No Medical Term Insurance?

Question

Hello everyone,

Thanks in advance! I am researching online no medical

term policies for myself and my husband. One of the questions

ask if I have been hospitilized within the past ten years. Well

I was in the hospital for tests 12 years ago. I feel funny about

answering no but it is more than 10 years. Will that come

back to haunt me?

Also, can someone explain the MIB? Is it like a credit agency?

It seems from my research that it is like a medical clearining

house. We have blue cross and blue shield through my husbands union. Does that mean that everytime we see a

doctor or visit a hospital our information is sent to them?

Also,, on their web site it says records are purged in 7 years.

Even though we are both very healthy, I would hate to think that

the MIB has record of every stinkin test or doctor visit I have had? So anything after 7 years is not on the mib.

Can someone also explain what a contestibility clause is?Thanks again,

Answer 1

Great questions!

If they ask about within 10 yrs, that is what you answer. Not 12. No need to feel guilty, that is what they need to know. Also, that does not mean that you will be turned down if you have been to hospital. Having a baby, broken arm, apendix etc. will not disqualify you. Those are all routine stuff. More serious stuff, like a heart attack, kidney failure, cancer or stroke on the other hand may hurt your rating if it was very recent & not treated.

MIB could be consindered like a credit bureau. It does keep records of medical treatment & visits. It may seem like Big Brother to some, but it is usefull if the doctor ever needs to know something about your history that you cant recall or cant tell him/her about. Not sure about the 7yr thing.

The contestability is if you were to die within the 2yrs the company can go back into the records to make sure that everything was correct at the time of application. So if you do the application & say you were 160 pounds, then you die 1 year later at 275 pounds, they will investigate to see if you gained 115 pounds in 1yr. If they find that you lied on the application, they can deny the claim. That also goes with any condition also, like heart or respiratory problems that you dont accurately answer.

If you are getting a large enough policy (over $100k) I would look into getting a fully underwriten policy that you get the exam with. That way the rate is cheaper. If you dont do the exam, they charge you extra for it.

Answer 2

I don't know which insurance agency you have contacted, I would suggest to get your question answered from this insurance agency

Answer 3

12 years is different from 10 years.

MIB is Medical Information Bureau.  It's like credit, but for medical stuff.  Every time you see a doctor or visit a hospital, the information goes to MIB.  And it goes back like 10 years, not 7.  

Contestibility clause means, if they find something that contradicts your answers on the application (example, you mark that you are non-smokers, but smoke, and they find something in your medical record to show that you smoke, like a questionaire from your doctor, or a note on your file), then the policy is null and void - they don't pay out.  Usually it's limited to the first two to three years, depending on what state you are in.

Answer 4

Ricks gave a great answer.

Insurance companies want to sell policies to people who will not make a claim.  No one can tell the future not even insurance companies but if you have heart disease or kidney failure, the insurance company knows you will likely have big medical expenses.  Just like people with 5 car crashes or DUIs have a hard time getting auto insurance.

Talk to an agent and good luck

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