No Exam Life Insurance - Are We Paying Attention?
No Exam Life Insurance - Are We Paying Attention?
By Donald Lusan
Is no exam life insurance a new thing? If you
read some of the writings on the subject you would think it is. The fact is that the idea is not new at all.
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Life insurance companies have been issuing policies on a non medical basis for a very long time. |
The life
insurance company has to pay administrative staff and clerical staff. The efficient companies break down the cost and determine what
miniscule percentage is applied to each actual policy. They must do an inspection report. In other words they have to check out the
applicant.
If they need to have a medical done they have to pay a nurse, a para-medic or a doctor to do this examination. They may
need an xray and blood work in addition to the actual medical depending on what the examiner uncovers. In some cases a second or third
medical examination may be needed.
People Are Living Longer Today
The life insurance companies, after much research and after watching
trends over a long period of time, have come to the conclusion that people are living longer today than ever before. The no exam life
insurance policy has become common practice under certain conditions.
It used to be that young people would get most or all their insurance
without needing a medical. The obvious reason is that they would more than likely have a long life ahead of them. People up to age
50 or 55 would qualify for some no medical exam life insurance but usually a smaller amount than the 20 year old. The reason is the
shorter life expectancy.
Today people are living longer thus the life insurance companies can extend the availability of no exam life
insurance to age 60. People take better care of their health and as a result more life insurance is approved at older ages.
The life
insurance companies have eliminated much of the cost for issuing a policy. Clerical and administrative cost still exist but the cost
of doing an examination is eliminated. An inspection report is still required. For some of those companies issuing no exam life insurance
policies based on an online application the agents commission is eliminated.
We can only conclude that this new way of doing business
is a good deal for all concerned, the life insurance company and you the buyer. Let us be absolutely clear on one thing these policies
cost the consumer no more online than had you bought them from an agent.
For additional information on no medical exam life insurance
go to:
http://www.lifeinsurancehub.net/no-exam-life-insurance.html
Author's Bio
For more than 40 years Donald has been known for his
extensive knowledge of the life insurance business. He has represented some of the largest and most admired life insurance companies
in the United States as well as Canada. His advice is invaluable.
Donald's website is: www.lifeinsurancehub.net
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