The process to get a life insurance policy isn’t that different from what you’re used to. You find a company you trust and work with a trusted professional to determine how much coverage you need.
However, with some life policies, there’s one main difference: you have to get a life insurance medical exam. Keep reading to find out how it works and what to expect.
WHAT IS A LIFE INSURANCE MEDICAL EXAM?
A life insurance medical exam, more commonly referred to as a “paramedical exam” by insurance professionals, is an opportunity for your life insurance company to review your medical history and collect information for your life insurance application.
There are typically two stages to this exam: a verbal questionnaire and an examination done by a health professional, usually a paramedical professional or a nurse.
WHY DO I NEED A LIFE INSURANCE EXAM?
Just like an insurance agent asks you questions about your vehicle and driving habits when you’re quoting for an auto policy, your life insurance company wants to learn more about you before issuing you a life policy. An exam helps them to:
- Verify the information you originally gave when applying for a life insurance policy.
- Get a more complete medical history. The questionnaire goes into more detail about your family’s medical history.
- Identify any underlying conditions. A more in-depth view of your medical history and results from your bloodwork may reveal a condition you were unaware you are at risk for, or might already have – for example, diabetes.
However, not all life policies require you to get a life insurance medical exam. Life policies below $100,000 typically require you to only complete an application and answer several questions before it is reviewed by an underwriter.1 Your agent will assist you in completing the application, you will sign it and your agent submit it for underwriting review.