Life insurance provides financial protection for you and your loved ones in the event of your death. By making a payment to the insurance company each month, depending on your billing schedule, you can ensure that your beneficiaries will receive compensation.
While putting a life insurance policy into place (and maintaining it) is relatively simple, there are some important steps you will need to take to finalize the plan. For example, a medical examination may be required. While not always mandatory, many insurance companies will want to have the results of an exam reviewed before signing off on your plan.
If you’re currently in the market for life insurance, or just want to increase the coverage you already have, now is a good time to do so. You can start by getting a quote today.
It’s important to understand how to prepare properly to obtain the life insurance policy you desire. Read on to learn more.
Why are life insurance medical exams required?
Medical exams are conducted by life insurance companies to ensure they have a clear picture of who they’re insuring (and for how much). It’s easy to lie or exaggerate about your health and well-being when applying for a policy. But the company won’t just take your word for it and let you pay lower premiums. They’ll want to confirm your health status. This will likely be done in two ways:
- A questionnaire (online or paper): This is where you will answer some basic questions including your age, height, sex, weight, etc. You’ll be asked if you smoke or previously did. You’ll likely be asked about your alcohol consumption, if you’re on any medicine and if you have any allergies. Be honest when answering, because the company will determine the truth when they complete the in-person medical exam.
- Physical exam: This is done at no cost to the applicant. It’s completed either in an office or the insurance company can send a medical professional representative to your home to complete it. If you’ve had your annual wellness visit with your primary care physician then you already know what to expect. You will have to step on a scale to check your weight. They’ll check your blood pressure. They’ll ask additional questions not addressed in the questionnaire. You’ll also need to provide blood and urine samples. It should be relatively quick (think under 30 minutes).
You likely won’t get immediate approval or rejection on the spot. The results of the exam need to be returned to the insurance company for that to happen.
If you’re ready to start a new policy or want to supplement the life insurance you already have, speak to a provider and get a price estimate.
Can I get a life insurance policy without a medical exam?
If you don’t want to take a medical exam to get life insurance, you don’t necessarily need to. Some providers may not require a medical exam in exchange for a life insurance policy. You can explore those right now and expedite the approval process.
Here are some common reasons why you may not have to get a medical exam for life insurance:
- You’re young: If you’re under 30 and healthy.
- You want basic coverage: If you’re not seeking a particularly high amount of coverage you may not have to take an exam.
- Someone else is insuring you: This would be applicable when being added to a relative’s supplemental life insurance.
It’s important to note that these guidelines don’t apply across providers. The necessity of a medical exam is specific to all of the above factors – and the provider you are submitting an application with.
The insurance you would get without submitting to an exam is different than the traditional types you may receive should you agree to the standard vetting process. That doesn’t mean one type is better than the other, but it’s something to be aware of.
When determining whether a medical exam is needed – and what kind of protection you can apply for – it’s best to speak to a provider directly who can assist you and answer any questions you may have.
