Buying life insurance is easy, especially with online life insurance quotes providers making the job more convenient, quicker, and a lot less expensive! The part that most people dread, however, is undergoing a medical exam.
A medical exam and the ensuing underwriting process will determine the rate of premium you pay for your policy. If you haven’t undergone any kind of medical tests for years, then you may be in for a surprise. Many people discover for the first time that they are not in such a great shape as they thought. It is advisable to get your own health check up done, address the health issues and then apply for life insurance. Remember, underwriters look at the results of a medical exam very seriously but they may overlook certain health conditions if they see that you are faithful in taking care of your health and taking medication regularly for your condition.
Underwriters will use the results of a medical exam, lifestyle habits, family health history along with longevity charts to determine the risk of your death. Longevity charts are based on statistics of deaths, the cause of death, age, gender, etc. For example, longevity charts show that a 30-year old woman will live longer than a 30-year old man and therefore life insurance rates are higher for men, than women.
What to Expect in Your Medical Exam
The medical exam involves two parts. The first is a series of questions related to:
Underwriters may also factor in your credit card report and driving history amongst other personal information, depending on the underwriting process. What do these have to do with your health? According to statistics, how you handle your finances and how you drive, give underwriters an indication of how well you manage your health.
A life insurance company’s underwriting criteria may differ from company to company. Some life insurance companies overlook slightly high cholesterol levels if you are otherwise, in good health. Other carriers may put everyone who has high cholesterol in one bracket and charge you higher premiums irrespective of whether your cholesterol levels are high or low. This is why it is important to shop around and do a comparative study of life insurance quotes in order to get the most competitive life insurance rates.
The second part of the medical exam is a medical form to be filled out by a doctor or a paramedical appointed by the insurance company. The doctor will
If the underwriters feel that they need to conduct additional tests in order to accurately surmise the risk of insuring you, you may have to undergo more tests. The number of tests you need to undergo may also depend on how high an insurance coverage you require. The higher the coverage, the more scrutiny you will face.
How to achieve the best results from a medical exam
While you cannot improve your results, there are things you can do to achieve the best results to minimize mistakes.
What to do if you fail the medical exam
If you fail a medical exam, you should ask the life insurance company to give reasons. The results of the tests are usually sent straight to the underwriter, but you can retrieve a copy of the medical exam on written request. Some of the health issues that arise may be resolved by your doctor. For instance, if you have cardiovascular health problems, and you have adhered to the diet prescribed by your doctor, lost weight and are undergoing a regular exercise regime, a supporting statement from your doctor may help with some life insurance companies. If you find out that you have a serious disease you can look for carriers that specialize in high-risk health conditions or look at options for a guarantee issue life insurance policy.
The results of your medical exam remain in a centralized database called the Medical Information Bureau (MIB), which is a clearinghouse of medical information that insurers share. This means your medical dossier is accessible to all life insurance companies and can be retrieved by other life insurance companies.
To get the best life insurance rates, answer your initial life insurance application form as honestly as possible. Look for online questionnaire that require detailed information. The more detailed the information, the more accurate your initial estimated quote will be. Shop around for life insurance through reliable online life insurance quote providers, accredited by the Better Business Bureau (BBB).