If you need to get life insurance as soon as possible for a business loan, divorce decree, or any other reason, working with the right agency is extremely important because the process can either be quick or take months. If you have any negative health history or are on prescription medications, it is very likely a physical exam or an interview by a life insurance underwriter with be required. If you are in great health, have no history of prescription medication and have a safe driving record, there is a chance you can get approved within hours of completing the life insurance application. It is prudent to start the life insurance application process for a business loan or divorce settlement as soon as possible, procrastinating and waiting can cause problems and lost opportunities. Pacific Insurance Group based out of Bellevue Washington works with people all over the United States and they are one of the best at getting people life insurance policies put in force as quickly as possible.
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NON-MEDICAL LIFE INSURANCE
The path of lease resistance is to go with a traditional non-medical life insurance policy. Up to a certain amounts of death benefit, some insurance carriers can approve you by simply running a medical background check and pulling medical records if they see the need. If you are in fantastic health, with some companies it is even possible to get up to 1 million dollars’ worth of insurance without an exam. Often, the policy can be approved within hours of submitting the application. You generally need to be below age 65 to be able to have a non-medically underwritten policy issued. Even if the life insurance company requires you to complete a medical exam it is no big deal as the insurance companies pay for all expenses in determining your rate class, no out of pocket cost to you.
Generally, the best rate class for a non-medical life insurance policy is standard non-tobacco or standard tobacco, which can be appealing for someone who does not want to go through the process of giving blood and urine because they are afraid something adverse might show up on the lab results. Some insurance companies may offer a better-than-standard rating, even without a medical, if you pass through their electronic inspection report. If you are in good health are okay with going through the paramedical exam process, non-medical life insurance policies are not a good deal because you could pay a lot less for the same death benefit coverage. If you are in poor health or have ever been declined or rated for life insurance do not expect acquiring life insurance to be a quick process. Insurance companies are very thorough with their underwriting processes which allows them to price their products accordingly. Life insurance policies have a two-year incontestability period which allows the insurance company to investigate material misstatements or omissions. Once the policy has been in force for two years the insurance company can only contest the death benefit in the case of fraud, where permitted by the applicable law in the state the policy was issued and delivered. A lot of death claims have been contested and denied because applicants lied about certain medical conditions on the application and died in the first two years. Basically, if someone has never been declined or rated for life insurance and is not on any medications it would be fairly easy to lie on a life insurance application and acquire a policy. Non-medical life insurance contracts can be a quick solution for securing a loan or satisfying a divorce settlement but be aware they are also easier to contest the death claim (if the insured dies during the first two-year contestability period.)
Paramedical Exam Process
The paramedical exam process itself should be fast and painless, but commonly it takes a while to get done because of the applicant not answering their phone, changing schedules, or not being at an appointment place or time for their exam. This can cause unnecessary delays that can interrupt securing the business loan or satisfying a divorce decree. It is extremely important to work with an independent life insurance agency who represents several insurance companies and has the knowledge to secure the life insurance policy in the quickest time possible. Ideally work with an agency who has great relationships with paramedical companies such as APPS, Superior, EMSI, or Exam One to complete the insured’s exam as quickly as possible so your loan, secured by the life insurance, is not affected by wasted time. In fact, many paramedical offices have the ability for people to come to them and complete the exam, blood, urine, EKG and any other necessary underwriting requirements, so if you are looking acquire life insurance as quickly as possible the agent should help facilitate an appointment with the paramedical exam company’s office right away.
Medications
Life insurance companies run an RX check which shows whatever medications the insured might be taking and can delay the underwriting process. Not being forthright can delay the process because the underwriter might want more information or want to double check with the Dr.’s records to confirm dosage amount(s). For-profit services such as ScriptCheck exist to gather people’s current and past prescription information and sell it to interested organizations. It is wise to be up front on the life insurance application as well as with the paramedical examiner with any medications you are currently taking. Having a list of current and past prescriptions could speed up the underwriting process which ultimately gets the collateralization completed for the business loan or the divorce settlement fulfilled.
BACKGROUND CHECKS
One of the first databases life insurance companies check with is the Medical Information Bureau (MIB) which records adverse medical information from insurers over the last seven years. From an efficiency standpoint, MIB codes are not typically reported on applications in good health whose life and health insurance applications are approved as standard or best rate classifications. Furthermore, some life insurance companies also use LexisNexis® which runs comprehensive background check to authenticate the insured’s identity, motor vehicle record, credit information, as well as other sources of public information. Within seconds life insurance underwriters can have information available to approve a policy. This sounds great in theory, but more times than not some kind of adverse information pops up and the underwriters need more information and require the insured to complete a paramedical exam or personal history interview.
When a judge or lender has told you to get life insurance, and it needs to be done to move a process forward, a knowledgeable, independent agent is essential to facilitate a quick process. Moreover, if you are required to pay for something you may or may not otherwise need, an independent agent has the ability to get you the lowest cost policies with the most benefits. If you need to speak with someone as soon as possible please call Pacific Insurance Group in Bellevue Washington at 425-246-4222 and they will put you in touch with J Carter Gray CLU® or one of his agents.
