Depending on the type of life insurance you apply for, you might have to undergo a medical exam. For example, permanent life insurance policies and term life insurance policies typically require medical exams. If you do have to undergo a medical exam, the results will determine if you qualify for a policy, and how much you will pay for your monthly premium. So, what does the medical exam include and what results are insurers looking for exactly?
A life insurance medical exam, also known as a paramedical exam, is part of the underwriting process. The underwriting process is how life insurance companies determine how much of a risk you are to insure. They use an exam as part of this process because the healthier you are, the less of a risk you are to insure, and so the less you will pay in monthly premiums. But if the results of your exam are concerning, you will have higher monthly premiums, or may be denied altogether.
What Does the Medical Exam Include?
The medical exam will typically include:
- A survey about your health, medical history, and lifestyle
- A check of your pulse and blood pressure
- A blood test
- A measure of your body mass index (BMI)
- A urine sample
- An EKG (in some cases)
These exams do not have to be an inconvenience. Many life insurance companies will offer to send a medical examiner to your home. And they can generally conduct the exam in 30 minutes or less.
What Your Insurance Company Is Looking For
While each insurance company looks at different health conditions differently, there are some constants in what insurers are going to look at. Typically, they will be looking at the health of your heart and arteries, kidney, bladder, liver, and pancreas. The exam will also show if you have HIV or drugs in your system, which can negatively affect your chances of qualifying for a policy.
No-Medical Exam Life Insurance
If you are worried that you won’t pass a medical exam, or that you will end up paying a lot for life insurance, guaranteed issue, simplified issue, or instant-approval term life insurance policies are great options. With these plans, you will not have to undergo a medical exam, and will not have to provide blood work or any other tests. Insurers cannot disqualify you for these policies for any health-related reasons.
In addition, with a no-medical exam life insurance policy, you will also get instant approval. On the other hand, when you sign up for a life insurance policy that requires a medical exam, you will have to wait between 4-6 weeks after applying to find out if you qualify.
Don’t be put off by the thought of a medical exam! They’re generally fast, convenient, and nothing to worry about. And remember, if you pass away without life insurance, your loved ones may be left to deal with a large financial burden. They would have to pay for your funeral expenses, which are on average $10,000. As well as other bills they have relied on you to help with, such as a mortgage or college tuition. However if you are unsure whether you would pass a medical exam, a no medical exam life insurance policy can help you get the coverage you need to protect your loved ones.
The best way to find the right life insurance policy for you is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check no medical exam life insurance rates today.