When you purchase a life insurance policy, you may be required to take a medical exam. Life insurance companies need these medical exams to determine the premium to be charged. If the medical exam results indicate that you have a greater risk of dying at an early age the life insurance company will charge higher premiums. However, if you are in good health you will pay the standard life insurance premium.
Life Insurance Factors
Life insurance companies use two factors to judge how much to charge. The mortality rates of people are statistics found in the longevity charts of the life insurance companies and the second factor is your medical exam and history.
Generally life insurance medical exams are carried out by para-medicals or doctors who are hired by the life insurance company. They will come to your home or office unless the life insurance company requires additional tests. The questions on a life insurance application are divided into two parts. Part 1is usually completed by your agent in your presence or online by you. Part 2 is the paramedical. Once you submit your application for life insurance , the insurance paramedical services needs all your information and the amount of life insurance that you are applying for.
Life Insurance Requirements
As part of your life insurance medical exam you will be asked about:
- Your personal medical history
- Your family’s medical history
- Contact details for your primary doctor
- Information on your life style habits; if you smoke, drink, or use drugs
- What and how much life insurance you are interested in purchasing
What Are The Life Insurance Procedures?
The following are the procedures that you can expect during your life insurance medical exam:
- weight and height measurement
- measurement of blood pressure and pulse
- blood work (to check cholesterol, glucose, protein and HIV)
- Urine Analysis (to check on protein, glucose, creatinine and cocaine)
Keep in mind life insurance exams vary from one life insurance company to another life insurance company. If you are older and want a large policy, you might be required to undergo ECG’s or other tests.
What is your life insurance company looking for?
Basically, the life insurance company needs to know what risk you pose to the company. When the medical practitioner collects samples of blood and urine, they will test liver for kidney disorders, diabetes and other immune disorders. Urine samples will also be analyzed for medications, cocaine and other drugs. If you plan to buy a large amount of life insurance, you might need a blood profile as well.
The results of your life insurance medical exam are sent directly to you the life insurer’s office. If there are problems with your health, more medical tests or information may be requested. If a medical problem is present you may be offered a policy with a higher premium. Whatever the premium is, you will normally find the cheapest policy is for term life insurance.