Life Insurance Medical Exam

Nov 17, 2023 By Susan Kelly

Your life insurance provider will take the opportunity presented by the life insurance medical exam to evaluate your medical history and the fundamental information used to reach their decision on your application for life insurance. The medical exam for life insurance will often be carried out not by a physician but rather by another trained medical practitioner, such as a nurse.

All of the information that you provide during the first two stages of the medical life insurance exam, as well as the information that you provide on the application for life insurance, are combined with statistical data on longevity and the information that you provide on the application to determine whether or not you will be approved for a life insurance policy and the amount of the annual premium.

Different Phases of the Medical Exam for Life Insurance

  • A verbal questionnaire is asked you by a medical practitioner, who will then ask you a series of questions
  • Sample collections that are standard and fundamental: During the medical exam for your life insurance policy, you may be asked to provide a sample of your blood and urine. Because of the ease with which these examinations may be carried out, they are often performed in the patient's home. Your life insurance agent or broker must inform you in advance about the examinations that will be performed

Where to Get a Life Insurance Medical Exam

A medical exam for life insurance often does not require you to travel to a hospital or other medical facility to participate. The medical exam required for life insurance is often performed in the patient's home. The medical expert who will visit your location to do the tests will carry a collection kit with them to take samples from you.

Reasons Behind Why Life Insurance Companies Demand a Physical Exam

  • Ensure the accuracy of the data initially provided to the firm in your application for life insurance.
  • To have a complete picture of the applicant's medical history: The questions that are asked during the medical exam for life insurance are more in-depth, and they focus on your medical history as well as the medical histories of your family members. If the insurance company believes you have a high risk of dying young, they may try to collect greater premiums from you at an earlier age. Because the firm may assume that you will be around for a longer period to continue making premium payments if they believe you will live longer, they may conclude that they do not need to collect as much money from you during the early stages of your life.

  • To determine whether or whether there is an underlying medical problem. Medical issues that the applicant may not be aware of or might not have reported, such as diabetes, discrepancies in the blood test, or HIV. Additionally, the firm will check for the usage of drugs or nicotine. The information obtained from the medical exams will be compared to the test findings obtained from the samples.

How Do Insurance Companies Determine the Average Lifespan of Their Customers?

Life insurance firms use longevity charts, which are data on the death rates of individuals over a certain period. A longevity chart provides an insurance provider with statistical information on the number of males, females, and children who pass away at a certain age. With this information, an insurance company will be better able to evaluate the risk that they are incurring. For instance, suppose a longevity chart indicates that males at the age of 29 have a higher death rate than women at the same age; as a result of this data, an insurance company would be taking on a greater risk by insuring a man as opposed to insuring a woman.

When Does Coverage Begin for a Life Insurance Policy?

The exact moment when coverage starts can differ between one insurance company and the next, as certain guidelines govern each insurance provider. The moment you make your initial application to insurance with several different life insurance companies could be the point at which coverage starts. Suppose all the information you provide on your initial application, as well as the information gathered during the exam, is found to be valid. In that case, you'll be covered during the time required to receive all the results. This applies to both the information you provide on your application and the information collected during the test.

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