What kind of Exams do I Need to Qualify for Life Insurance?
Getting life insurance can be simple or, sometimes, it can be a complicated process. Part of that process is getting a physical exam done. Most life Insurance companies require some type of physical exam to be completed in order to complete your application unless your policy is termed “non-medical”. This is because they want to make sure you are healthy at the time of getting the application started and accepted. Underwriting “physical exam” helps keep your costs lower. However, there are some plans out there that allow you to be guaranteed issue, like the “non-medical” plans. The monthly premium tends to be higher on those.
What exactly do I need to do?
Typically when you submit your application with your agent you will also schedule your paramedical exam. This can be done at home or at a convenient location for you. You simply need to schedule your exam since many life insurance companies have a waiting period of up to two weeks for scheduling the exam. This is due to higher than usual volumes in life insurance applications.
Can I get a life policy if I fail?
The answer to this question is a little tricky. There are some life insurance companies that offer Guaranteed Issue Life Insurance policies. This means that the life company does not require an exam. However, the premiums can be much higher with Guaranteed issue policies. And, once you test positive for some things, it’s on record for all other insurance companies to use when underwriting, much like your health record doctors enter your information into.
What are the Blood and Urine tests for?
These tests are to identify the following.
- HIV and AIDS
- STDs
- Cholesterol, including LDL and HDL, and triglycerides (poor levels correlated with heart disease)
- Hemoglobin A1C, fructosamine and glucose levels (diabetes indicator)
- Creatinine, hemoglobin and proteins (to identify kidney disease)
- Urine acidity (can indicate kidney issues or diabetes)
The reason these tests are often a requirement is to protect the Life companies. These companies want to prevent fraud and move forward with legitimate policies.
What do these tests cover?
Some Life Insurance companies require some added tests. However, you will find that most carriers generally require the following:
- Personal Medical History
- Brief Life Insurance Medical Exam – This involves a check of your Height, Weight, Blood Pressure, and Pulse.
- Some tests can also include Urine tests and Blood Draws
These tests can be quite invasive. However, they are necessary tests in order to get a Life Insurance policy.