In general, when we encounter a client that is currently taking Detrol LA to treat their over active bladder, its usually during the initial application process where we ask:
“Are you currently taking any prescription medications?
This question combined with:
- Do you have any pre-existing medical conditions?
- And have you ever been diagnosed with cancer, heart disease, stroke or diabetes?
Are our 3 main questions that we use to determine the “general” health of an applicant.
We like to get an idea about what type of life insurance policy you’re looking for. Often times, clients won’t know for sure what “type” of life insurance policy they are looking for, but they’ll usually have a pretty good idea about how much coverage they would like to have.
Which brings us too…
A growing trend in the life insurance industry where many life insurance companies are slowly transitioning from “requiring” a medical exam on nearly every life insurance policy over $25,000 dollars in coverage, to more “technology” and “big data” driven insurance policies which are opening up the opportunities for folks to qualify for larger life insurance policies (up to 1 million) “Without” needing to take a medical exam!
For this reason…
Rather than focus on a topic like an “over active” bladder which isn’t going to effect the outcome of your life insurance application, we’d like to take a moment to introduce to the idea of applying for a “No Medical Exam” life insurance policy.
No Medical Exam Life Insurance vs Policies that will require a medical exam.
Briefly summarized, both “No Medical Exam” and “Medical Exam Required” policies will both do pretty much the same thing:
- Ask a series of medical based questions to determine an applicant’s overall health.
- Order a prescription database check to determine what medications the applicant has been prescribed in the past.
- Order a DMV report.
- And order a criminal background check to screen for any possible felony or misdemeanor charges.
From there, the “No Medical Exam” application will then be reviewed by an underwriter to determine whether or not the applicant will be approved.
Things to consider…
Because the insurance underwriter during a no medical exam, won’t have access to any lab results or doctor medical records, if an applicant has been diagnosed with a pre-existing medical condition in the past, or has been prescribed multiple medications, going with a no medical exam policy might not be the right option for you.
This is because…
You may actually “benefit” by taking a medical exam and having your medical records reviewed so that you can “document” your actual heath. Without such additional documentation, it’s quite possible that an insurance company may decide to deny your “no medical exam” application and request that you re-apply for a policy that will require a medical exam.
Additional requirements that a “Medical Exam Required” life insurance application may ask for would include a medical exam (obviously) and also a complete review of your medical records.
“Doesn’t matter to me, I have no problem taking a medical exam, I’m in great shape!”
This is a line that we hear all the time at TermLife2Go, to which we’ll typically respond…
“That’s great, when was the last time you saw your doctor and had a physical?
You’d be surprised how many people think that they’re in perfect heath only to learn 2 weeks after their medical exam that they have:
This is why we’ll always recommend that for folks looking for less than 1million dollars in life insurance coverage, particularly if they’re uninsured now, that they at least “consider” a “No Medical Exam” life insurance policy.
Unless you’re 100% certain you’re in great shape, do you really want your life insurance medical exam to be the time when you learn that you’re not as health as you think you are?
So what are you waiting for? Give us a call today and see what we can do for you!
Lastly, for those who would like to check out a few quotes before actually speaking with an insurance agent, we would recommend that they check out our Free Online Life Insurance Quotes page when you have a few moments to spare.