One of the most misunderstood aspects of the life insurance business is the medical exam. Whether looking into life insurance or disability insurance companies, chances are that you will be asked to undergo a health examination. Life insurance is a business and the companies writing the policies want to assess the risk they are taking in signing a policy with you. In most cases the exams are relatively simple and involve a general physical exam, urine sample, and possibly blood work. For larger policies however, these can get slightly more involved. In some cases, you may be required to undergo an EKG and have X-rays taken, or, in some instances, may even have to take part in a treadmill EKG.
What Would Make Me Exempt? For those who are looking for an easy policy without the exam, it is possible. Often people under the age of forty who are applying for relatively small policies – at or below one hundred thousand dollars – will be signed without the medical assessment. As a person ages, the policy size that can be purchased without an exam gets smaller and it is important to consider how much will really be required by your loved ones should you pass. Generally, the best term life insurance companies recommend carrying a policy that equals at least ten times your current annual income, so $100,000 is going to be too little for most individuals. If you have a medical complication that might make you an undesirable candidate for the policy you have applied for, there is little point in trying to hide it. In addition to the medical exam requirements, most life insurance and long term care insurance companies will research your medical background with the Medical Information Bureau.
Red Flags for Insurance Companies Consider the conditions that would make a person look into critical illness insurance. In many cases, these are the same as the ones that life insurance companies want to avoid when signing new policies, as they equate to increased risk of early death. Included on the list are HIV, AIDs, liver or kidney disorders, diabetes, hepatitis, and immune disorders. When the contracted paramedics do the physical, draw blood, and collect urine samples, they are looking for these disorders and any other indicators that would suggest that you are an unhealthy (and therefore ‘risky’) individual. Not all conditions are reason for a policy to be denied, but might mean that an increased premium will be applied. For instance, smokers will often be penalized.
Preparing for the Exam If you are concerned about passing the physical examination, there are a few things you can do to prepare. Begin by getting a good night’s sleep and avoid alcohol for at least twenty-four hours prior. Similarly, avoid smoking or chewing for an hour prior to the physical. Other substances can affect certain blood counts and vital signs as well. Caffeine, sodium, and even very strenuous activity should be kept to a minimum for the day leading up to the exam.
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