Should I get a policy that requires a Medical Exam or a No Exam policy?
Purchasing a life insurance policy with a medical exam is the traditional way people buy coverage. If this is your first time purchasing life insurance, you may feel this is your best option. The typical medical exam consists of the examiner gathering the following information:
- Blood Pressure
- Blood Sample
- Urine Sample
Think of the medical exam as a physical. All of this information will be sent off to the company you chose to apply with. You will not be charged for this medical exam. It is paid for by either your Agent or the Life Insurance company.
We’re getting ahead of ourselves somewhat, so let’s back up a bit. Prior to your application and medical exam, your agent needs to gather as much information about your health and lifestyle. A good agent will do this in order to quote you correctly and estimate which health class you should qualify for. If you’re honest and provide them with this information, your quote should be accurate.
Now let’s fast forward to the medical exam results. The life insurance company analyzes the medical exam results and also your past medical history (Physician notes, medication history, MVR reports, etc.). Unless something pops up in your medical exam or health history, your original quote should be accurate.
Now, what if something does pop up on the medical exam or health history? You are more than likely going to have an increase in your premium if an offer is provided. You may even be denied a policy altogether.