Here’s what you need to know about medical exams to help lock in your ideal policy at the most affordable rates.
When you apply for a traditional life insurance policy, you may need to take a medical exam before you can be approved. The medical exam gives your insurance company an accurate picture of your health, which helps to determine if you’re eligible for coverage and what your rates will be.
During the exam, a medical professional will perform a basic physical and ask a few health questions. Life insurance medical exams don’t cost you anything and are designed to be simple and convenient. If you’re concerned about taking a medical exam for health reasons or want a quicker approval, a guaranteed issue or simplified issue policy might be a better choice for you.
Once you’ve applied for a life insurance policy, the medical exam takes place as part of the insurance company’s underwriting process. Here’s how the process typically works:
Want to make sure you’re ready for your exam? A little advance preparation can make your life insurance test more comfortable for you and help you secure the lowest possible rates. To get the best results:
While taking an exam is usually the best way to lock in affordable rates, there are alternatives.
Simplified issue insurance is best for those who don’t have serious medical concerns, but don’t want to deal with the exam. You can swap the life insurance medical test for a short health questionnaire and a review of your medical and pharmacy records. Instead of the traditional six to eight weeks, you can get approved in days, sometimes minutes, and you’ll be eligible for the full amount of your life insurance coverage from day one.
Just like it sounds, guaranteed issue life insurance is a guaranteed way to get covered regardless of your health. As long as you meet any age restrictions, you don’t have to take a medical exam or even answer any medical questions. It can be a great option for people with serious health concerns, like a recent heart attack, because it allows them to get coverage without having to wait.
While simplified issue and guaranteed issue policies tend to cost more than traditional term life policies, there are ways to skip the medical exam and still get competitive rates. Some traditional policies will waive the exam if you meet certain criteria. These insurers may use predictive modeling to determine whether you can get covered without a checkup.
At eFinancial, our goal is to make buying term life, permanent life, and final expense insurance easy and affordable. We’ll help you understand what to expect during your medical exam and schedule a third-party testing company to come to your home or office at no cost to you. We’re committed to supporting you during every step of the process, helping you find the right life insurance company, and getting you covered and quickly as possible.
To learn more? Start your free, no-obligation online quote or call 800-957-9525 to talk with one of our agents.
