Without Evidence of Insurability
Candlefocus EditorThe process of obtaining WEOI is quite simple. The insurance broker or agent simply prepares a form and submits it to the insurer. If the form is accepted, the insurer then takes into account the insured’s age and records any known medical conditions or habits, such as smoking. Based on this information, the insurer then determines what level of coverage and premiums will be offered.
WEOI is often a popular choice for those with pre-existing conditions or those who don’t have time to wait for a complicated application process. It is also advantageous for those who want to keep their medical histories private, as no personal questions or occupation-related health questions are asked.
The downside to WEOI is that it limits coverage amounts. Generally, the maximum amount of coverage offered by an insurer is far less than that of a traditional life insurance policy. Additionally, premiums charged for WEOI policies are usually much higher than those of a policy acquired through an application process.
Another disadvantage of WEOI is that the terms of the contract, such as its duration, may be limited. As the policy does not involve any medical examination, it may be hard for the insured to determine whether the policy covers any potential medical events.
Despite its limitations, WEOI can be a great way to obtain or maintain life insurance coverage. It is ideal for those who do not wish to disclose personal medical information, require coverage quickly, or who simply want to compare quotes without undergoing a full medical exam. Ultimately, it all depends on each individual’s particular situation in order to determine if without evidence of insurability is appropriate.