What To Expect In A Life Insurance Medical Exam

It's likely you know you need life insurance if you own a family that depends on you for support. A payout from policy proceeds would help your family maintain their financial stability if you passed away.

But you could be dragging your feet when it comes to applying for insurance because you heard that you might have to take a medical exam. Perhaps you do not like the bother of giving up your time to be poked or prodded. Or you may be concerned about what the exam will find.

Make sure, however, that not getting a medical exam won't deter you from getting life insurance. The exam probably isn't nearly as bad as you think. Knowing why some insurers require medical exams and what it's meant to do will help you feel at ease.

Why Life Insurance Companies Require a Medical Exam

Life insurance companies use a process called underwriting to determine the level of risk you intend to be insured of. Insurers must calculate the life expectancy of applicants to guarantee accurately.

It also helps insurers prevent healthy people from overpaying to subsidize those that aren t as healthy. Healthier applicants receive lower insurance premiums. And applicants with health conditions and/or at older ages will pay more or might be cancelled from their plan.

Portion of underwriting involves gathering information about an applicant s health. Insurers will ask you to complete an application form about your health, your prescriptions, your family tree (parents and siblings), and your driving record, potential dangerous hobbies, and plans for international travel.

A fully underwritten life insurance policy (which involves a complete analysis of all of your medical and personal information) typically requires a complete medical examination to see if the information provided is accurate and to determine whether you currently have any health conditions that could affect your life expectancy.

What a Life Insurance Medical Exam Entails

A medical examination for a life-insurance policy won't take the whole day, yet it can be as brief as 15 to 45 minutes. It all depends on what tests are included.

The examiner will ask you questions regarding your health during the telephone setup prior to your physical checkup, and he or she will review them again in person. A sample of the sorts of information you should be prepared to share is given below:

• Names and dosages of medications, for past and current conditions. 
• Names, addresses and phone numbers of doctors visited in the past five years.
• List of medical conditions, dates of diagnoses, treatment, treatment outcome and treating physician contact information. 
• Driver s license number and expiration date.

The examining professional will measure your height, weight, pulse, and blood pressure during the test. After a positive blood sugar level or other medical condition is detected, you may have to provide a urine sample and have blood and urine drawn to examine your health status.

If you have an above-average risk for life insurance, such as between $1 million and $8 million, you're often offered the option of taking an electrocardiogram (EKG) which is painless. Electrodes will be on you to record the electrical activity in your heart. The requirements for taking an EKG may vary by insurer.

If you don't have to undress during the exam, it s good to wear loose clothing. Sometimes some insurers might require an X-ray or treadmill stress test, which needs to be done at a doctor s office or clinic. If you're 70 or older, you might have to take an additional cognitive assessment.

How to Get a Life Insurance Medical Exam

The life insurance medical exam is also quick and convenient, and insurance companies work with a paramedical company to conduct the tests, such as ExamOne and APPS Para Medical Services.

Typically, a representative from your medical-testing service will contact you to schedule an appointment. The insurer will cover the cost of the test.

You can select to have the exam done at your residence or workplace, and a nurse or paramedical professional will come to you. If you choose to work at your workplace, bear in mind that it may prove to be awkward if you want to take the sample from the bathroom to your examiner.

You may be able to have the test performed at a paramedical service testing center. Keeping the test for a longer time will slow the process of receiving insurance coverage. So you should arrange for your exam as early as possible.

How to Prepare for a Medical Exam

The results of the medical exam factor into the rate you will pay for life insurance. For that reason, it s important to take the exam seriously. On your own, you won t be able to significantly alter your health leading up to the time you apply for insurance and while you’re taking the test. But there are things you can do to maximize the result.

• 24 hours before the exam: Limit foods containing salt and high-cholesterol substances such as red meat; avoid over-the-counter medications such as antihistamines and nasal decongestants. 
• 12 hours before the exam: Refrain from alcoholic beverages and strenuous exercise, which can raise blood pressure levels.
• One hour before the exam: One hour before an exam, don't consume caffeinated beverages and nicotine, drink water, and stay hydrated. Being well-hydrated will make it simpler for a blood test to be carried out. 
• At the exam: Have your photo ID and paperwork available; roll up or roll up your sleeves so your blood can be withdrawn and your blood pressure can be checked. 
• When scheduling your exam: It might be a good idea not to eat or drink anything other than water during the 12 hours before your exam.

Getting the Results of Your Exam

You may gain access to the results of blood tests conducted by a paramedical organization you chose, such as ExamOne. To register with this paramedical service, you can access this site. You'll be notified by email when the status of your test results is available.

To inquire about your test results, ask the representative you speak with when you schedule your test. Or contact the paramedical company's customer service.

Other Ways Insurers Get Information About You

Insurance companies get more information about your health through your application and medical record, in addition to another source, such as your health insurer's pharmacy record vendor or a company like Milliman Intelliscript.

Insurance providers will review your vehicle report for any violations revealing that you participate in risky behaviors.

They may review public records to verify your identity, investigate your property holdings, and look for other factors that might qualify you as a high-risk driver. They may also consult your creditworthiness in the course of their assessment procedure.

Your application will be delayed if you travel to highrisk countries, such as those designated as Level 4 by the U.S. Department of State.

Some insurers will peruse the things you post on social media to determine if you appear to be engaging in risky behavior. And if you submit an application for coverage worth several million dollars, you might have to supply third-party financial statements such as tax returns or documents from an accountant.

Insurers use this info to calculate your underwriting classification also named a risk or rate class. Insurers usually have preferred and standard rate classes, but can also have preferred plus and standard plus classes. They are also available a substandard category for those who have more serious health conditions.

The lowest rates go to those in the preferred and preferred classes. To secure the best prices, you must be in good health with no tobacco use within the past three to five years, possess a clean driving record, conduct no drug use, and no family history of heart disease or cancer before age 60.

How to Avoid the Medical Exam

You can avoid the medical exam required by your condition if you re concerned about the impact that your health could have on your rates or ability to be eligible for coverage or you simply don t want to complete an exam.

Many insurers offer no-exam life insurance policies. Companies like Haven Life even offer a vademecum zero-examination policy that requires no exam. Fully underwritten policies are often the least expensive option for many applicants, particularly if you're healthy and younger. Insurance brokers are the most helpful source of information for insurers used to calculate the price of a policy. These three types of underwriting don't entail a medical exam:

Accelerated underwriting: 

Many life insurance companies offer instant approvals with no health examinations and a faster application process. There are also policies that cover life insurance fast, which use data and algorithms to determine your life insurance premium. These policies are usually reserved for younger individuals who are in excellent health and are less than 50 or 60 years old.

Simplified issue:

The simplified issue underwriting process does not require a medical exam. Applicants will be required to answer basic questions about medical history and lifestyle. There could be a check of third-party data sources, such as prescription history.

Less information is needed and no medical test is required for admission under simplified issue policies than is fully underwritten and accelerated underwriting policies, even for healthy people. It's also common for insurers to limit the amount of coverage available through a simplified issue policy.

Guaranteed issue:

You do not need to attend a doctor's appointment or answer any of health issues to get guaranteed issue health policies. These policies are a way to get coverage when you are in poor health and require a small policy to cover funeral and final expenses. They may be more oriented toward seniors with limited financial resources.

These sorts of policies are often the most expensive type for the extent of coverage you can receive. If you're young and healthy, don't allow any apprehensions about a medical exam to hold you back. Then you'll be more likely to get the coverage you need at the best price.