Insurances.net
insurances.net » Life Insurance » What You Should Know About Life Insurance Medical Exams
Auto Insurance Life Insurance Health Insurance Family Insurance Travel Insurance Mortgage Insurance Accident Insurance Buying Insurance Housing Insurance Personal Insurance Medical Insurance Property Insurance Pregnant Insurance Internet Insurance Mobile Insurance Pet Insurance Employee Insurance Dental Insurance Liability Insurance Baby Insurance Children Insurance Boat Insurance Cancer Insurance Insurance Quotes Others
]

What You Should Know About Life Insurance Medical Exams

When a person applies for life insurance, the insurance company may ask them to take an exam before they will accept or reject their application

. However, all insurance companies will not require a physical exam.

Insurance Policy Types

Whether or not an applicant will need an exam, may depend on the type of insurance policy they are willing to pay for.

Guaranteed - This policy may cost more in the end, but it does not ask questions or require that applicants take a medical exam.

Underwritten - One of the best policies, but you are almost always required to take an exam and sit down to answer questions about your family's medical history and your own.

Simplified - Applicants will have to answer questions about their medical history but they medical exams are not required.

Underwritten policies offer great rates because an exam may show the insurance companies that you are healthy and likely to live a long life. This tells them that it may be a long while before a claim is put in on your insurance.

However, guaranteed and simplified policies often have the worst rates because the companies are not sure how healthy you are and they don't want to take the risk of signing someone who may die within two years of the signing the contract.

What Happens During An Exam?

The insurer wants to know your life expectancy, the longer you live, the better the rates. Applicants who have dangerous medical conditions may not be insured or they will have to be very high premiums if they want health insurance.

Exams are often done at the applicants home by doctors who are hired by the insurance company. While you may turn over an attending physician's statement (APS) from your general practitioner, your private doctor cannot do the exam.

During the medical exam, the doctor will take blood and urine from an applicant. They will conduct blood pressure tests, and check your weight and height. After that, further tests will depend on each applicant and the sum of money that they are applying for.

For instance, some insurance companies will require a treadmill test for applicants who are over the age of 50 with an insurance of of over $10 million.

Why Are Medical Exams Required?

Insurance companies may ask you to take an exam to check for certain health issues that could lead to a shorter life span. They want to know if you are a smoker, if you are a heavy drinkers, a drug addict, HIV positive or a cancer patient. Any and everything that affects your health could mean a high premium.

An underwriter will review the tests and decide if you are eligible to receive insurance from their company and they will give you a quote based on the exam results. If you would like to see the medical exam results, you can contact the insurer to ask them to fax or mail you a copy.

Turning Down Offers

If you choose not to accept the insurance companies quote due to a health condition, be aware that it will be hard or next to impossible to shop around for a better offer. All test results are sent to the Medical Information Bureau (MIB), and the tests are stored for seven years. Every insurance company who are part of the MIB will be able to see your medical test results. While the group does not hold onto your personal medical records, it does have a copy of your medical tests, any health conditions that you may have and even dangerous hobbies. If you have a horrible driving record, the company has a copy of that as well, because a bad driver may not live long.

by: Peter Boucher
How Long Term Care Insurance Partnership Works? Things to Ponder in Buying Long Term Care Insurance The Benefit Period in Long Term Care Insurance Long Term Care Insurance Keeps Up With Inflation Choosing Long Term Care Insurance Policy and Company Long Term Care Insurance: What To Know The Underwriting Process in Long Term Care Insurance The thread separating life and death is very thin! Mortgage Life Insurance or Life Insurance, What Is best? I Live Alone Do I Need Life Insurance? How To Take Care Of All Your Final Expenses With Burial Insurance For Seniors Life Insurance For Police Officers And Other Law Enforcement Individuals The Many Options Of No Medical Exam Life Insurance. What Is Best?
Write post print
www.insurances.net guest:  register | login | search IP(44.200.249.42) / Processed in 0.014021 second(s), 6 queries , Gzip enabled debug code: 36 , 3682, 953,
What You Should Know About Life Insurance Medical Exams