Mike’s Life Insurance Advice

No-Exam required is a huge benefit for a lot of people interested in getting life insurance. Its not a totally free ride because it doesn’t help, for example, if you have a terminal disease. You still have to answer a few yes/no health problems, one of which includes having any long-term disease.

However, the great thing about this is that if you get the policy, then go to the doctor and they find something wrong, you still have the policy, even if the condition was there previously and you didn’t know about it.

Not a ton of companies offer life insurance without an exam. I don’t remember all the questions I was asked when I got my own life insurance with no exam from Globe Life Insurance, but here is a sample list of questions you might be asked by any life insurance agency when you’re applying for a policy like mine (50k, term life insurance):

1. In the past 10 years, have you been advised to have treatment for, or have you been treated for or consulted a physician or other practitioner for any of the following: heart or coronary artery disease or disorder, stroke, peripheral vascular disease, cancer, diabetes, hepatitis C, cirrhosis, pancreas disease or disorder, emphysema or chronic lung or pulmonary disease (COLD or COPD), alcohol or drug use?
2. In the past 5 years, have you been hospitalized for the following: chest pain, high blood pressure, asthma, depression, manic-depression, other mental or nervous system disorder, connective tissue disease, paralysis, seizure, anemia, or kidney or liver disease or disorder (excluding kidney stones)?
3. In the past 2 years, have you had your driver’s license revoked, suspended or been convicted of reckless driving, driving without a valid license or for driving while under the influence of alcohol or drugs (DWI, DUI)?  Or have you had more than 2 moving violations in the past 12 months?  Or have you been convicted of a felony?
4. In the past or next 12 months, have you engaged in or do you plan to engage in risky activities, extreme sports or have you flown a plane other than as a commercial airline pilot?  Or are you engaged in a hazardous occupation that exposes you to the risk of loss of life?
5. Have you been diagnosed as having AIDS, AIDS Related Complex (ARC), or any other disorder of your immune system or have you had a positive HIV test?
6. Are you currently hospitalized, or in the past 12 months have you either been hospitalized for 5 or more consecutive days, or were you unable to work for more than 5 consecutive days other than for childbirth?  Or have you been advised to have, or are you awaiting results of non routine medical tests or procedures?

Note:

• Some states have state specific questions that are slight variations of above.
• There is also a qualification question about being a U.S. Citizen.

Risky Activities and Occupations

Insurance companies may ask about “risky activities and occupations”.  How hazardous the hobby is will be determined by your underwriter.  Most states have their own definitions of what is considered to be “risky”, however the following list can be viewed as a general guideline.

Examples of Hazardous Sports:

• Motor racing
• Scuba diving to more than 60 feet, in caves, under ice, in ship wrecks, at night
• Sky diving
• Mountain climbing
• Parasailing
• Ultra-light flying.
• Hang-gliding
• White water rafting
• Base jumping
• Para-kiting
• Helicopter skiing
• Ballooning or bungee jumping
• Racing in any motorized vehicle on land or water
• Rock climbing or mountain climbing

Examples of Risky Occupations:

• Aquanatics
• Astronautics
• Chemical-biological weaponry
• Blaster or explosives handling
• Explosives transportation
• Structural iron worker
• Construction cableman
• Crop dusting
• Tunnel, subway or shaft construction under compressed air
• Smokestack, chimney, steeplejack or flagpole worker
• Fire fighter in explosive or munitions plant
• Smoke jumper
• Oil or gas well or offshore oil rig worker or fire fighter
• Circus trapeze or wild animal trainer
• Jockey, horse or mule breaker
• Lumber boomman, faller, raftman, rigger or topman
• Underground mining or firefighting
• Open pit or surface mining
• Radium or uranium mining
• Bartending where liquor is the primary source of income
• On-the-job exposure to hazardous materials including asbestos, acids, silica, toxic fumes, dangerous chemicals, harmful mining materials.

On the upside, companies who  employ people in hazardous professions often are able to offer life insurance for people through them (e.g. 7-11 has its own employee life insurance policy. So do firemen).

You can also be rejected if:

• The product you want is not available in the your state
• Your height/weight is outside of underwriting guidelines
• Your age is out of underwriting guideline range

Thanks to Paula Sanatamaria for many of these guidelines.