Transamerica Life Insurance: Exam Requirements And Health Checks

Transamerica offers a range of life insurance policies, including term, whole, and universal life insurance, as well as final expense insurance. The company has been in business for over 100 years and has a strong financial strength rating, indicating its ability to pay future claims. While Transamerica generally requires a medical exam for its life insurance policies, there are certain circumstances under which a person may be able to obtain term life insurance without a medical exam. This is typically dependent on the applicant's age, health, and the coverage amount. In addition to the medical exam requirement, Transamerica also considers various factors, such as motor vehicle records, prescription history, and medical history, when evaluating life insurance applications.

Medical history

Transamerica will ask you to disclose your medical history as part of the life insurance application process. This will include any current and past prescriptions, as well as your family's medical history (parents and siblings). You will also be required to disclose any dangerous hobbies and international travel plans.

During the medical exam, you will be asked a series of questions about your health, including your medical history, and the examiner will review your application again in person. You should have the following information on 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.

Transamerica will also check your prescription history by using a third-party company such as Milliman Intelliscript, and they will verify the information on your application using the Medical Information Bureau (MIB) database.

If you are a healthy and low-risk applicant, you may be approved without a medical exam. However, if you do not pass the accelerated underwriting process, Transamerica will ask you to complete a paramedical exam and may request statements from your attending physicians to determine your premium.

Motor vehicle report

A Motor Vehicle Report (MVR) is an official record of your driving history. It contains information such as:

• Driver's license number, class, expiration date, and status
• Full name, date of birth, and social security number
• Contact information, such as your address and phone number
• Restrictions and suspensions
• Traffic violations, car accidents, and vehicular crimes
• In some states, unpaid parking tickets or whether you're paying child support

The Motor Vehicle Report is part of the background check process for those who work in the transportation industry. It helps employers hire applicants with a reliable driving record and maintain safety and compliance on the roads. It is also used by insurance companies to assess how risky you might be as a driver and to determine your insurance rates.

Transamerica's underwriting process for its no-exam life insurance policies includes checking your online databases, including your Motor Vehicle Report.

Prescription history

Transamerica will check your prescription history when you apply for life insurance. They will look at your prescription history for approximately the last 10 years. They will also check the Medical Information Bureau (MIB) – a database of previous insurance applications – to see if there are any inconsistencies in your current application.

The life insurance medical exam will also test for prescription drugs in your system. This is to screen for drug use, which can affect your application approval and premiums. If prescription drugs are detected, Transamerica will compare the drugs with your medical history and doctor-provided prescriptions.

It is important to be honest about any prescription drugs you are taking. If you are found to have withheld information, Transamerica could deny your application or cancel an existing policy.

Family medical history

When applying for life insurance with Transamerica, you will be asked about your medical history and that of your close, blood-related family members. This is part of the underwriting process, which helps the company evaluate the risk of insuring you and determine your premium costs.

The medical questionnaire will inquire about various health topics, including family medical history, tobacco, alcohol, and drug use, and any other factors that may influence the rate offered for your insurance policy. Transamerica's underwriting process also involves checking several information databases, including the Motor Vehicle Report, Prescription Database, and Medical Information Bureau.

It is important to answer all questions honestly during the application process. Providing false or misleading information can result in the denial or cancellation of your policy. By being transparent about your family medical history and other relevant factors, you can ensure that you receive an accurate quote and secure the appropriate coverage for your needs.

Tobacco, alcohol, and drug use

Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age group, and you can even skip the medical exam if you fall under a certain age or coverage amount.

Transamerica's underwriting process will check several information databases, including the Motor Vehicle Report, Prescription Database, and Medical Information Bureau.

The company's medical questionnaire will ask questions pertaining to your health, family medical history, tobacco, alcohol, and drug use and anything else that may influence the rate you are offered in exchange for an insurance policy.

Tobacco Use

Transamerica offers some of the best rates for smokers. Smokers pay an average of 286% more than non-smokers for the same policy. For example, a 30-year-old female buying a $500,000, 20-year term life insurance policy could pay an extra $10,200 over the course of the policy compared to a 30-year-old non-smoker.

To qualify for non-smoker rates, most life insurance companies will require you to be nicotine-free for at least one year. If you lie about your nicotine use and somehow pass the medical screening, you could be putting your family at risk of being left without financial protection in the event of your death.

Alcohol Use

Although Transamerica does not advertise specific tests for alcohol use, it is likely that they will test for it during the blood and urine tests that are part of the medical exam.

Drug Use

Life insurance medical exams screen for illegal drug use. You won't get life insurance if a blood or urine test shows you use drugs recreationally, such as amphetamines or opiates. The only exception is marijuana, which many companies allow. However, they may charge you higher rates because of it.

Frequently asked questions