How can Olé Life Insurance offer Expats life insurance to $1 million with no medical exams?
Olé Life is an online life insurance provider catering to expatriates residing in Latin America or the Caribbean. The company offers term life insurance policies for durations of 10, 15, 20, or 30 years at affordable rates that remain consistent over time. Policies up to $1 million USD, applicable up to the age of 75 in most cases, can be issued without the need for medical exams or extensive paperwork.
Utilizing advanced technology, decades of customer data, and artificial intelligence, Olé has developed a distinctive digital underwriting process. This innovative approach enables clients to receive policy approvals almost instantly. An executive at Olé emphasized in a recent interview that "not a single application was manually filled out last year, none required a medical exam, and 80 percent were approved in less than 24 hours." This stands out in an industry where approval and issuance of policies typically take weeks or even months.
The application process incorporates predictive algorithms and automated verification. Artificial intelligence efficiently collects and analyzes extensive data, including electronic health records, prescription drug histories, medical databases, and other relevant sources. This automated data collection ensures a comprehensive evaluation of the applicant's health profile, providing each client with a personalized experience and a swift solution for financial protection.
The traditional process of applying, visiting a medical lab or doctor's office, and enduring lengthy waiting periods for a response is eliminated. Additionally, AI is employed to detect potential fraud by identifying inconsistencies or anomalies in the information provided by applicants. Databases are scrutinized for past insurance fraud, helping insurers maintain the integrity of the underwriting process and prevent potential future fraudulent claims.
It's important to note that if an individual has a current health condition or a more serious preexisting health condition, medical records may be requested to evaluate the associated risks.
Before making a decision, expatriates are encouraged to assess their individual circumstances, explore international insurance options, and seek professional advice to ensure that any life insurance policy aligns with their needs and the realities of their expatriate lifestyle.
International global life insurance policies are designed specifically for expatriates, allowing applicants to apply and have the policy issued entirely while abroad. Lifeforexpats.com, an insurance broker specializing in expatriate insurance, offers free consultations and quotes. For more information, you can also refer to an insightful article covering Olé Life's company strategy and process on TechCrunch: https://techcrunch.com/2023/06/01/ole-life-life-insurance-latin-america/.