Having life insurance is a great way to protect your family if something happens to you, but it can be very expensive. When you apply for it, the insurance company is likely to require a medical exam, which can be frightening so some people. If you are ready to apply for life insurance and have to undergo this type of exam, here are four things you should know.
Why Is This Required?
When an insurance company provides life insurance coverage for an individual, they base the rates on risk. A person that is young without any health problems will have a much cheaper rate than a person that is older with health problems. Life insurance from companies like Matt Roenker Insurance Agency offers large payouts upon death, and insurance companies need to minimize their risks when they offer life insurance coverage.
Because of this, you will need to complete a medical examination with the insurance company. The purpose is to verify that the information you supplied on your application is correct, and this is one of the main reasons you should be 100% honest on your application.
Who Conducts The Exam?
Most insurance companies hire independent nurses or paramedic companies to complete these exams, and this is something that can be completed at your home, or you can go to an office to have it done. It does not take long for the entire examination to be completed, but there are numerous steps.
What Is Done During This Exam?
A life insurance medical examination usually involves the following steps:
- Questions – The nurse may ask you dozens of different questions about your health and habits in life. This usually includes questions about medications you are currently taking.
- Vitals – The next step is to find out how tall you are and how much you weigh. In addition to this, the nurse may take your pulse and blood pressure.
- Tests – There are two tests you may have to go through during this, which are a blood test and a urine test. These samples are sent to labs where they are further analyzed to determine how healthy you are. Your urine test will reveal medications you are taking, and your blood test will reveal problems with your liver, kidney, and many other things.
If the insurance company feels that they need more information from you after you have completed this exam, they may require additional tests, such as an EKG or x-rays. An example of this is when a smoker applies for life insurance. Because of the health risks of smoking, a life insurance company may want to see x-rays of the person's lungs before agreeing to insure the person.
How Can You Get Good Rates?
The best way to get a good rate on life insurance is to purchase a plan when you are young. By doing this, your rates will be very low because the insurance company will view you as a low risk client. If you are middle-aged and need life insurance, you may be able to find good policies by shopping around and by bundling all your insurance policies into one.
Another thing to consider is the type of insurance policy you purchase. For example, if you are young and buy a whole-life insurance policy, it will actually build a cash value that you may be able to borrow later on in life. Another option is term life insurance, which is often considered the most affordable type of life insurance plan.
While medical exams are required by most insurance companies, you shouldn't let this stop you from applying. The exam is easy and short, and it will help you find an insurance policy that is right for you. To learn more about your options, contact a company that sells life insurance.