With the exception of guaranteed issuers and other life insurance policies without a degree (with higher tax rates and a lower nominal value), most insurance companies will require a personal medical examination. A company representative will arrange for a physical examination to be carried out by a licensed healthcare professional who is selected and agreed upon by the life insurance company. This does not mean that you are obliged to buy life insurance from that insurer. If they offer you coverage, you still have the right to decline.
The company also has the option to deny your request to purchase coverage, depending on your application and medical examination. Whether the insurance company rejects your application or offers you coverage, you have the right to shop for a better rate or a life insurance provider who will work with you on your medical status.
What is involved in a life insurance medical examination?
You will meet a healthcare professional agreed by the life insurance company, either at your home or office or at the clinic of your choice. Exams are likely to involve:
- Take your medical history, including prescription medications you are taking
- Questions about your family's medical history
- Get your height and weight
- Take your blood pressure
- Listen to your heartbeat [1
- Providing a urine sample
- Answering questions about your lifestyle, such as whether you smoke, drink or use leisure products, how much you exercise, how often you travel and any high-risk activities you can devote yourself to
Depending on your age, the type of life insurance you want to buy and the coverage amount you apply for, the insurance company may require additional tests, e.g. a treadmill test, an ECG, or an X-ray of the chest.
What happens after the physical exam?
After your physical examination, the insurance companies' exam results and your application are examined. The insurer can order your medical records for additional information, which will be used to determine how much risk you represent for the company and how high your premiums should be. Your application for life insurance will either be approved or rejected. If it is approved, you are not obliged to buy life insurance from that company. If the prices they offer are too high you can look elsewhere.
Is there a way to lower my life insurance premiums?
The three main factors that affect life insurance premiums are age, family history and lifestyle. Even if you can not do anything about the first two, you can change your lifestyle to reduce the cost of life insurance. This can mean:
- Quit smoking
- Lose weight
- Reduce your alcohol intake
You can also reduce your premiums by switching from permanent to life insurance, eliminating riders (optional policy provisions that pay extra money under certain conditions), or by shopping around to find better coverage for lower prices. Our experienced agent can help you find the best life insurance coverage for the lowest available premiums.