Life Insurance And Doctor Appointments: What's The Link?

Life insurance companies use a process called underwriting to determine the risk of applicants, which includes a medical exam to verify your information and determine whether you have health conditions that could affect your life expectancy. The medical exam usually takes place within a few days of your initial life insurance application, and your insurer will assist in scheduling it. The insurance company covers 100% of the exam cost, and your appointment should last less than an hour. The exam will cover your medical history and current health, including basic physical measurements like height, weight, pulse, and blood pressure. You will also likely be asked to provide blood and urine samples.

No-exam life insurance policies

There are three main types of no-exam life insurance: accelerated underwriting, simplified issue life insurance, and guaranteed issue life insurance. Accelerated underwriting policies use data provided by the applicant, as well as third-party data and algorithms, to determine coverage. Simplified issue life insurance involves a short application and does not require a medical exam, but coverage limits tend to be lower and premiums higher. Guaranteed issue life insurance does not require an exam or any health questions, but the coverage is very limited (typically around $25,000) and premiums are significantly higher.

No-exam life insurance is generally more expensive than traditional insurance because insurers have less information about the applicant's health and, therefore, assume more risk. The cost of no-exam life insurance depends on various factors, including age, coverage amount, and medical history. It is important to note that no-exam life insurance policies may not be suitable for those seeking a large death benefit or shopping on a tight budget due to the lower coverage limits.

Some companies that offer no-exam life insurance include Mutual of Omaha, Fidelity Life, Transamerica, John Hancock, State Farm, Lincoln Financial, and AAA. These companies provide different no-exam plan options, such as whole life, term life, final expense, and accidental death benefit policies, with varying coverage amounts and premiums.

What insurers can see from your medical records

When applying for life insurance, you will be asked to fill out an application form that includes questions about your medical history, past and current prescriptions, and your family's medical history. The insurance company will then use a process called underwriting to determine your risk level and expected life expectancy. This helps them set an accurate price for your policy.

As part of the underwriting process, insurers will often review your medical records and check your prescription history through third-party companies. They may also verify the information on your application using the MIB Group database. This allows them to assess your health and identify any major health problems that could affect your coverage eligibility.

In some cases, insurers may gain "open-ended access" to your medical records, which has been criticised as an "unfair privacy breach". For example, in Australia, individuals who declare mental health treatments on insurance applications are often required to grant access to their medical records. While insurers claim that this access is necessary to assess risk, privacy advocates argue that it should be limited to a specific timeframe, such as five years' worth of records.

In addition to reviewing medical records, insurers may also check your motor vehicle report, public records, property ownership, criminal record, social media presence, and third-party financial statements, depending on the value of the coverage applied for. All of this information helps insurers determine your underwriting classification, or risk class, which influences the rates you will be offered.

What happens if you don't feel well on the day of your exam

If you don't feel well on the day of your life insurance medical exam, it is best to call the paramedical company to reschedule. Even mild illnesses can affect your blood pressure and other results, which could impact the cost of your life insurance. The paramedical examiner will also appreciate not being exposed to illness.

The life insurance medical exam is similar to an annual physical examination. It consists of an examination by a medical professional and a series of questions about your medical history and lifestyle. The medical exam usually takes place within a few days of your initial life insurance application, and your insurer will assist in scheduling it. The insurance company covers 100% of the exam cost. Your appointment should last less than an hour, and you can usually have it done at a licensed testing facility, your home, or your workplace.

The medical exam includes two parts: a health history screening and a physical exam with tests. The health history screening involves confirming the answers provided on your insurance application and asking additional questions about your lifestyle, health history, and family's medical history. The physical exam and tests include measurements of your height, weight, pulse, temperature, and blood pressure. It may also involve giving blood, urine, or saliva samples, and in some cases, additional tests such as a chest X-ray, electrocardiogram (EKG), or treadmill stress test.

It is important to prepare for your life insurance medical exam by maintaining hydration, cutting back on red meat and foods that elevate blood cholesterol levels, getting adequate sleep, and refraining from over-the-counter medications, alcohol, smoking, and strenuous exercise in the days leading up to the exam.

How to prepare for a life insurance medical exam

A life insurance medical exam is a standard part of the application process. It is used to assess your overall health and determine the level of risk you pose to the insurance company. The exam can be completed at a convenient in-centre location, or at your home or office. It usually takes 15 to 45 minutes, depending on what tests are included.

In the weeks leading up to the exam:

• Drink plenty of water to help dilute concentrations of sugar and protein and clear toxins from your system.
• Limit your salt and alcohol intake. Too much salt can make your urine too concentrated and lead to dehydration, while alcohol can negatively impact liver enzymes and cause dehydration.
• Eat a healthy diet rich in whole grains, fruits, vegetables and low-fat dairy products. Avoid processed food, red meat, and food with added sodium.
• Limit caffeine and nicotine.
• Get enough sleep.

The day before the exam:

• Avoid strenuous exercise, as it can raise your blood pressure.
• Get a good night's sleep.
• Avoid alcohol and nicotine.
• Avoid red meat and high-cholesterol foods.
• Avoid over-the-counter medications such as antihistamines and nasal decongestants, as they can increase blood pressure.

On the day of the exam:

• Avoid caffeinated drinks.
• Drink plenty of water. Being well-hydrated also makes it easier to provide urine and blood samples.
• Have a photo ID and any relevant medical information ready.
• Wear short sleeves or sleeves that can be easily rolled up for the blood test and blood pressure reading.

What to expect during a life insurance medical exam

A life insurance medical exam is nothing to be worried about. It can take as little as 15 minutes, and the insurer will cover the cost. Here's what to expect:

Before the Exam

You'll be asked about your medical history during a phone interview, and the examiner will go over these answers again in person. Have the following information to hand:

• Names and dosages of medications for past and current conditions.
• Names, addresses, and phone numbers of doctors visited in the past five years.
• List of medical conditions, dates of diagnoses, treatment, treatment outcome, and treating physician contact information.
• Driver's license number and expiration date.

During the Exam

The examiner will record your:

• Height
• Weight
• Pulse
• Blood pressure

You will also likely be asked to provide a urine sample and have blood drawn to test for health issues such as elevated cholesterol or blood sugar levels, and to screen for nicotine and drug use.

If you're over 50 and applying for a large amount of life insurance, you might be required to take an electrocardiogram (EKG). This is a painless test that records the electrical activity in your heart. You won't need to undress, but it's a good idea to wear loose clothing.

Some insurers may also require an X-ray or treadmill stress test, which will need to be done at a doctor's office or clinic. If you're 70 or older, you might also be asked to take a test of your cognitive ability.

After the Exam

The examiner will send your results to the life insurance company, which will then complete the underwriting process. The company will then contact you to let you know if you're eligible for a policy and what rate they can offer.

How to Prepare

While you won't be able to make major changes to your health in the short term, there are some things you can do to prepare for your exam:

• 24 hours before the exam: Limit salt and high-cholesterol foods such as red meat, and avoid over-the-counter medications such as antihistamines and nasal decongestants.
• 12 hours before the exam: Refrain from alcoholic beverages and strenuous exercise, which can raise blood pressure levels.
• One hour before the exam: Avoid caffeine and nicotine, and drink a glass of water. Being hydrated will help with the blood test.
• At the exam: Have a photo ID and application paperwork, and wear short sleeves or sleeves that can be rolled up so your blood can be drawn and blood pressure can be taken.

Frequently asked questions