In some cases it can be useful to obtain life insurance without the need for a Doctor’s report. The main reason is usually speed of acceptance because the cover needs to be in place quickly and if a report is requested it can delay the application process for several days or even weeks.
One example might be the buying of a house. Once a mortgage ‘completes’ the borrower is responsible for the debt so it’s important to get cover in place beforehand.
If large amounts of cover are needed some insurance companies may insist on a Doctor’s report or a medical examination. Different insurers have different limits so shopping around or speaking to an adviser can help get cover in place quickly.
If there are medical conditions present it may not be possible to avoid a report from a doctor because without all the facts, life insurance companies are unable to make a decision.
Someone who is fit and healthy with no medical conditions or health problems is unlikely to need a medical examination or have to wait for a doctor’s report to be prepared unless they are applying for large amounts of cover.
With the wonder of modern technology applications can be submitted online and it is even possible to be accepted immediately. In most cases the whole process can be completed in less than an hour.
Minor ailments such as colds, hay-fever and headaches don’t normally need to be mentioned but it is always advisable to disclose any information that is requested because ‘non-disclosure’ could invalidate a policy and prevent a claim being paid.
‘Non-disclosure’ is the main reason insurance policies don’t pay-out.
If you are concerned about the affect a medical condition could have on life insurance get in touch with an adviser who can speak to the insurers and underwriters directly to find out if they can offer cover. This can be done anonymously using no names and just the details of the condition.
There is one type of life insurance that does not require any medical information and this is known as an ‘Over 50’s Plan’ or a ‘Funeral Plan’. The amounts of cover are low and the prices are higher compared to cover that does ask about health. This is because the insurer has no way of knowing how healthy an applicant is. To overcome any immediate chance of a claim the policy holder usually needs to have the cover for a few years before it pays the full amount.