When buying your insurance plan, several things need to be taken into consideration, including: Premiums, requirements for underwriting, conversion & renewal options, type of coverage and caps.
Today, if you choose to go online you will discover many life insurance websites offering different insurance products, including the no exam life insurance plans. Many of these websites serve as one-stop shop that offers products from multiple leading insurance providers.
This helps to bring insurance shoppers the best deals from different insurance carriers. Shoppers get the ideal opportunity to access free quotes from various carriers, including brand names, local carriers and nationwide carriers. The features of the non-medical plans include:
· Quick approval
A medically underwritten plan often takes at least 4 to 6 weeks to be approved. This grants the insurance provider enough time to gather all the important information in order to initiate the insurance process.
The company’s officials will need to review the medical results and sometimes, the official could ask for additional medical information, which can take time. Once all the material has been received the provider will initiate the underwriting process and communicate to the applicant whether or not they have been approved, and the premiums payable.
On the other hand, the process of getting a non-medical plan is faster, often taking a few days or hours.
The non-medical plan offers convenience to both the insurance carrier and the applicant. The company does not require a lot medical data to assess in order to determine the applicants risk status. Therefore, the company makes its approval in record time.
If you are concerned about getting insurance coverage right away, the reduced waiting time with most non-medical plans makes them a practical option. The application can be done online or through the phone. Furthermore, the pressure associated with wondering whether your application will be approved today, is significantly eliminated.
· Medical questions
The medically underwritten plans require the applicant to provide information pertaining to their medical condition, including their medical history, pre-existing medical conditions and high-risk activities.
However, when you opt for the no exam life insurance plan, the insurance carrier does not require a medical exam. However, some insurance carriers may ask you to respond to a few basic questions pertaining to your health, without a medical exam.
Therefore, if you have previously been denied insurance because of a pre-existing medical condition, a non-medical plan makes a lot of sense.