Life insurance no exam. Everyone needs some type of life insurance at some point. Some don’t want to do the medical exam or simply have no time to sit with an examiner and go through their medical history. Life insurance companies have given this great consideration and come up with a “life insurance no exam” type of underwriting.
What they do is to allow the licensed agents to go through a shorter questionnaire which covers all the applicants medical history then verify the answers they get. You see, technology has got to such a level where it is pretty easy to get details about a persons present and past medical conditions. The company has to get a signed authorization before they can do this.
The Medical Information Bureau is an excellent source for this information. They have a database of information on just about every person who ever visited a physician, medical clinic or hospital. It only takes seconds for the life insurance company to get this information and it it pretty accurate.
Another source of information is the Pharmacy Report. There is a database of every prescription ever filled in a persons name. Life insurance underwriters can tell you what type of ailment you experienced just by the prescriptions you filled. Each drug has a limited number of conditions that they are used for. Certain combinations of pharmaceuticals are applied to certain ailments. I am not a physician but these companies have physicians who work for them.
There are certain limits to the amounts of life insurance no exam required that you can apply for. This varies from company to company and by plan. The maximum in some cases is $250,000, other companies offer up to $350,000 or $400,000 depending on the type of life insurance you want to purchase.