When starting the application process for traditional life insurance, you’ll usually be required to take a medical exam. This process is simple and quick (usually less than an hour), and can take place in your home, workplace, a physician’s office or another location of your choice. It can be overwhelming not knowing what to expect from a life insurance medical exam, so in this article, we’ll walk you through the process from start to finish.
Why do insurance companies require a life insurance medical exam?
The life insurance medical exam is part of the underwriting process, which determines the premiums for your insurance policy. The underwriter looks at applications and calculates risk, such as the likelihood an applicant will pass away and how soon. The life insurance medical exam allows the underwriter to cross reference the details on your health questionnaire and confirm the final price for your selected coverage.
There are two parts to the life insurance medical exam:
1. Life Insurance Medical Questionnaire
The life insurance medical questionnaire will ask basic questions regarding your medical history, health and lifestyle habits.
2. Life Insurance Physical Exam
The life insurance physical exam is a simple checkup, similar to what you’d receive at a doctor’s office, like recording your weight and height and performing a blood draw and heart monitoring. The physical exam is used to confirm your answers on the medical questionnaire.
Procedures Performed During a Life Insurance Medical Exam
Similar to an annual physical, during the life insurance medical exam the tech will perform routine health The process of a life insurance medical exam is similar to an annual physical, where a tech will perform routine health checks to give the insurance company a clear picture of your current health status. You also might have to provide a blood and urine sample during your life insurance medical exam. The types of procedures performed can include:
Heart monitoring
Checking your blood pressure
Using your height and weight to calculate your body mass index
Blood and urine sample
How long until I receive my medical exam results?
You should expect to hear back from your life insurance medical exam within eight to twelve weeks.
How long after the medical exam until my life insurance starts?
Each company’s process is different, but in many cases, your life insurance coverage begins as soon as your first premium payment is submitted.
What to Do If You Don’t Receive the Medical Exam Results You Want
If you don’t get the results you want from your life insurance medical exam, there are a few options to proceed. One option is to purchase the policy for preliminary coverage and ask the life insurance company to reconsider in a year or two, once you feel as though your health has improved.
Another option is to consider no medical exam life insurance, such as accelerated underwriting, simplified issue and guaranteed issue life insurance. Simplified issue life insurance typically replaces the medical exam with a health-related questionnaire, while guaranteed issue requires no medical exam or health questions, and you can’t be turned down for coverage if you’re between the age of 45-85.
Simplified issue life insurance
Simplified issue life insurance is a type of final expense insurance in which your coverage is based on a questionnaire about your health and lifestyle rather than a medical exam.
Guaranteed issue life insurance
Guaranteed issue whole life insurance is another form of final expense insurance that has guaranteed acceptance if you’re between the ages of 45-85.
No medical exam life insurance
No medical exam life insurance, also known as instant life insurance, allows you to forgo the medical exam and get life insurance coverage quickly (typically less than an hour after application). This policy is best for those who are 60 and under and in good health.
The most viable option to finding the right coverage for you is to shop around, as other life insurance companies may have better life insurance rates for your unique health history. Working with an insurance broker can help, as they can do the shopping and quote comparison process on your behalf.
SelectQuote Can Help You Find the Right Life Insurance for You With or Without a Medical Exam
While a medical exam is necessary to obtain traditional term life insurance, there are other options available. Whether you have health concerns, have been denied coverage before or want to avoid a medical exam altogether, SelectQuote can help find the right policy for you. We’ll take the time to learn about your unique situation and then search highly-trusted carriers in just minutes, quickly and easily finding plans that meet your needs.
