Term Life Insurance Digest

Have you ever wondered why life insurance takes so long to get?  Check out this article about underwriting by Wholesale Insurance.  They’ve got great information and explain why it takes so long in a short and simple way.  Unfortunately, to get the best rates, you better be willing to wait a few months for the life insurance company to completely underwrite your policy.

If you don’t mind paying a little more and would rather just get it taken care of sooner rather than later, then you might want to try a no exam life insurance policy.  They cost more but can be purchased immediately.

There is a trend appearing in the life insurance marketplace.  Life insurance carriers are trying to find ways to get policies into the hands of consumers in a quicker and easier way.  For example, Prudential is piloting a program right now through their bank channel.  It is a simplified issue no exam life insurance policy.  There are no medical exams or tests involved, just a few medical questions.  The policy itself costs a little more, but it may be worth it because it is a simpler policy to get.  Most people do not enjoy the long, drawn-out underwriting process.  The carriers that can provide more accessible life insurance will be the ones that I think will be most successful in the future.

There are certain policies that do not require the taking of a medical exam.  They are called no medical exam life insurance.  These policies generally cost more than other policies, but if you do not want to take medical exams, then this type of policy is definitely for you.  You can compare rates for this type of policy online at different sites.  At Wholesale Insurance, you can compare multiple no medical exam life insurance policies from the same screen.  I suggest giving them a try.

No exam life insurance comes in different forms, but they all have in common the same thing:  the fact that you do not need to take a medical exam.  At Wholesale Insurance, they have recently expanded this portion of their website.  Now you can compare the different types of no exam life insurance straight from their site.  If you are interested in this type of policy, then Wholesale’s website is a great way to see what types of policies are available.

The reasons why you might want to get a no exam life insurance policy:

1. You’re afraid of needles, or medical tests in general.

2. You need or want a life insurance policy now and can’t or don’t want to wait for the underwriting on a normal policy (which could take anywhere from 1 month to 3 months).

3. You have a health issue, and you don’t qualify for other types of policies.

The main reason why a regular policy is better than a no exam policy is that they generally cost less.  If you don’t mind the medical exam, are in pretty good shape, and can wait a little while for the policy to take effect, then I definitely suggest applying for a regular policy.  You will save a lot of money in the long run.

Now, among no exam life insurance policies, there are different requirements.  Some policies have no requirements other than filling out the basic form (like the guaranteed issue/graded benefits policy from Presidential).  Others require that you answer no to a few questions (like the HSBC no exam term product).  Still others ask mutliple questions, or require interviews, or even a variety of other things.  If you look at the Wholesale Website they show all of the different requirements for each policy.