Why Medical Exams May Be Needed for Older Life Insurance Applicants….
When looking into purchasing life insurance, there are many factors that need to be taken into consideration. Amount of coverage desired, price of premiums and assistance options are all things that should be looked at carefully when considering a life insurance plan, not to mention the possible need for funeral benefits. But what about health issues?
Many insurance applicants in their later years of life become concerned about having to undergo a medical exam and how the outcome will affect their coverage. Although many policy seekers believe an exam is required when purchasing coverage, that is not always the case. This is even true for applicants over the age of 50.
When is a Medical Exam Required for Purchasing Life Insurance?
There is no set standard for medical exam requirements in regards to life insurance. The individual themselves, the amount of coverage they desire, their unique circumstances and lifestyle will determine if further medical information is needed to purchase a policy. More often than not, a healthy individual, even in their later years, will not be asked to undergo a medical evaluation in order to purchase coverage.
Many insurance companies will, however, ask a series of health and lifestyle related questions. These questions may include information about the applicant’s age, occupation, smoker status, and overall health. All of these aspects of an applicant’s life will have a direct impact on the policy’s price, partnered with the coverage desired and length of the policy.
If there is something in a medical history that could affect purchasing a policy, the company may require a medical exam.
It is Important to Answer Medical Exam Questions Accurately
When an insurance company asks health questions, it is important to answer these questions honestly and accurately with as much detail as possible. This may include giving an insurance company a detailed medical history with dates of procedures and names or dosages of any medications. Also, companies may ask personal questions about an applicant’s height and weight as well as questions about family medical history.
It is vitally important to disclose any and all health information when applying for life insurance. If a policy holder were to pass away from a medical condition they did not report to the insurance company, it is possible for their policy to be cancelled and not paid out when claimed.
In order to avoid this kind of situation, make sure to have detailed medical information on hand when applying for a policy. This will help ensure that no small details are missed.
Purchasing life insurance is a great safeguard against burdening loved ones with funeral expenses and other financial needs when the policy holder has passed on. Although overall health is a factor for many life insurance companies when taking on new applicants, undergoing a medical exam is not always required.
Policy seekers should remember, however, to answer all medical questions accurately to ensure there are no challenges when their policy is paid out.