The Basics on Taking a Life Insurance Health Exam
After much deliberation and contemplation, an individual finally decides to purchase a life insurance. And then, what’s next? In the process of getting a policy, a person may need to undergo a life insurance exam. Medical exams are not compulsory for every insurance policy; such is the case for a guaranteed life insurance. Nonetheless, most companies require the customer to undergo the process of medical examinations.
The purpose of these examinations is primarily to determine the risk level of the potential policy owner; a higher risk level means that the rates of the premium is higher, whereas a lower risk level denotes lower premium rates.
One advantage of having medical examinations is that when the applicant attests to be in good health condition and shows no apparent negative lifestyle problems, he/she will have the benefit of being given a more favorable premium rates. In this regard, taking a medical examination is instrumental in acquiring a low-cost insurance policy.
On the other hand, it can be disadvantageous for the applicant if he/she poses some health risks and problems as these conditions might actually increase the premium rates. Moreover, health problems that are originally unbeknownst to the applicant himself/herself might surface, thus, making this a reason for not being placed in the preferred status.
Medical examinations are usually done by independent paramedical professionals hired by the company who come to the applicant’s home. If appointments can’t be made otherwise in one’s home, the company may set arrangements on a clinic that is convenient for the applicant. Nevertheless, the applicants don’t have the responsibility for the fees of the medical tests.
The whole medical exam process can be divided into two parts. During the first part, the applicant is required to answer certain medical questions to reveal his/her detailed medical history. Therefore, it is advisable to get a medical record from one’s physician prior to the scheduled examination, in case of difficulties in remembering the names of doctors or consultation dates.
The latter part is the actual physical examination itself. In most cases, this is no different from an annual physical check-up or examination; vital information such as height, weight, blood pressure and pulse are checked. Additionally, the applicant will be asked for a blood and urine sample for further analysis. The exams and tests to be made are dependent on the preferred benefits of the applicant. For example, if the applicant is looking for a particularly high benefit amount, the series of tests is much more complicated; it includes an electrocardiography (ECG) or treadmill tests. However, if the applicant is not meticulous on the benefit amount, the exams are more basic and simple.
The information gathered from the examinations are then given to the company for further processing. The results are also the bases for analyzing and identifying the premium rates and benefits that the applicant is entitled to get. In some cases, the copy of the exam results is automatically given to the applicant; otherwise, he/she may need to write a letter of request to secure a copy of the results.