Insurance companies hate gambling as much as a child hates his vegetables. They would rather increase their odds by carrying out medical tests on potential clients. They will then evaluate the results, prepare a comparison of your mortality risk, and then decide whether it makes financial sense to offer you coverage or not, as well as how much to charge for it.
The insurance medical exam is considered the most significant aspect of the application process since the insurer will base costs for the life of the policy on the outcomes of this examination and laboratory analyses. With an underwritten policy, a clinical exam may be expected based on your age and the face amount of the policy. If you’re looking for coverage with a lower face amount, you may not even be required to undergo an examination.
If you’re healthy, you have nothing to worry about. Following a few easy guidelines will help to ensure that you receive the best possible outcomes – and therefore the best life insurance costs. You will not have to undergo a medical exam if you buy a no-exam or guaranteed issue life insurance policy.
What Tests Are Performed
Before issuing a policy, an insurer needs medical information about you, including a physical and blood exam. These exams are paid for by the insurance company and at no cost to you. A third party health care professional collects this data during the paramedical exam.
The medical professional will ask you questions regarding your medical history and record your pulse, blood pressure levels, height, and weight. The insurance company may require an EKG or a urine, blood, or saliva sample. The exam will last roughly 30 to 45 minutes. If they need medical records from your other doctors, you will be asked to provide consent by signing a release form.
What Does a Blood Panel Reveal
Blood tests may be performed to look into the variety of health risks such as HIV, elevated glucose levels, irregular liver and kidney functions, prescription use, illicit drug use, and cotinine, which can reveal tobacco use. A blood test is required for life insurance because it helps in considering your overall liability to the insurance carrier. Based on your health records and test outcomes, underwriters establish the health risk and the cost.
Underwriters may review your medical records to obtain additional clues to how likely are you to live beyond the policy period. Even if you’ve recently had a blood panel done at your doctor, you cannot use those test results. Instead, the blood exam for life insurance must be carried out by an unbiased third party.
A blood examination will merely verify the answers on your application and also determine the final premium. If your broker quoted you preferred ratings, but the blood panel reveals high cholesterol levels or pre-diabetes, your rates would be adjusted accordingly.
Where Does the Exam Take Place?
The examiner will contact you to schedule an appointment at your earliest convenience. The examination may be carried out at your home or office. You decide the time and place most convenient for you; some have completed the exam in a parking area on their lunch break. Often, paramedical companies offer laboratories that you can have your exam done at, as well.
What Information Should You Have at the Exam
- Your photo ID.
- A list of the names and dosages of all your current prescriptions.
- Names, phone numbers, and addresses of any doctors or hospitals you have seen in the last five years.
- A list of health conditions or diagnoses you have, such as the date diagnosed, treatment, result, and treating doctor information.
Tips to Get the Most out of the Exam
- Avoid alcohol for 24 hours before the exam.
- Fast for 8-12 hours before the exam.
- Restrict salt and high-fat foods 24 hours before the examination.
- Avoid any strenuous exercise 12 hours before the examination.
- Avoid caffeine and nicotine for one hour before your appointment.
- Drink a glass of water one hour before the appointment.
- Get a good night of sleep before the examination.
- Schedule the exam for the least stressful time of the day.
What Happens After the Exam Is Complete
All of the specimens received during your exam are delivered to a third-party lab. After that, the results are forwarded to the carrier for assessment and evaluation. There will be additional contact made only if further information is required from you.
You can obtain a copy of the test results by contacting the examining company or the insurance company. The insurer will make a decision about issuing the policy or not in about ten days after they have reviewed your test results.