If you are considering purchasing life insurance, you might be aware that multiple factors go into determining your coverage and premium rates, including your health, driving record, and even your occupation, lifestyle, and hobbies. Your health is often the most important factor, and although not all life insurance companies require a medical exam, most of them, especially the ones that offer permanent or whole life insurance coverage, will require one. The medical exam will check your BMI, blood pressure, and the doctor will also do routine blood tests to check for certain issues that may affect your overall health, as well as check for signs of alcohol use. If you’ve opted for a permanent life insurance policy, it’s important to understand how blood tests work with the underwriting process, and how they affect your coverage.
Why Do Life Insurance Companies Require Medical Exams?
When life insurance companies decide to take you on as a customer, they also take on your risks, so they will need to know how much of a risk it is to cover you. They will want to know how healthy you are, and whether it is likely that they will need to provide coverage to you for a long time, or if they might only be providing coverage for a limited time because of your health conditions and lowered life expectancy. To determine this, insurers conduct a routine medical exam to determine your overall health, and will decide your premium rate based on your results.
The Importance of Blood Tests
The reason that you will have to undergo blood tests is that they are a very reliable way of determining your overall health and finding issues that can’t be seen with the naked eye. Blood tests can reveal genetic mutations, as well as underlying conditions, like high cholesterol, high blood sugar, liver and kidney problems, and even cancer.
Another thing to be aware of is that the blood tests you will be given will also reveal if your alcohol consumption is higher than average; even if you have simply consumed any alcohol before having your blood tested, your results could end up negatively affecting your premium rates. For example, your blood pressure will rise if you have consumed alcohol within the 12 hours before your appointment, and if you have been drinking heavily for a long period of time, you will be more likely to have health problems. In this case, if an insurer does approve you for a policy, you will have to pay a higher premium for your coverage.
To get the best possible results from your blood test, try not to consume any alcohol 48 hours before the exam, stay hydrated, and avoid caffeine. If you have a drinking problem, consider seeking help, which will not only benefit your health, but will also lower your life insurance rates.
If You Are Denied Life Insurance
Life insurance companies all rate the risk of different medical conditions in different ways. So if you are denied because of a medical condition, there might be another insurer that will provide you with coverage. Remember, too, that there are several different types of policies to choose from that will offer your family protection when you are gone. For example, if you get rejected for permanent life insurance, you could still apply for a different type of policy, such as term life insurance, simplified issue life insurance, or final expense life insurance. You will be accepted for simplified issue life insurance even if you have a pre-existing condition, because this type of coverage does not require a medical exam. The possibilities are endless when it comes to getting a life insurance policy, all you have to do is shop around and work with an agent.
Looking For A Policy?
Your family has financial obligations that will not go away when you’re gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
