Why Life Insurance in the 21st Century is Moving to No Medical Exams
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Purchasing life insurance typically requires establishing an appointment at your residence with a representative, revealing medical information, acquiring medical records to get cleared by your physician, and patiently waiting for a stack of documentation to become approved.
That actual method didn’t quite work for Elden McCubbin of Erlanger, KY. He needed life insurance for his family, but being on call every day with his maintenance job, he couldn’t agree to a meeting or take part in a long meeting.
So he went to www.CoachBInsurance.com, discovered a plan he liked, inserted only his most common contact information, and pushed a button. Just that easy. Within the next couple of days, he had been approved for his insurance, with no home appointments or healthcare examination necessary.
However, did the online coverage satisfy his needs and fit his budget?
“Absolutely, I’m very pleased with it,” Elden said. Six months later, he also purchased a final expense policy-again, with just a click of a mouse.
Lucy Davis of New Castle, KY, also chose Coach B. Insurance to save her time. A retired Army women, she has medical insurance with the military services and may have selected to visit her physician to acquire life insurance, but made the decision not to.
“It takes to much time. Going to base and wait around, wait and wait,” she said. “Convenience was in fact the number one option for me. Get it completed as fast as possible.”
Since buying insurance on the web gains broader acceptance, a lot more men and women are selecting to purchase life insurance online, especially when people can stay away from a healthcare exam.
“There’s certainly a huge interest for it,” said Tom Byers, a sales representative for Assurity Life, which promotes the no-medical-exam policies. “Folks just don’t want you in her or his home anymore taking up their valuable time. They just don’t wish to slow up long enough to give blood and urine to a nurse.”
Non-medical life insurance is actually riskier for insurance providers, and very few life insurance companies currently provide these policies, but that is most likely to change because of buyer demand, said Scott Benton, founder of Coach B. Insurance. About 70% of his agency business is made up of non-medical-exam policies, and the percentage continues to increase.
No-medical-exam insurance can run a little more compared to the type that calls for an exam. Nevertheless, consumers prefer it. “Given an option, they’ll pay a little more for it,” said Benton.
“As additional healthcare information becomes available online, this will become easier to do. There is no doubt, the medical insurance business is starting to push towards this model.”