Should I Have A Medical Exam
Some people looking for insurance are wary about having a medical exam, afraid it might hurt, cost a lot, or reveal unpleasant facts about their health. But there are no drawbacks to having a medical check-up for a life insurance policy. The tests are easy, largely pain-free, and wont cost you a thing.
If youre very healthy, these medical checks can reduce the amount you pay for life insurance and ensure youre not subsidising cover for people who are less healthy. If youre applying for life insurance at an older age, a medical exam may be the difference between you being accepted or rejected cover.
A medical exam can also ensure your insurer knows all relevant information about your health. This can mean its less likely that the insurer will decide you misrepresented your health, and on that basis deny pay-outs to your loved ones after your death.
A medical check-up can also identify issues such as high blood pressure and high blood sugar levels that you can address to improve your health in the future. The NHS says that its medical check-ups, similar to those required by life insurance providers, helped patients prevent 2,500 strokes or heart attacks in just five years.
Why Do They Draw Blood For Life Insurance
Insurers use your blood test to confirm the information you’ve already provided on your application and understand your overall health. The healthier you are, the better your rates will be. Can’t stand needles? If you want to skip the blood test, you can choose a no medical exam life insurance policy instead.
Why Are Blood Tests Required
The blood test aids in assessing your overall risk to the insurance company.
Additionally, the blood test has the following uses:
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How Can I Prepare For A Life Insurance Medical Exam
When it comes to medical exams for life insurance, the results are not “pass” or “fail.” The information collected during your medical exam is used to place you in a risk class and will impact the rate you are offered. It’s a good idea to ensure the exam represents your actual health condition and that you don’t inadvertently misrepresent your health with practices that could negatively impact the results of your bloodwork or vitals. If you don’t consider yourself to be at the peak of fitness, think about taking some time to put a healthier lifestyle in place prior to your insurance medical exam.
In order to ensure that your results are not delayed, it’s a good idea to spend some time collecting your personal and family medical history as well as a list of medications you take. By preparing prior to the exam, it’s possible to avoid delays and frustration.
Phase One The Verbal Questionnaire
You will sit down with a medical professional who will run through a series of questions with you. Some of these questions will relate to the answers you provided in your application.
This phase allows the professional to get a good idea of where you believe your health stands at that point in time.
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Phase Two Sample Collection
Upon completion of the verbal portion of the exam, you will be asked to provide various samples. These often include the following:
Often, you can provide these samples in your own home, under the supervision of the chosen medical professional. Your insurer will notify you about the samples they intend to collect prior to the exam itself.
You may also get your height, weight, blood pressure, and pulse measured. And in some cases, the insurer will require an x-ray or electrocardiogram . The latter is often reserved for seniors applying for life insurance but from time to time may be required in other instances. If these tests are required, they are usually done in a radiology practice or similar.
The medical professional will then take the samples away for testing. Your insurer will check the results against your application to confirm the accuracy of your claims and may use the results to make decisions concerning whether or not to offer you with insurance cover and on what terms.
Exams That May Be Required For Life Insurance
To qualify for life insurance, a potential policyholder may be required to take a medical exam. Insurers want to determine how much of a risk it is to cover an applicant. If you’re unhealthy, there’s a bigger chance that you could die while your policy is in effect. That means there’s a bigger chance the insurance company will have to pay out a death benefit.
That’s why people who are older or unhealthy typically pay higher premiums than those who aren’t. Policies that offer substantial death benefits are usually “fully underwritten” and require a medical exam to uncover risk.
A life insurance medical exam is a lot like your annual physical you receive at the doctor’s office. A medical examiner from the insurance company will come to your home or office to conduct the testing, at no cost to you.
- A series of medical history questions
- Height and weight measurements
- Urine and blood samples
- In some cases, an electrocardiogram to check heart health
In addition, the life insurance company may request medical records and/or make the results of the exam available to the potential policyholder’s doctor.
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Importance Of Term Insurance Medical Test
Having a term insurance plan can help you create a financial backup for your family, in case of your untimely death. In your absence, the insurance benefit from the term policy will take care of all financial needs such as your childrens education, paying back loans, and managing household bills.
As part of the term insurance purchase process, however, you need to undergo a comprehensive term insurance medical test.
Based on the term plan medical test results, the insurance provider will determine your overall health condition and your risk profile.
Subsequently, the insurer will create customized term insurance policy quotes for you, so that you can choose the term plan variant that offers maximal benefits for cost-effective premium rates.
How To Prepare For A Life Insurance Exam
Its important to note that you dont pass or fail a life insurance medical exam. This test determines what your overall health risks are, and therefore the rate youll receive on your insurance premiums. It also verifies if you were honest when answering the initial health questions on your application. Still, there are some things you can do to receive the best rate possible and help ensure you qualify for the type of policy you want. For example, starting a few weeks before your test:
If you have health issues that will take longer than a few weeks to address, it may be worth postponing your medical exam to give yourself time to address them. For example, if youre overweight, taking a few months to improve your diet and exercise regimens may help you lose weight and get better results during your physical.
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How To Avoid The Medical Exam
You can avoid taking a life insurance medical exam if youre worried about how your health will affect your rate or ability to get coverageor if you simply dont want to bother with an exam.
Many insurers offer no-exam life insurance policies. Companies such as Haven Life even offer a fully underwritten policy that doesnt require an exam. Fully underwritten policies tend to be the most affordable option for many applicants, especially if youre healthier and younger. Thats because they offer the most information to the insurer, which uses that information to accurately price a policy.
These three types of underwriting dont involve a medical exam.
Need Help Getting Life Insurance Coverage
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help make sure that you get coverage so that you dont get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you are able to get any life insurance.
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How To Prepare For Medical Exams
A medical exam can uncover certain red flags insurance companies look for. They include:
- High blood pressure
- Use of tobacco, alcohol or drugs
- Elevated cholesterol
- Elevated glucose
To get the best possible results from your exam, it’s recommended you take the following steps leading up to it :
- Limit caffeine, sugar and alcohol
- Stay well-hydrated, but don’t overdo it
Can You Get Life Insurance Without A Blood Exam
If youre worried that youre not well enough to get approved for life insurance if you undergo a medical exam and blood test, or if youre scared of needles, there is a way to avoid the entire process. No exam life insurance is a specific type of policy that allows you to bypass the exam entirely and still get coverage.
No exam life insurance is also chosen by people who need life insurance quickly and conveniently. Since the underwriting process is instant or non-existent, applications are approved fast. However, if you are a healthy person and arent in a rush, you can usually get better rates with traditional life insurance that requires a medical exam.
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What Happens When My Results Come Back
Overall, you have nothing to worry about. Even if the medical exam results come back and they put you in a more expensive rate class, you can have the peace of mind that youâre able to get life insurance.
And if the worst happens â youâre declined â there are always Guaranteed Issue life insurance plans that you can buy without ever having to do a medical exam .
Are you ready to talk about life insurance? Click the button below to get started.
How To Prepare For The Life Insurance Medical Exam
There’s no “passing” or failing the life insurance medical exam. Your results will help determine the cost of your policy, but they are based on your overall health and elements that are mostly out of your control. That being said, there are a few steps you can take to give yourself the best shot at lower rates.
Eat healthy foods.In the days leading up to your test, avoid high-sodium and sugary foods, which can raise your blood pressure or cholesterol.
Fast six to eight hours before the exam. The medical exam requires a fast to make sure your blood sugar and cholesterol numbers are not skewed. Pro tip: Schedule your appointment for the morning so you arent hungry all day.
Stay hydrated. Drinking lots of water ahead of your exam will help flush out your body and dilate your veins so theyre easier to find during the life insurance blood test.
Avoid strenuous exercise. When you do an intense workout, it can cause your blood pressure to spike and that might be picked up in your urine sample. To avoid a false read on the test, try not to exercise for a full day before your exam.
Avoid certain medications. Dont take over the counter cold remedies and allergy medication like Nyquil, nasal sprays, cough syrups, sinus treatments, allergy medication, and ibuprofen, as they can trigger false positives.
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Why Do Insurers Require A Blood Test And A Medical Exam
Life insurance companies use your health to determine the cost of your life insurance premiums. The better your health is, the less of a risk you pose to the insurance company. As uncomfortable as it is to think about, the more likely you are to die, the more likely the insurance company will be to pay out a claim, which costs them money. Your insurance premiums are proportional to the amount of financial risk they are taking to insure you. Therefore, they need to look at your health to determine how much of a risk you pose.
Should You Consider No Medical Exam Life Insurance
If the idea of taking a medical exam is preventing you from getting life insurance, you might consider a life insurance policy that doesn’t require a medical exam. No exam life insurance is just as it sounds life insurance without having to undergo a life insurance paramedical exam. Be aware, however, that your premiums will likely be higher since your insurance provider cannot verify your health condition and, by extension, your risk to the insurer.
But, if you are in good health and don’t mind taking time to complete a life insurance medical exam, your chances are greater you’ll receive a lower monthly premium. While feeling uneasy about the life insurance medical exam is natural, don’t let the process hold you back. A relatively quick appointment with a medical technician is a small price to pay to get a life insurance policy that financially safeguards your loved ones after you pass.
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Do Life Insurance Companies Share Information With Each Other
Due to HIPAA compliance, life insurance companies cannot sell your information and your personal history will not be readily available to anyone other than the insurer. It can only be disclosed to another life insurance company if you are applying for a new policy and a red flag pops up, such as multiple policy denials. However, this is generally very rare.
But you should know that when you apply for life insurance, the insurance company will evaluate your risk using the MIB, which contains information about all your life insurance applications from the last three to five years, including:
When you previously applied for life insurance
Dates of diagnoses and treatments for health conditions
Confirmed medical conditions
Types of treatment you received
Where your medical history originated
That information can be used in conjunction with your medical exam and other records to make sure your current application isnt missing any important information. The MIB does not keep your medical records on file, and uses medical codes without any personal identifiers that can be used for identity theft.
What Else Can You Expect
The above covers the basic process of a life insurance medical exam. This may vary, depending on the insurer. Some may prefer to conduct a more in-depth exam, especially if they have cause for concern.
So, what else should you know?
The following covers the key questions that many have about the exam beyond the process itself.
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What Life Insurance Blood Tests Are Testing For
Every life insurance medical exam includes a blood test that reveals key information about the state of your health. The medical examiner will draw blood and have it tested for the following:
Sexually Transmitted Diseases including HIV and AIDS
Hemoglobin AIC and blood glucose levels
Creatinine, hemoglobin, and protein levels to identify kidney disease
Cholesterol – including LDL, HDL, and triglycerides to screen for heart disease
What Happens If I Am Denied Coverage Because Of My Test Results
If a life insurance company denies you based on your medical exam, you will want to learn why. You can ask the insurance company for a copy of your test results. This will help you assess whether something is wrong in the report.
In most cases, if youre denied permanent coverage, you can ask whether you would be eligible for a term life insurance policy. You can also ask whether the insurance company offers no medical exam life insurance options. Depending on your unique situation and what youre looking for, this type of policy may be a good choice for you and your loved ones.
It is always a good idea to go back to the drawing board and get information from new companies if you are denied coverage. You may be eligible for a policy with someone else, and you may be surprised by the rates you are able to get as a result.
Be sure to use our free quote tool below to find and compare life insurance rates from top companies in your area today.
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Tax Benefits Of Having An Lic Policy Can Be Provided Under Many Different Sections
- Section 80C: The premium paid towards these policies is exempted from taxes under section 80C.
- Section 80CCC: Policyholders who pay a premium towards annuity plans that guarantee a pension after retirement can take advantage of tax benefits under section 80CCC. This can be availed of by the individual assessee or HUF assessee.
- Section 80D: When you apply for an LIC tax saving plans in the name of a handicapped person, you may claim tax exemptions under section80D. This is applicable for individual assessees and HUF assessees. The limit for this deduction ranges from Rs 50,000 to Rs 1,00,000 depending on the severity of the handicap.
- Section 10 Maturity benefits and death claims of an LIC policy are exempted from taxes under section 10.
In simple terms, an LIC tax saving policy helps you plan your finances today and protects your income in the future as well.
Its All About You We Want To Help You Make The Right Coverage Choices
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.Our insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
- Life insurance companies conduct medical exams to assess your health risk
- A life insurance medical exam may include a health questionnaire, blood test, and urine analysis
- A life insurance blood test can detect health issues such as high cholesterol, diabetes, STDs, and drug use
When you apply for a life insurance policy, you may have to complete a medical exam depending on the type of policy you are trying to buy. You are more likely to be required to complete a medical exam for a permanent policy than term life insurance.
What do life insurance companies test for? We’ll answer this and other common questions regarding life insurance medical exams below.
If you want to buy life insurance with affordable rates, enter your ZIP code into our free quote comparison tool above.
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