Jeffrey Wade
When applying for life insurance, you will need to fill out paperwork, take a medical exam, and provide health histories for yourself and your immediate family. The younger and healthier you are, the lower your premiums will be. While no-exam policies exist, they are usually more expensive and have a lower face value. Most companies and policies require an in-person medical exam, which can be conducted at your home, office, or a clinic selected by the insurance company. The medical examiner will be a paramedical, a licensed healthcare professional contracted by the insurance company.
| Characteristics | Values |
|---|---|
| Who performs the medical exam? | A paramedical (a licensed healthcare professional contracted by the insurance company) |
| Where does the medical exam take place? | At your home, office, or a clinic selected by the insurance company |
| What does the medical exam consist of? | Recording your medical history, asking about your family's medical history, taking your blood pressure, listening to your heartbeat, checking your height and weight, and asking about lifestyle habits that could affect your health. |
| Are there additional tests? | Depending on your age, the type of policy, and the amount of coverage, additional tests could include an EKG, a chest X-ray, or a treadmill test. |
| Who covers the cost of the exam? | The insurance company |
| How long does the exam take? | 15-45 minutes |
| How can you prepare for the exam? | Avoid salt, high-cholesterol foods, over-the-counter medications, alcohol, strenuous exercise, caffeine, and nicotine. Drink water and wear short sleeves or sleeves that can be easily rolled up. |
What You'll Learn
- Life insurance medical exams are similar to annual physicals
- No-medical-exam life insurance is available but tends to be more expensive
- The medical exam includes a verbal questionnaire and a physical exam
- The insurer uses the medical exam to determine the price of your insurance
- The medical exam can be done at home or in the workplace
Life insurance medical exams are similar to annual physicals
The medical exam will help the insurance company determine your health and mortality risk, and the results can affect your coverage eligibility and premium. The healthier your lifestyle, the cheaper your rate is likely to be. The exam can also help uncover potential health concerns that you may not be aware of.
You can prepare for the exam by drinking plenty of water, eating healthy foods, and wearing short sleeves and lightweight clothing.
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No-medical-exam life insurance is available but tends to be more expensive
No-medical-exam life insurance, as the name suggests, does not require potential policyholders to undergo any medical examinations before obtaining a policy. This can speed up the process of obtaining coverage. Depending on your age and the insurance company you choose, you may be able to skip the medical exam step found in traditional life insurance underwriting.
There are a few different types of no-medical-exam life insurance policies available, including term life insurance and whole life insurance. Term life insurance provides coverage for a specific period, while whole life insurance provides coverage for the entire life of the policyholder. No-medical-exam term life insurance is often a good choice for younger families or seniors who want to save money on premiums, as the payments are typically not as expensive as whole life insurance and remain constant throughout the policy. On the other hand, whole life insurance tends to be more costly, but it provides permanent coverage and the death benefit is certain.
The cost of no-medical-exam life insurance is based on factors such as age, lifestyle, coverage goals, and medical history. Even without a medical exam, your provider may still ask medical questions or use past medical records to assess your health. Additionally, life insurance costs tend to rise as you age.
While no-medical-exam life insurance can be a convenient option for some, it is important to note that these policies usually come with higher premiums than medically underwritten policies. This is because insurers have less information to determine the applicant's mortality risk, which increases their risk of having to pay a claim. As a result, no-medical-exam life insurance policies often have higher premiums to offset this risk.
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The medical exam includes a verbal questionnaire and a physical exam
The medical exam for life insurance is similar to an annual physical checkup. The examiner will come to your home or workplace, or you can go to a lab facility if you prefer. The entire process, including the verbal questionnaire and the physical exam, takes around 30 minutes.
Verbal Questionnaire
The verbal questionnaire is a medical history interview. You will be asked a series of health-related questions to give the life insurance company an idea of your health. You will be asked about any medications you take, how often you take them, and their dosages. You may also be asked about your family medical history, recent procedures, and the doctors you've seen recently. Ensure that your answers match the information you provided on your application.
Physical Exam
The physical exam will involve checking your height, weight, pulse, blood pressure, and taking blood and urine samples. Depending on your age and the insurance policy you are applying for, you may also be required to take an electrocardiogram (EKG), which measures your heart's electrical activity.
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The insurer uses the medical exam to determine the price of your insurance
The cost of your life insurance policy is determined by your risk level, which is assessed by the insurer during the medical exam. The exam is similar to an annual physical and includes a verbal questionnaire and a physical exam.
The verbal questionnaire will cover your personal medical history, as well as that of your parents and siblings. You will be asked about any medical conditions, surgeries, and prescription medications, as well as lifestyle habits that could affect your health, such as exercise, smoking, drinking, and drug use.
The physical exam will involve recording your height, weight, and blood pressure, and, in some cases, an electrocardiogram if you've reported heart issues. The examiner will also take saliva, urine, and blood samples, which will be tested for health issues such as elevated cholesterol or blood sugar levels, and screened for nicotine and drug use.
The results of the medical exam will help the insurer evaluate your overall risk and set the price of your insurance policy. If the insurer feels confident that you'll outlive the policy, your insurance will be cheaper. On the other hand, if you're more likely to die while the policy is active, your insurance will be more expensive.
It's important to note that the medical exam is just one part of the application process, and insurers also consider other factors, such as your driving record, criminal history, and financial information, when determining your risk level and insurance rates.
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The medical exam can be done at home or in the workplace
The life insurance medical exam is similar to an annual physical checkup. It can be done at home or in the workplace, and a nurse or paramedical professional will come to you. The exam is usually quick, lasting 15 to 45 minutes, and easy to get.
The insurance company will arrange for a paramedical examiner (a licensed healthcare professional contracted by the insurance company) to meet you at a location of your choice. You can choose to have the test done at your home or workplace, keeping in mind that providing a urine sample from the bathroom to the examiner might be awkward if you choose the latter.
The medical exam consists of two parts: a health history screening and a physical exam with tests. The examiner will ask about your medical history, including your current prescriptions, and your family's medical history. They will also take your height, weight, pulse, and blood pressure, and you will likely provide a urine sample and have blood drawn.
The results of the medical exam will play a significant role in determining your life insurance quote. It is important to take the test seriously and prepare for it accordingly.
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Frequently asked questions
Yes, most life insurance policies require a medical exam. However, there are some "no-exam" policies available, but they are usually more expensive and have lower coverage limits.
The medical exam is similar to an annual physical check-up. It includes a verbal questionnaire about your health, lifestyle, and social habits, followed by a physical exam where the examiner will measure your height and weight, check your blood pressure, and collect blood and urine samples.
You can choose to have the exam done at your home, workplace, or a licensed testing facility. The insurance company will cover the cost of the exam.
The exam typically takes less than 30 minutes to an hour, depending on the tests required.
In the days leading up to the exam, it is recommended to drink plenty of water, cut back on red meat and high-cholesterol foods, get adequate sleep, and avoid over-the-counter medications, alcohol, smoking, and strenuous exercise. On the day of the exam, wear short sleeves for easy bloodwork access.
