When applying for life insurance coverage, it is oftentimes necessary to submit to “traditional” underwriting requirements. Typically, this means filling out a lengthy application that asks a number of health related questions. It also usually requires that the applicant undergo a medical exam. This exam will usually consist of a blood and urine sample where a professional paramedical personnel will draw blood and then submit these samples to the lab for review for various health conditions that could present risk of a claim to the life insurance company.
Unfortunately, policies that require traditional underwriting can have many drawbacks. First, it can usually take weeks – or sometimes even months – to obtain an answer regarding policy approval. Upon close review, these applications also run a higher risk of being denied for coverage, as it is more likely that the life insurance underwriters may find that the applicant has some type of adverse health condition that may make him or her uninsurable.
In addition, there may also be instances where an applicant is just simply fearful of needles and would prefer not to undergo the medical exam. In any of these cases, an alternate solution could be to apply for a no exam life insurance policy.
There are several life insurance companies that offer this type of coverage today. One of the most premier policies in this particular arena used to be the HSBC no exam life insurance policy that was on the market until mid-2012.
When available, the HSBC no exam life insurance policy had a number of desirable features – including a face amount of up to $500,000. This term life insurance policy also offered the ability to apply for coverage 100 percent online – meaning that applicants did not need to meet face to face with an insurance agent, and they could literally complete the online application in mere minutes.
The HSBC application contained only a few health related questions. Once complete, the applicant could send the application in to the insurer via the Internet – and approval would typically only take days rather than weeks or months.
This fast approval time, as with most no exam life insurance policies, can be a real advantage – especially to those who need coverage quickly such as for loan collateral for a home or business purchase or as protection during the birth or adoption of a child.
Policy holders were also able to obtain peace of mind with this coverage, as HSBC was considered to be a strong company in the insurance and financial industry. The company is a subsidiary of HSBC North America Holdings, Inc. – which is one of the largest banking and financial services entities in the world. The firm has a very strong presence in the U.S., as well as in Europe, South America, Africa, the Middle East, and the Asia-Pacific region.
The company has approximately 10,000 offices across the globe, with roughly $2.5 billion in overall assets. HSBC has more than 125 million customers worldwide. It has been rated as an A+, meaning Superior, by A.M. Best, one of the insurance company rating agencies. This shows that the firm has a strong financial foundation, and that is has a good reputation for paying its claims to its insurance policy holders.
When applying for a no exam life insurance policy, the process can be easy and convenient. Because of this, the premium that is charged for the policy is typically higher than it would be for a comparable policy that has been traditionally underwritten. Yet, for individuals who need coverage quickly – as well as for those who may have some type of adverse health condition and who may not otherwise qualify for traditionally underwritten life insurance coverage – a no exam policy can be the ideal solution.
On the application for a no exam life insurance policy, there are usually several health and lifestyle related questions. If the answers to these questions are negative, it is possible that the applicant will not qualify for coverage – or that the insurance company will need to do a further review of the applicant’s health. If, however, the applicant is able to answer these questions positively, it is typical that the policy can be approved within a very short period of time.
Oftentimes, no exam life insurance policies – because there is no lengthy medical exam and exam results to contend with – can be approved within just a matter of days. This can be nice for those who need coverage – and peace of mind – quickly.
At this time, HSBC is no longer offering its no medical exam life insurance policy. However, there are several other life insurance companies that offer no exam life insurance policies. Prior to applying for this type of coverage, though, it is important to first conduct a thorough comparison of several different policies, as well as premium quotes. This is because the premiums on no exam life insurance can differ a great deal from one policy to another – even with the same or similar face amounts.
At NoMedicalLifeInsurance.net e can assist you in applying for a life insurance policy, as we work with many of the top rated life insurers in the marketplace today that offer this type of coverage. We can work with you in obtaining a side by side comparison on policy features and rates – right from your home computer – within just seconds.
In order to begin the process, just fill out the form on this page. If you should have any additional questions regarding no exam life insurance, or questions just about life insurance in general, please feel free to contact us directly at 888-229-7522 and we will be happy to address any and all or your questions and concerns. We want to ensure that you and your loved ones are able to obtain the life insurance protection that you need for your specific and individual situation and stage in your lives.