Insurance exams may disappear

In the next 10 years, you probably won’t have to get a health exam to get life insurance.

The fact is that insurance companies can learn all they need to know about you to write a term policy. Young people, especially, can get a term policy online in minutes.

Insurers are accessing data from all sorts of sources.

It is known that companies qualifying young people for term insurance check such information as driving records and prescription drug history.

Companies then make decisions on acceptance based on algorithms that project life expectancy.

The system is so useful for getting people insured that it has reduced waiting time from weeks to minutes.

Right now this accelerated insurance system applies mainly to term insurance but whole life is probably next. According to the Center for Economic Justice, the process of decision making on insurance should be transparent.  It wants regulators to survey the types of data insurers use and make that data public.