The rising popularity of no exam insurance policies: Does faster necessarily mean better?
Since we got used to social distancing, no wonder that we are witnessing the rising popularity of no-exam life insurance policies.
Life insurance policy sales increased during the pandemic due to the ‘’panic buying’’, the phenomenon we’ve encountered already after 9/11.
No exam insurance as a result of social distancing
Consumers were also looking for much easier and noninvasive ways of buying insurance while respecting social distancing. Insurers, on the other hand, turned to more accelerated underwriting of policies and were backed up by technology. Big data is playing a major role in the transformation of how insurance works now. Instead of medical exams, we have algorithms.
So, go big and stay home basically.
Accelerated underwriting backed up by big data can help you get your life insurance policy quicker and without a medical exam – but there is always a catch. You accelerate the speed – yet losing the flexibility or face higher insurance fees.
Accelerated underwriting life insurance policies
Getting the life insurance policy traditional way included bloodwork, urine samples, and a long wait to get your policy. With a helping hand of big data, the insurer can check your prescription drug history and data quickly on the MIB Group. Your driving record, credit score, and shopping habits can also be checked by insurance companies, and make a decision about your life insurance eligibility.
This simplified process can take approximately 9 days instead of the standard 27 days.
Before you decide to buy a no-exam insurance policy and save time, you should check the financial aspect of the policy more thoroughly. Flexibility is also important to decide if the instant is a better solution from more robust life insurance coverage.