Do Life Insurance Companies Require Medical Exams?

Since health is a significant factor during the application process, many are worried that their health, either past or present, may disqualify them from getting life insurance. As such, many would prefer to avoid the medical exam that accompanies the application process. Consequently, consumers typically ask if the medical exam is required. In the video below, Criss Crombie, the life and financial expert, has the answer to your question!

Do all life insurance companies require medical exams?

In short, the answer is, “It depends.”

For the most part though, insurance companies look into your health and consider it before giving you a rate. However, there are a lot of life insurance companies nowadays offering what they call simplified-issue or non-medical life insurance policies. With this type of policy, they’ll simply ask you some medical questions.

In addition, insurance companies do what’s called an M.I.V. check and script check. To explain, they’ll search the medical database to see if you’ve been seeing a doctor. Furthermore, they may ask for medical records to see if you’ve got any severe health conditions. In those cases, you still have to do a physical exam, which includes a blood/urine test. Most life insurance companies require these physical exams to ascertain your current health conditions, as well as your medical history. In order to give you a favorable rating, the life insurance company needs to know about your health.

If you choose to go with a carrier that doesn’t have or doesn’t require a medical exam, you may still qualify for a life insurance policy. However, your premiums may be a little bit higher than if you purchased a policy that requires medical exams.

Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions.  So if you have any questions or concerns, comment below and your question may be the topic of our next video!

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