may have some additional questions or seek clarification on something from you. In general, your agent will act as an insurance guarantee messenger.
The MIB Group (Medical Information Bureau) keeps track of information you have provided in other life insurance applications. Think of them as a credit bureau for your health information when it comes to life insurance. This enables the life insurance company's insurer to easily and quickly access information about you and make quick decisions about insurance guarantees regarding your insurance. There is a separate database stored for all your prescription drugs. Make sure you disclose any medications you are taking when you apply.
An important red flag for any automated / algorithmic warranty system or for a real human insurer is when they disclose medications that you have been prescribed but not disclosed.
How much more does no degree life insurance cost me?
Well, there is a difference and generally you look at about $ 10 / month difference. For example, instead of $ 25 / month for a $ 200,000 sight policy for our sample client, he would look at about $ 35 / month – everything is the same. Of course, it assumes that he is completely truthful in his application, his MIB and prescription report reflect exactly what he put on the application, etc.
If all these things agree as they should, the insurance company will issue its simplified issuance policy without further headaches and usually get it done in a few days. If you have ever reviewed the insurance policy for a fully insured policy, you know that it is incredible to have a policy issued within a few days.
Many times it can take weeks if not months to get a policy issued – depending on how quickly APS & # 39; treatment physician statements) can be obtained, when and if the paramedic examiner gets your schedule scheduled on time, and respond on additional issues that insurers may raise.
Depending on your circumstances and your love / hate relationship with needles, a life insurance without a degree may be the right choice for you. Yes, you will pay a little more for your insurance but it usually saves a lot of hassle and in the end you can decide that it is worth a few extra dollars just for the sake of simplicity.
What are the limitations of no degree life insurance?
Yes, there is a limit to how much coverage you can buy without completing a medical examination. Once upon a time, just several years ago, the range of what you could buy as a life insurance policy without a degree was $ 5,000 to about $ 350,000. Admittedly, the upper end of the border is not very high, but it is sufficient for most people who want coverage quickly without much hassle and hassle.
In recent years, non-medical life insurance offers have expanded a lot. As technology has improved, we are seeing more and more companies enter the space with full life insurance and indexed universal life insurance available without a medical examination. And available death benefits over $ 2 million. What a time to live!
It is also worth mentioning that if you have a detailed medical history and take more than a few prescriptions, it may be better for you to go the full printed route. Insurance is a process full of nuances and having your agent help you navigate that process can be worthwhile.
Is no degree policy right for you?
It is not the right fit. for all or in any case but it definitely has its place. Cost is not always the most important component of making a life insurance purchase. The most important aspect of a life insurance policy is to make sure that it is in force when you die so that your family is supported as you think they should be.
If a no degree life insurance sounds like something you might be interested in learning more about, please reach us and we will be happy to help. The process is simple, fast and can be done 100% electronically by phone and email.