Why do some vivacity insurance companies require a medical exam, and others do not, for matching coverage?
Okay, my wife and I are looking at life insurance policies. We have arranged on getting $100K for me and $25K for her. (We are both in our thirties, and work full-time.)
The two life insurance companies we own narrowed this down to have both been within business for over a century, and are well-known insurers. The policies are identical, and the premiums are almost very. (Only a few pennies difference per month.) The main difference between the two policies is that one requires a medical exam, and the other company does not. If I had looked-for over $150K, the second company would have required one as well, if that help any on this question.
So, on to the question! Does one companies requirement of a medical exam bring in them any more or less reliable than the other company? I don't care nearly the exam, and I'll take one gladly as long as the company pays for it, I a moment ago don't understand why one company requires one and the other does not.
Any opinions or accepted wisdom?
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Answers: The purpose of the medical exam is to verify that you are currently health. That way you'll be paying surrounded by a premium for several years to come. Some companies are willing to take the risk up front that you are currently on form, rather than go to the expense of a physical. I'm sure that they own accumulated enough background of the course of several years to be able to set their risk level beside confidence.
Different companies have different underwrite protocols. Its that simple.
Underwriting protocols differ between major insurers.