As you’re navigating how to shop for life insurance, it’s important to familiarize yourself with key terms that help you understand the application process, including evidence of insurability. Evidence of insurability refers to the information you provide to an insurance company to demonstrate their eligibility for coverage. This evidence serves as a means for insurance companies to assess the risk associated with providing coverage and to determine appropriate premium rates.
During this process of proving insurability, you provide relevant health and lifestyle information, which may include filling out questionnaires and providing medical records. You can also expect to undergo a medical examination and will need to disclose any pre-existing conditions or lifestyle habits that may affect your coverage. In this article, we’ll explore what’s required for evidence of insurability for a life insurance policy and discuss your options if you’re unable to provide this evidence so you feel informed while looking for coverage.
What is required for evidence of insurability for life insurance?
When providing a carrier with evidence of insurability, you may need to include a variety of documents and records and take part in a medical examination. Here’s an overview of what you can expect an insurance company to request:
Health and lifestyle questions: As an applicant, you’ll be required to fill out questionnaires that inquire about your medical history, pre-existing conditions, and lifestyle habits, like hobbies and activities, that may impact your insurability.
Medical records: Insurance companies may request access to your medical records to verify the information you provide in the questionnaires and to ensure they have a complete picture of any of your major health events or conditions.
Disclosure of pre-existing conditions: In addition to providing carriers with your medical records, you must disclose any pre-existing health conditions you have since this information helps the insurance company assess the level of risk associated with insuring you.
Medical examinations: In some cases, insurance carriers may require you to undergo a medical examination, which can include procedures like monitoring your heart, checking your blood pressure, calculating your body mass index (BMI), and taking blood and urine samples to assess your overall health.
Financial information: Some insurers may require you to provide financial information, such as your income, assets, and debts, to determine the appropriate coverage amount.
This process allows carriers to create a risk profile, which helps them fairly calculate your life insurance premium based on a variety of standard criteria.
What if you can’t show evidence of insurability for life insurance?
If you can’t show evidence of insurability for traditional life insurance, whether it’s due to lifestyle factors, health information, or other variables, there are still coverage options available to you, including:
Guaranteed issue life insurance: Guaranteed issue whole life insurance is a great option if you’re between the ages of 45 and 85 since carriers can’t turn down applicants within this age range for this particular type of coverage. Since no medical exam is required for these policies, they may also be a good fit if a medical event or condition prevents you from qualifying for traditional life insurance coverage.
Simplified issue life insurance: Simplified issue life insurance is a type of policy that offers coverage without the need for a medical exam or extensive underwriting process. Instead, you’ll just need to provide basic information and answer a health questionnaire. Like guaranteed issue, it may be a good option if you’re a senior or have a pre-existing medical condition.
No medical exam life insurance: If you want to skip the medical exam and are generally healthy and under 60, you could see if you qualify for instant coverage life insurance and get up to $3 million in coverage. Instead of a medical exam, a carrier may request a copy of your prescription records, your driving record, and your credit history.
SelectQuote Can Help You Navigate the Life Insurance Application Process
If you have concerns about providing evidence of insurability, we can help. Our licensed insurance agents can help you understand what’s required of you during the life insurance application process. Then, we’ll help you explore your options for coverage, whether it be a traditional term, permanent, or another type of life insurance policy that suits your needs. We’ll take your priorities, lifestyle, and budget into account so you can rest assured that you’ll find a carrier and coverage that’s right for you and your loved ones.
