Your life insurance provider will use the opportunity presented by the life insurance medical exam to review your medical history as well as the fundamental information that was used to make their decision regarding your application for life insurance. The medical exam for life insurance will typically be carried out not by a physician but rather by another qualified medical professional such as a nurse.
All of the information that you provide during the first two stages of the medical life insurance exam, as well as the information that you provide on the application for life insurance, are combined with statistical data on longevity and the information that you provide on the application to determine whether or not you will be approved for a life insurance policy and the amount of the annual premium.
Different Phases of the Medical Exam for Life Insurance
In most cases, the medical exam required for life insurance will consist of two parts:
- A questionnaire is asked to you verbally by a medical professional, who will then ask you a series of questions.
- Sample collections that are standard and fundamental: During the medical exam for your life insurance policy, you may be asked to provide a sample of both your blood and urine. Because of the ease with which these examinations can be carried out, they are frequently performed in the patient's own home. Your life insurance agent or broker is obligated to keep you informed about the kinds of examinations that will be performed on your policy.
Where to Go for a Medical Exam for Your Life Insurance
A medical exam for life insurance typically does not require you to go to a hospital or other type of medical facility to take part in it. The medical exam required for life insurance is frequently performed at the patient's home. The medical expert who will come to your location to perform the tests will bring a collection kit with them in order to take samples from you.
NOTE: It will take approximately twenty minutes for the exam, during which time the representative who will come to do the exam will thoroughly review your medical history with you verbally. After that, taking the samples won't take more than a few minutes at most.
The Reasons Behind Why Life Insurance Companies Demand a Physical Exam
There are three primary reasons why life insurance companies require their customers to undergo annual medical exams:
- In order to ensure the accuracy of the data that was initially provided to the company in your application for life insurance
- In order to get a complete picture of the applicant's medical history: The questions that are asked during the medical exam for life insurance are more in-depth, and they focus on your medical history as well as the medical histories of your family members. If the insurance company believes you have a high risk of dying at a young age, they may try to collect higher premiums from you at an earlier age. Because the company may determine that you will be around for a longer period of time to continue making premium payments if they believe you will live longer, they may determine that they do not need to collect as much money from you during the early stages of your life.
- To determine whether or not there is an underlying medical condition. Medical conditions that the applicant might not be aware of or might not have declared, such as diabetes, inconsistencies in the blood work, or HIV. Additionally, the company will check for the use of drugs or nicotine. The information obtained from the medical exams will be compared to the test results obtained from the samples.
How Do Insurance Companies Determine the Average Lifespan of Their Customers?
Life insurance companies make use of longevity charts, which are statistics on the mortality rates of people over a certain period of time. A longevity chart provides an insurance provider with statistical information on the number of males, females, and children who pass away at a specific age. With this information, an insurance company will be better able to evaluate the risk that they are taking. For instance, suppose a longevity chart reveals that men at the age of 29 have a higher death rate than women at the same age; as a result of this statistic, an insurance company would be taking on a greater risk by insuring a man as opposed to insuring a woman.
Concerning Both Questions And Methods During the course of a medical exam for life insurance
During the medical exam, common questions that are asked are as follows:
- Your entire medical history, including any and all hospitalizations, medications, procedures, and conditions that you have had. A series of questions will be directed toward you to ensure that you have not left anything out of the conversation and to provide you with the opportunity to discuss your complete background.
- The history of medical treatment in your family
- Your primary doctor's name, address, and phone number, as well as the names and contact information for any other doctors you have seen within the past few years for special consults or other medical situations. Keep all of these phone numbers and email addresses close at hand.
- Behavioral patterns such as smoking, drinking, the use of recreational drugs, and exercise are examples of lifestyle habits.
- What kind and how much of a life insurance policy would you be interested in buying?
- If you have been hospitalised for any condition that you say you have and if you suffer from any conditions like depression or anxiety and if you have been hospitalised for any condition that you say that you have, then you should not apply.
During the exam, there are also a few procedures that you should anticipate:
- Your height and weight are both going to be measured.
- Evaluation of both your blood pressure and your heart rate
- Blood work (to check things such as cholesterol, glucose, protein, and HIV)
- Urinalysis (to check things such as HIV, protein, glucose, creatinine, and cocaine)
What Should You Expect Following a Medical Exam for Life Insurance?
Following the completion of the medical exam, the results will be evaluated by the insurance company to determine whether or not you are eligible for coverage and the amount of the premium they will charge you.
NOTE: It may take a few months to completely process all of the information and samples that have been collected.
When Does Coverage Begin for a Life Insurance Policy?
The point at which coverage begins can differ from one insurance provider to the next because every insurance provider operates under a unique set of guidelines. However, the moment you sign the initial application for insurance at many different life insurance companies may be the moment when coverage begins. In these circumstances, if all the information on your initial application and the information collected during the exam checks out, then you will be insured during the time it takes to get all of the results. This applies both to the information on your application and to the information collected during the exam.
If you made the payment for your insurance premium at the same time that you submitted your application for insurance, then the coverage could begin on the date that you submitted the application for the policy provided that everything checks out, as was explained above. If you did not pay the premium when you turned in the application, then it is possible that you have the kind of policy that does not start coverage until after you have been accepted.
When you apply for life insurance, your life insurance agent is the best person to confirm this information for you and will normally explain this to you at that time. It is important to keep in mind that all life insurance policies include a contestability clause, which gives the insurer the right to refuse to pay life insurance benefits for a variety of reasons during the first two years of any policy. While you wait for confirmation that a policy has been issued, you should make sure that you fully comprehend the conditions of your coverage.
What Happens If You Don't Pass the Medical Exam for Your Life Insurance Policy?
If the information that you provided on the initial application does not match the data that was collected during your medical exam, then you may be denied coverage or you may be asked to undergo additional testing. Both of these outcomes are possible depending on the situation. Due to the shift in the situation, you should exercise extreme caution because it is possible that your life insurance policy will no longer be valid.
In the event that you did not pass the medical exam or believe that some aspect of the medical exam was inaccurate, you will want to request that the insurance company send a copy of the results of your medical exam to either you or your primary care physician. In this way, if you failed the test due to a health problem, you will be able to discuss the matter with your physician. However, if the insurance company made a mistake that led to your claim being denied, both you and your doctor have the ability to immediately rectify the situation. In this manner, your erroneous results will be removed from your medical record before they can lead to your application for additional insurance being rejected.
In the event that you were unable to pass a medical exam for life insurance and were consequently declined for coverage, you should speak with a life insurance broker who is familiar with a variety of life insurance policy options and providers. A broker might be able to locate the coverage that suits your needs.
You also need to find out if your employer can provide you with a policy by asking about it. Many policies for life insurance provided as part of employee benefits do not require applicants to undergo medical exams. There is no guarantee that every provider of life insurance will turn you down for coverage simply because you were turned down by one. Find a licenced life insurance professional who can provide you with all the facts, or get in touch with the office of the insurance commissioner in your state, in order to obtain the maximum amount of information necessary to find the best life insurance policy to meet your requirements.
If You Pass Away Before the Results of the Medical Exam Are In
This is something that is decided on a case-by-case basis, but as a general rule, if there is a good chance that the beneficiary would receive the payment and the policy term began at the time of application, then there is a good chance that you would have been accepted for coverage. On the other hand, if you had been denied coverage for any reason, the policy would not have been considered issued, and the payout that was supposed to go to your beneficiary would not have been made.
In the event that there is a provision in the policy, such as the suicide provision, or any other provision, for that matter, that excludes coverage for the cause of death, then the policy will not pay out. This should be one of the topics that you discuss with the representative of your life insurance company. You need to make sure that you have a good understanding of the particular terms of the insurance policy that you have applied for. Each life insurance provider has their own terms and conditions, as well as their own specific date when the policy becomes active.
Questions That Are Typically Asked (FAQs)
Who is responsible for paying for the life insurance examination?
Check the specifics for your situation, but in most cases, the insurer will pay for the medical exam that is required in order for you to purchase life insurance. It is possible that insurers are not required to cover the costs; therefore, you should make sure that the company you are considering will pay for your medical exam.
What exactly are they looking for when they do blood tests on people who have life insurance?
Blood tests for life insurance may be used to screen for any health conditions that a life insurance provider might be interested in learning more about. For instance, Fidelity Life claims that its blood tests may look for traces of drug use such as tobacco or cannabis as well as enzyme levels, cholesterol levels, and prescription medications.