Life Insurance Physical
People who are out in the market to find the right insurance company for them, will also be screened by the insurers themselves. Medical exams are considered routine for insurance applications regardless of the type of policy you’d like to avail of. It is commonplace for paramedical to conduct these physical exams. They are licensed health professionals and are independent contractors who are hired by the insurance carriers for the said purpose.
A portion in the application form will be filled out by the applicant. The next part shall be filled out by a licensed physician or a paramedical. The information to be shared with these health professionals will include the amount of insurance an applicant is applying for and the name of the insurance company. They will also have a copy of the filled out portion which was written by the applicant earlier. This is the beginning of assessment and paramedics are bound to keep in mind the requirements of the insurance provider. Most of these physical tests take place in your home or office since the paramedics have their own supplies. Often, the insurer will also ask your doctor for an APS (Attending Physician’s Statement), though the exam itself cannot be made by your doctor. The insurance company pays for all the laboratory work.
The basic exam consists of having your medical history taken, height and weight measurements, pulse, blood pressure, urine and blood samples. Depending on the policy and amount that you would like to avail of, you might be requested to go through other tests after the basic exam. Sometimes, applicants of a low face value policy need not take any exam at all.
Insurance carriers conduct these medical screenings in order to find out if there is a pre-existing health problem that can shorten an applicant’s life. This, in turn, would be a risk to the company. Insurers are keen to look out for antigens of HIV, antibodies to hepatitis, liver or kidney disorders, cholesterol and related lipids, prostate specific antigen, and other immune disorders. It is possible that the urine screening will also be used to search for certain medications and prohibited drugs.
When the results are out, they are immediately sent to the life insurance company for review. In most cases, it is possible to request for a copy of the findings. If there are abnormal results, consult your physician. Abnormal results are common and are not always a cause for concern.
An insurance underwriter studies the laboratory findings and then gives it a rating. Based on this, the rate on the premium is decided upon. In very rare situations where an applicant is terminally ill, the application shall be decline. When this happens, the next option is a high-risk carrier. The premiums might be more expensive but life insurance is guaranteed.
Higher premiums are given to smokers due to their high mortality rates. If any small amount of nicotine appears in the report, an applicant shall be categorized as a smoker. This is true, even for nicotine detected through a transdermal patch.