What does a life insurance medical exam typically check for?
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Asked September 19, 2015
When you apply for a life insurance policy, you will have to undergo a medical examination before the policy is issued. This includes a battery of tests, including a stress test, physical exam, blood tests, and more. This provides a potential insurer with information about your current state of health, and that information can be extrapolated to determine the risk of insuring you for a long period of time.
The blood test portion of a medical exam includes checking for things such as cholesterol as well as looking for other substances in your system. The blood test will reveal any drugs you use, how frequently you use them, and more. If you are a smoker, the test will indicate how often you smoke and may even provide clues to how long you have been a smoker. The same is true of for alcohol use. The blood test is also used to check for many different medical conditions, including hepatitis, HIV, and other blood-borne illnesses.
The medical exam is designed to give the insurance company as complete a picture of your overall health as possible. If the exam reveals too many problems, the insurance company will either charge you inflated rates or deny the policy. For life insurance, there is a point when traditional insurance companies face too much risk, leaving you to go without insurance or purchase through a high risk-- and more expensive-- insurance company.
The life insurance scan is designed to reveal as much about your health as possible. The examination, your application, and your medical records are all the life insurance company has to go by when it underwrites a policy. Because of this, the examination is used to cover as much ground as possible. Once you have passed the exam and the policy is issued, the insurance company is legally bound to honor the contract, so they want to take the steps necessary to make sure that you are a good investment for the long term.
Answered September 25, 2015 by Anonymous