Get a Life Insurance Medical Exam | Expectancy & Requirements

Getting a Life Insurance Medical Exam is one of the processes for buying life insurance for your loved ones. If you have loved ones who count on your financial support, you should consider buying life insurance.

A single payout from a policy could really help them financially, including the settlement of bills, and to keep them afloat once you pass away.

However, you might be finding it hard to apply for life insurance because of the prospect of a life insurance medical exam. It may be that you don’t have the time or you simply don’t understand what’s involved.

See the following paragraph and find out why life insurance companies require a medical exam as a prospect to apply for life insurance.

Why Life Insurance Companies Require a Medical Exam

You should not allow the prospect of a medical exam to prevent you from getting life insurance. The exam probably is not as bad or hard as you think.

Life Insurance companies use a reversed process called underwriting, and this determines the risk of applicants, including expected life expectancy. This allows insurers to price life insurance policies accurately, and to protect themselves financially.

It also assists in preventing healthy people from coverage to subsidize those who are not as healthy. Healthy applicants are likely to get lower insurance rates. And those with health conditions at older ages will pay more or can even be declined coverage.

An essential part of underwriting involves getting information about an applicant’s health. Insurers ask you will ask you to fill out an application form with the following questions:

  • Your medical history
  • Your past and current prescriptions
  • Your family’s medical history (parents and siblings)
  • Your driving record
  • Amy dangerous hobbies
  • International travel plans

A complete underwritten policy considers all medical and personal information. It typically includes a medical exam to verify your information and to show if you have health conditions that could possibly affect your life expectancy.

Would you like to skip medical exams? See our list of the Best No-Exam Life Insurance

What a Life Insurance Medical Exam is All About

A life insurance medical exam/test does not need you to give up your whole day. It just takes about 15 to 45 minutes based on the types of tests included.

You generally be asked questions about your medical history on a phone interview before your exam, and the examiner will review them again personally.

Here’s a sample of what the information might look like:

  • 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.

While you’re taking the exam your height, weight, pulse, and blood pressure will be recorded.

You likely will provide a urine sample and have blood drawn to test for health issues such as elevated cholesterol or blood sugar levels, and to screen for nicotine and drug use.

Sometimes, insurers might need an X-ray or treadmill stress test, which needs to be done at a doctor’s office or clinic. If you’re 70 years or older, you might have to apply an additional test for your cognitive ability.

How to Get a Life Insurance Medical Exam

How do you get a life insurance medical exam? Initially, a life insurance medical exam is now easy to get. Insurance companies partner with paramedical companies that provide testing services, which include ExamOne and APPS-Paramedical Services.

Normally, a representative from the medical testing service will let you know your schedule for appointments. The insurer will cover the cost of the exam.

You decide where you want the test to be done, either at home or workplace and a nurse or paramedical professional will come to you. Rather, you can visit the paramedical service’s exam centers.

Delaying/procrastinating the exams will only slow down the process of getting insurance coverage, therefore, you’re expected to schedule your exams for the earliest possible date.

Get the Results of your Life Insurance Medical Exam

You will be able to access the results of your blood and urine tests, based on the paramedical company that issued the test.

To find out if you can get your exam results, ask the representative you spoke with when you scheduled your exam. Rather, you can possibly contact the paramedical company’s customer service.

How to Avoid the Medical Exam

After all these approaches I’ve stated in this article, most people will still like to avoid taking a life insurance medical exam since they’re worried about how their medical health will affect their rate or ability to get insurance coverage.

There are many insurers out there that are offering No-Exam life insurance policies. Companies like Haven Life offer a full underwritten policy that does not need an exam.

There are three types of underwriting that don’t involve medical exams. and they include the following:

  • Accelerated Writing
  • Simplified Issue Life Insurance
  • Guaranteed Issue Life Insurance

Accelerated Writing

There are options for fast life insurance, where providers use data and algorithms to accurately decide on term life insurance quotes for you. These options are majorly available to younger (under 50 or 60, and healthier applicants.

Simplified Issue Life Insurance

The simplified issue life insurance underwriting process does not need a medical exam. Applicants just need to answer some questions about medical history and lifestyle. There possibility that they will check third-party data sources, such as prescription history.

Because less information is gotten and no medical exam is needed, simplified issue policies have higher rates than fully underwritten and accelerated underwriting policies.

Guaranteed Issue Life Insurance

Guaranteed-issue policies are usually the most expensive type of policy for the amount of coverage you need.

You don’t have to take a medical exam or answer health questions to get a guaranteed issue policy. These policies are ways to get coverage if you have poor health.

They also tend to be tailored to older adults with limited financial resources who are in search of a small policy to offer for funeral and final expenses.

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