Okay, we all understand the way life insurance companies work. Traditionally they fill out a very lengthy life insurance application and then send it off to the insurance company so their underwriters can double check all the information. Then the insurance company calls you at your home and sets up an appointment for a nurse to come out and give you a physical exam including a blood draw, urine specimen and in some cases an echocardiogram. After the insurance company receives the exam results, the underwriters review it and in almost all cases have your doctor's records sent to them for further review. Once this is all said and done, four to six weeks later the underwriters will issue you a policy based on the information they receive. What some people may not understand, even though it should have been explained to you, is that in all that application paperwork is a form that gives the insurance company the right to examine your Medical Information Bureau (M.I.B) reports. The MIB's primary purpose is to detect fraud for the insurance companies. You should not waste your time worrying about this because they have been doing it for years, but I wanted to explain that part of the traditional process so I could explain the newer, faster "No exam term life".

When you see the words "no exam term life insurance"; what do you think they mean? Do you think the insurance company is just going to issue you a life insurance policy without checking your health history? I guarantee you that they are going to check out as much as they can before they issue a policy. Instead of the inconvenience of waiting for a nurse to come to your house to do a blood draw, urine sample and the rest of the physical exam; they count on your medical records, prescription records and in some cases your driving records...hence the Medical Information Bureau and Department of Motor Vehicle reports.

While these policies due tend to be issued much faster than traditional policies you should use a website that offers you instant life quotes with both no exam term life and the traditional life insurance policies compared on them. The reason I suggest this is that, like anything else in life, you may pay more for convenience and if you use a website that offers instant life quotes you will be able to see them side by side and then make the decision as to which policy you want. Generally these policies are issued at a "standard" rate. With that being said, approximately 50% of life insurance policies are issued "standard" anyways.

Along with the no exam term life policies, another new type of policy you may see is called "Smart Life". This is actually underwritten the same way as the no exam term life policies are with the biggest difference being issue time. Smart life policies are actually issued in minutes while you are still sitting at your computer and you can even print the policy using your own printer. A Smart Life policy is a great policy for the people who are just too busy to have the time to go through all the motions of the traditional life insurance application process. These Smart Life quotes can also be found on a good high- tech life insurance website that offers instant life quotes.



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