Posted by The process of submitting a life insurance purchase application and waiting for approval may be lengthy.In the current market, some life insurance companies have launched a "no medical examination" program to speed up this process.So will this kind of life insurance without medical examination be more expensive?What are the advantages and disadvantages?This is by the life insurance columnistHeatherTopics shared in this article.
Why is there a "quick physical examination"?
The process of applying for life insurance is relatively time-consuming.Detailed illustration of 6 steps to apply for American life insurance"As introduced in the article, since the first time we sawLife insurance brokerIt takes several weeks on average to submit the application, wait for the insurance company’s review and approval, and finally receive the insurance policy documents.
In the application process of many life insurance companies, it is necessary to review the overall medical and health conditions of the insured in order to assess the level of expenses of the insured.
Therefore, the insured person needs to complete some medical examinations and tests, and then the insurance company will conduct an audit based on the examination results. This is the process of a regular life insurance physical examination.
The process of making an appointment for a physical examination, conducting a test, waiting for the laboratory to analyze samples, and submitting a report of experimental results is cumbersome and time-consuming——Many people believe that the "physical examination" is the main reason why they are unwilling to apply for life insurance.
As the market develops, more and moreLife insurance companyProvides life insurance products that are "exempt from physical examination", and customers are no longer required to undergo a physical examination.
In this "exempt medical examination" application process,We need to answer (in writing, or by phone) some questions about personal circumstances and health history, To replace conventional physical examinations and blood and urine tests.Such a process can speed up the pre-approval of life insurance companies and reduce the anxiety during the period of "waiting for approval".
Types of Life Insurance "Free of Medical Examination"
In the life insurance market, the most common situation is that a life insurance company announces the "exemption from medical examination" for a certain series of products issued by it.Insured amount.If the policyholderThe amount of insurance applied for, Below this limit, you can usually enjoy the "free of physical examination" process.
This does not mean thatAs long as our insured amount is within the "exempt medical examination" limit, no medical examination is required.If our medical records or health history information is missing, or due to other reasons, the life insurance company believes that a "physical examination" is necessary—especially for applications for a cash value lifetime insurance policy—then we still need to undergo a physical examination before we can continue to complete it. Application.
For consumer life insurance, if we don’t want a “physical examination”, we can choose Guaranteed Issue and Simplified issue life insurance products.
-Guaranteed life insurance products
-Life insurance products that simplify underwriting
-Regular life insurance products with "exempt medical examination limit"
Will life insurance with "free medical examination" be more expensive?What are the advantages and disadvantages
Life insurance without medical examination,Usually more expensive than life insurance that requires a medical examination.
The reason for being more expensive is also easier to understand.If the insured has undergone a physical examination, the insurance company can obtain accurate health data, thereby giving more accurate premium pricing.
If the insured does not accept the physical examination, then life insurance companies can only rely on basic information such as health questions and answers and demographic data to set prices. From the perspective of managing their own risks, insurance premiums are naturally a little more expensive.
Another disadvantage of life insurance products that do not require physical examination is thatMay limit the size of the sum assured.For this, different life insurance companies have different insurance coverage rules.YourLife insurance brokerCan recommend suitable companies and products according to the needs of you and your family.
The "no medical examination" initiative has not been welcomed by all policyholders.In reality, some policyholdersLife insurance companies that prefer strict underwriting.
In their view, the problem with the exemption of medical examinations is that insurance applicants with greater health risks may face greater potential risks for life insurance companies through the exemption of medical examinations. Although insurance companies control risk exposure through actuarial calculations For other policyholders,May feel unfair.
Life insurance companies that rigorously review the insured have ensured the quality of the claim fund pool through strict quantification and control of risks, thereby protecting the long-term interests of all insureds.
Article summary
Regarding whether life insurance without medical examination is good or not,American Life Insurance GuideThe author of the column gave a detailed introduction in this article.Before you take action, the most important thing to keep in mind is thatDo not put the cart before the horse.
The purpose of our applicants for life insurance is to protect family members or comprehensive financial planning. "Exemption from medical examination" is only an icing on the cake that may improve efficiency in this process. The "physical examination" itself is also absolutely necessary. Not a bad thing.
If you want to apply for insurance quickly without the hassle of waiting for a medical examination, we can contactLife insurance brokerOrLife insurance companyMake an inquiry to learn about the specific details of the "exemption from medical examination" of different life insurance companies or life insurance products. (Finish)
(>>>Recommended reading:Detailed explanation of the medical examination strategy for applicants of life insurance ）
