How Some Carriers are Forgoing the Life Insurance Medical Exam & More

For many life insurance carriers, in a very typical, pre-COVID-19 world, routine steps were necessary to obtain life insurance. Processes were in place and required to purchase a plan, such as the retrieval of medical records sent by specialists or a family doctor, a life insurance medical exam performed in person, and more. But as the world contends with COVID-19 and the coronavirus outbreak, many industries are turning into anything but typical and routine, becoming more flexible to help get you protected.

Requirements to maintain social distancing to prevent the spread of the virus means that some carriers are forgoing the in-person life insurance medical exam as well the requirement to have front line physicians release medical records. It’s best for both medical practitioners and life insurance applicants to avoid the risk of exposure.

How Some Carriers are Dropping Application Barriers:

The Life Insurance Medical Exam

The great news is, the life insurance industry is still open for business. For individuals that qualify, and most people will, Schechner Lifson is happy to work with you to find a carrier that will skip the life insurance medical exam. With no personal contact, you can have your application completed, your prescription records released by your pharmacy, your medical records reviewed, and get a final determination of a clean bill of health to move forward without an exam.

Retrieval of Medical Records

Thanks to the digitization of our medical records and online in-patient portals, it’s never been easier to get our hands on our medical records. In-patient portal records are being electronically released directly to the carrier, streamlining the application process and alleviating just one extra duty for our front line workers.

Could this new process affect premiums?

No, if you obtain a life insurance policy from carriers offering more flexible options, such as retrieving records from a portal rather than a physician, and skipping the medical exam if you have a clean bill of health, your policy would be considered the same as a policy that was attained via traditional, pre-COVID-19 means. Therefore, your policy and its premiums will not be impacted.

Schechner Lifson Corporation, an independent insurance agency, is happy to help you find a more flexible life insurance carrier, giving you the ultimate peace of mind as we continue to navigate these challenging times. Get in touch with us today to get started.