Although some life insurance products, including Haven Simple by Haven Life, can be purchased without a medical examination, it is often worth applying for a medically guaranteed examination if you are in good health and still require a paramedical examination to get the best possible rates. (Why is that? Life insurance companies want certainty where they can find it. If you’re in good or excellent health, you’re a good choice for the insurer, and you’ll be eligible for cheaper rates on your policy.)
So if you’re going to take a medical test for life insurance, should you try to schedule it to your advantage? Let’s just say there are times when you might be in better shape than others. After your best friend̵7;s wedding? You may need a few days to recover. Preparing to run a 10k? You might be in the best shape of your life. Even certain times of the day may make you feel in better health than others.
So should you take that into account when scheduling your life insurance medical exam? The answer is yes… and also no. Continue reading if you want to know more.
Your lab results play an important role in the life insurance “class” you will end up in. In general, the better your health, the better your class. And the better price range you’re in, the less you’ll pay for coverage. Therefore, there are a few things you should do to ensure your results are as good as they can be.
First, make sure you’re hydrated, so your kidney and liver functions are at their best, and don’t exercise in the previous 24 hours, so your body isn’t in recovery mode. “We’ve seen people whose scores were poor because they had recently exercised hard,” says Qianqian Li of Haven Life’s customer success team.
Another interesting tidbit: “Most times people know not to drink alcohol before their labs, but you’d be surprised.” So yes, you probably shouldn’t schedule your life insurance test shortly after your best friend’s wedding, even if that wedding got you thinking about the concept of “forever,” really caring for and taking responsibility for another person, and all the other thoughts that lead to people getting life insurance.
However, your labs are only part of the medical information that will be used to determine your course grade. Insurers also use information from the Medical Information Bureau, which will show up regardless of when you do your exam.
“Underwriters like to see a stable set of values from the last one to two years,” says Li. So, for example, if you’ve lost a lot of weight in the last 12 months, we’ll ask some additional questions to better understand why.
What all this means is that while it’s better to make your lab results as good as they can be, it’s not some kind of magic bullet that will get you the course grade you want.
So what should you do, apart from following the general rules for tests of any kind? (That is, don’t be drunk, dehydrated, or tired.) If you’ve adopted a healthier lifestyle, get your cholesterol under control, or lose weight, you should wait a year before getting coverage, so your new “healthy person” will lab results to be counted in their entirety? No, you shouldn’t.
There are two reasons not to: First, in general, the younger you are, the less you’re likely to pay for life insurance. And unless you’re Benjamin Button, you’ll never be younger than you are today. And because life insurance premiums stay the same as you age, you’ll pay the lower interest rate over the life of your life insurance policy.
But more importantly, the longer you wait to get life insurance, the longer you will go without having a policy in place. (Duh.) Even if you get fitter and healthier, you could have an accident between now and when you plan to apply. (We sure hope not, but it happens.) And even the seemingly healthiest among us can experience an unexpected diagnosis that can make coverage significantly more expensive, or even unavailable altogether. Again, we hope it doesn’t happen to you, but it sure has happened before.
Bottom line, if you’re thinking about getting life insurance, there’s no time like the present. Chances are you’ll want to do a medical exam as part of the process—and when you do, just be sure not to schedule it for the morning after your best friend’s wedding or a company party.