Sunday, September 15, 2013

What Medical Exams are Required to Purchase Life Insurance?

Life insurance is a form of insurance that pays out a set amount of money either upon the death of the person that holds the policy or after a certain amount of time. There are several types of life insurance policies including term life policies and whole life policies. There are pros and cons of each type of life insurance policy. All of the best life insurance companies will require some type of medical examination before approving any type of life insurance policy. 

When it comes to choosing the top life insurance companies and policies there are several things to consider including:
  • How much insurance do you need?
  • Is a term life or whole life policy necessary?
  • Cost
For most people the cost of the insurance policy is going to be extremely important. Term life insurance policies tend to cost much less than a whole life policy. However, there are some benefits of paying more for a whole life insurance policy including the fact that these types of policies can be used as an investment strategy to be used during retirement.

Most people choose a term life insurance policy because it costs much less. The main reason most people choose to have a life insurance policy is to protect the ones that they love should something happen to them. Parents of young children want to make sure that their children are provided for should something happen. Typically, a term life insurance policy will be for a set number of years that will cover the children until they are grown and can take care of themselves. 

Obtaining a Life Insurance Policy

There are several steps that must be taken in order to obtain a life insurance policy. Once a person has spoken with a life insurance agent the next step will be to schedule the required medical examination. The majority of life insurance companies will require some type of medical examination during the application process. This examination can be completed either at a lab or office or even in your own home. The entire process will take about fifteen to thirty minutes and is conducted by a medical professional.

The typical medical examination for a life insurance policy will involve providing a blood and urine specimen as well as a measurement of height and weight and a blood pressure reading. There will also be several questions asked about your personal and family medical history. 

Frequently Asked Questions about the Medical Examination

1. Who performs the exam?
-The examination is performed by a licensed medical examiner located in your area.

2. How much will it cost and who will pay for it?
-The provider of life insurance will pay for the examination. There is no cost to the applicant.

3. What does the medical exam include and how long does it take?
-The medical exam typically includes reviewing your medical history including any doctors that you have visited a basic physical examination, blood work, and a urine specimen. There are some life insurance companies that will require stress tests and EKGs. The entire examination will typically take less than half an hour. 

4. What information about my medical history will be asked?
-The examiner is going to ask you questions regarding any surgeries, medical conditions, medications or other treatment that you currently use or have used in the past and the names of your current physicians. 

5. What happens with the information provided in the examination? Can I obtain a copy of the report?
-The information provided during the medical examination is confidential and is sent to the life insurance company as a part of your application. If you would like a copy of the report you can request one from the life insurance company.


When it comes to
making the right choice it is important to note that a medical examination is going to be required even for a short term life insurance policy. The medical examination will not take very long and most insurance companies will send a representative to your home in order to conduct the test. You may be required to fast for twelve hours before the blood work, but other than that very little preparation is needed. You will want to make sure to have your doctor’s names on hand as well as a list of your past and current medications. 

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