If you have never applied for life insurance before, you may have heard that you need to take a detailed medical exam. However, this is not always the case. There are different types of exams and questions that may be involved in the process, so it is important to be prepared. You can make sure you are ready for a medical exam by knowing what to expect and being honest with your answers.
Applying Is The First Step.
When you fill out a life insurance application, you will answer questions about your medical history, family medical history, and lifestyle. These questions are designed to help the insurance company understand where to start and what to look for in the application process.
Depending on the product you are applying for and your answers to the initial application questions, the insurance provider may need more information from you. This could include additional questionnaires about your lifestyle (occupation and hobbies) or a request for a medical evaluation.
The Medical Evaluation. What’s The Process?
The medical evaluation usually includes a variety of lab tests, or a paramedical exam, and a review of your personal medical history from your attending physician. But not to worry, you don’t have to set it up yourself. The insurance carrier usually handles this.
After you submit your initial application, your agent will submit details to the third party paramedical provider. Most insurance companies use one of several large third party providers, such as Exam One or Dynacare. The paramedical exam and any required vitals is paid for by the insurance carrier, and you can get a copy of the results at no charge to you.
Paramedical exams are done by a licensed examiner. The third party provider sends the exam results and lab results to the insurance underwriters for review. If your health is not clear, the insurance company may ask for your medical records. The third party partner will help you get these records from your doctor’s office free of charge.
Why Are Medical Exams Sometimes Needed For Life Insurance?
The life insurance exam is very important. It is important for the insurance company and for you. The insurance company wants to know how much money it will cost to insure you. You want to know how much the insurance costs. The life insurance underwriter has to look at you and see if it is a good idea to give you life insurance.
Like property and auto insurance, life insurance companies have a responsibility to evaluate risk while providing the best possible price for their customers. However, unlike auto and property insurance, life insurance companies have to evaluate people instead of cars or buildings. This can be more difficult, but it is important that they do this in order to provide the best prices and coverage for their customers.
One way insurance companies decide if they will insure someone and how much to charge is by checking for medical markers of health. If providers decided not to perform medical exams and just offer policies at a flat rate, the cost would be much higher for everyone.
That said, you don’t always have to have a medical exam for your life insurance. Insurance companies sometimes offer policies without the need for a full medical exam in certain circumstances. This depends on the type of policy, how much coverage you want, and your age.
About The Attending Physician Statement (APS) & Your Medical History.
in addition to requesting your APS from your doctor, the evaluators will also ask you about your medical history. They want to know about any medications you take, substances you use, whether or not you smoke, and any past procedures.
Be prepared to answer specific questions about the following:
- Alcoholism
- Cancer (multiple varieties, including leukemia, melanoma, etc.)
- Diabetes
- Disabilities
- Drug use
- High blood pressure
- High cholesterol
- HIV
- Mental health, depression, anxiety
- Obesity
- Pregnancy
- Sleep apnea
- Weight loss
- Chest pain
- Ulcer
- Anemia
- Immune deficiency
- Asthma
- Anorexia or bulimia
- Obsessive compulsive disorder
Some things can affect whether or not you can buy life insurance. But it’s important to remember that just because you have one of these things, it doesn’t mean you can’t get life insurance.
Be Honest.
As you have probably gleaned, these exams are very important. People know their answers can affect their coverage. Some people might not give all the information because they are scared it will make their rates go up or they will be denied. But this is not a good idea and can have bad consequences for the policyholder and their family if something happens.
If the insured dies within the first two years of having a life insurance policy, the insurance company will investigate to see if anything was left out that could have changed their decision to give the person coverage. If something is found, it could mean that the claim is denied and no money would be paid to the beneficiaries.
These are the reasons why it is important to be open and honest when answering the required underwriting questions.
How To Prepare For Vitals & Medical Exam.
There are some things you should and should not do to make sure that your medical exam goes as smoothly as possible. Make sure you review this list so that you know what to do and what not to do when you go in for your tests.
You should not:
- Consume salt or high cholesterol foods up to 24 hours prior to your exam
- Engage in strenuous activity or exercise 12 hours prior
- Drink alcoholic beverages up to 12 hours prior
- Use nicotine or caffeine up to one hour prior
You should:
- Get a good night’s sleep
- Stay hydrated
- Document all current medications
- Have a photo ID and wear a short sleeve shirt for the day of for blood draws and checking blood pressure
Now that you understand what to expect from the medical evaluation portion of your life insurance application, it is important to know that this evaluation is just one part of the process. Underwriters also look at factors such as your lifestyle and occupation when making a decision about your application.
At Chazz Financial we offer a variety of life insurance product solutions for both standard and non-standard clients. Request a quick quote here and we’d be happy to help you better protect the ones that matter to you.