You probably know that you require life insurance when loved ones trust you to provide financial help. In the event of a payout, a life insurance policy could help cover the costs and ensure they can survive if anything occurs for you.
However, due to the medical test, you may have been putting off when applying for life insurance. Maybe you cannot spare enough time or don’t like being probed or pushed.
Do not let the thought of having a medical examination keep you from taking out life insurance. It’s probably not as dreadful as you’d like to believe.
This article explains why life insurance companies need an examination for medical reasons and its requirements.
What Is a Life Insurance Medical Exam
A medical examination for life insurance is a standard element of the application procedure. It is utilized by the insurance company to evaluate your health condition and determine your likelihood of prematurely dying. The test typically includes the following:
- Medical history interviews: The medical examiner may ask questions regarding your health, such as your present and previous medical conditions, medication, drinking, and smoking habits.
- A physical exam is when the examiner measures your weight, height, blood pressure, and pulse. They will also monitor your lungs and heart.
- Blood tests: The doctor will take a blood sample to check for factors such as cholesterol and blood sugar levels, kidney functioning, and blood sugar.
- Testing for Urine: The doctor will collect urine samples to check for drugs and nicotine.
- Electrocardiogram (EKG) The EKG is a test to record the heart’s electrical activities. It is a requirement if you are over age or are applying for a substantial sum of insurance for life.
The medical exam for life insurance generally is simple. Depending on the tests needed, it can last anywhere from fifteen to forty-five minutes. You must be ready to answer questions regarding your medical history and supply urine and blood samples. If you’re required to undergo an EKG, It is an easy test that should only take a few minutes.
Here are some helpful tips to prepare for a life medical exam for insurance:
- Have a restful night before you take the exam.
- Take a light breakfast on the day of your exam.
- Make sure you drink plenty of water.
- Make a list of all your medical history and medications.
- Inform the doctor about any health issues you may have, even if they’re not serious.
Why Life Insurance Companies Require a Medical Exam
Life insurance companies employ an underwriting method that determines potential applicants’ risks and their expected life expectancy. This allows insurers to accurately estimate the cost of life insurance policies to ensure their financial security.
It also stops healthy individuals from paying too much for coverage to pay for people who are not as fit. Healthy applicants tend to receive lower rates for insurance. Also, those with health issues or older will have to pay more or may be refused insurance.
A significant element of an underwriting application entails collecting information about the applicant’s health. Insurers require applicants to fill out an application with questions on:
- Your medical background
- The prescriptions you have received in the past and present.
- Medical history of your family (parents and children)
- Your driving record
- Amy dangerous hobbies
- International travel plans
A properly underwritten policy will consider every medical and personal data. This usually includes an examination to confirm the accuracy of your information and determine if there are health issues that may affect your longevity.
What a Life Insurance Medical Exam Entails
A medical exam for life insurance doesn’t require you to sacrifice a whole day. It could take 15 to 45 minutes, according to the type of tests included.
There are usually questions regarding your medical history in a phone interview before your exam, and the examiner will then review these questions in person.
Here’s an excellent example of the kind of information you’ll need at hand:
- Doses and names of medicines for both current and previous medical conditions.
- Names, addresses, and telephone numbers of doctors who have visited the clinic in the last five years.
- A list of medical ailments, dates of diagnosis treatments, outcomes of treatment, and contact details for the treating physician.
- The driver’s license number as well as the expiration date.
During the examination, you will be asked to weigh your weight, height, blood pressure, and pulse. You will likely need to submit a urine sample and get blood drawn to look for any health problems, such as high blood sugar or cholesterol levels, as well as to test for the use of nicotine or other drugs.
Suppose you’re older than 50 and are applying for a large quantity of life insurance, for example, $1 million or up. In that case, you may be required to undergo an electrocardiogram (EKG) that is not painful. Electrodes are placed on you to document the electrical activity within your heart. The criteria for who requires an EKG will differ based on the insurer. You don’t need to change your clothes during the test, but it is recommended to wear loose clothes when you take an exam that involves an EKG.
Sometimes, some insurance companies may require an X-ray or treadmill test, which must be conducted at a doctor’s clinic or in a doctor’s office.
If you’re 70 or older, you may need to assess your cognitive abilities differently.
How to Get a Life Insurance Medical Exam
It’s not just that a medical exam for life insurance is relatively fast, but it’s also simple to obtain. Insurance companies collaborate with paramedical organizations that offer tests, like ExamOne and APPS-Paramedical Service.
Usually, someone from the medical testing company will call you to schedule an appointment. The insurance company will pay for expenses for your test.
You may take the test at home or work, and a medical professional or nurse will visit you. If you decide to have the test at your workplace, bear an eye on the possibility that it might be challenging to transport a urine specimen from the restroom to your doctor.
Taking the test in any medical paramedic services’ examination centers is also possible.
The delay in the exam will hinder the process of obtaining insurance coverage. You’ll need to plan your exam at the most convenient time possible.
How to Prepare for a Medical Exam
Your results from your medical examination can play a significant role in the cost you’ll have to be charged to purchase life insurance. It’s crucial to ensure you take the exam seriously. Indeed, you won’t be able to create significant changes to your health between registering for insurance and taking the test. However, there are some steps you can take to ensure you get the most effective outcomes possible.
- Twenty-four hours before the test: Limit salt and high-cholesterol food items like red meat. Avoid over-the-counter medication such as antihistamines and nasal decongestants.
- Twelve hours before the test: Refrain from alcoholic drinks and strenuous exercise that can increase blood pressure.
- One hour before the test: Avoid caffeine and nicotine. Drink one glass of water. Drinking water will aid in testing for blood.
- In the test: Have a photo ID and the application form. Wear the short sleeves. The sleeves could be rolled so the blood sample can be taken and your blood pressure monitored.
When you schedule your exam, inquire if you have to fast for the exam. You may be prohibited from eating or drinking anything other than water during the 12 hours before the test.
Getting the Results of Your Life Insurance Medical Exam
You might see some of the findings from your Urine and blood tests based on the paramedical firm that carried out the test. ExamOne, one of the most reputable paramedical services, provides results within 7 to 14 days following the exam. The applicants can sign up through the ExamOne website and receive a notification by email whenever their results become available.
If you want to know if you’ll receive your exam results, speak to the representative you meet when you book your test. Contact the paramedical business’s customer service.
How to Avoid the Medical Exam
It’s possible to skip a medical exam for life insurance if you’re concerned regarding how the health of your family could impact your rates or your eligibility to be covered or if you don’t wish to go through the hassle of taking an examination.
A lot of insurers offer no-exam life insurance policies. Companies like Haven Life offer a “fully underwritten” policy that does not require an exam. Fully underwritten policies will likely be the cheapest choice for many applicants, particularly if you’re healthy and young. It’s because they provide the most details to the insurance company, which uses that information to determine the cost of an insurance policy.