If the very thought of a life insurance exam causes you to clench your fists and grit your teeth, you're not alone. But the truth is that the life insurance exam are no more strenuous than a routine physical, and you don't have to be in perfect physical health to qualify for an affordable life insurance policy.
An independent medical professional such as a nurse or paramedical is usually hired by the insurance company to conduct the life insurance exam, and it's likely that you'll be able to schedule it in your home or office.
During the life insurance exam:
Remember, exams vary by life insurance company. For older or high policy value applicants, EKGs, treadmill tests or other assessments may be required. If you are younger than 40 years of age and are applying for less than $100,000 of life insurance coverage, a few simple lab studies may take the place of a life insurance exam.
Companies conduct the life insurance exam for one simple reason: to determine if you have any condition that could shorten your life. The blood test is used to test for immune disorders, diabetes, liver or kidney disorder, and a host of other conditions. Your urine sample may be screened for certain medications or illicit drugs.
Life insurance exam results are sent directly to the insurance company, where an underwriter will examine the findings and determine your insurance rating. This information will help determine your premium. If you requested a copy of the results, you will be provided with a copy of your lab results.
You don't have to be in perfect physical health to qualify for an affordable life insurance policy, but if you are judged to be chronically or seriously ill, you may be declined for coverage or offered an increased premium. If questions about your health remain, you may be requested to provide more information or undergo further life insurance exams.
Shopping for life insurance by no means a fun experience, but having the peace of mind that your loved ones will always be protected is well worth it. If you're interested in investing in a life insurance policy, you can shop and compare quotes for free at InsWeb.com.