Term Life Insurance Articles
How Medical History Plays A Role In Term Life Insurance Coverage
2010-08-19
When you purchase term life insurance, the insurance company will want to take a look at your medical history. Insurers use medical history, medical exams and statistics to try to estimate how long a person might live. In this way, insurers can determine the premiums that are expected to be paid compared to the benefits that they will have to pay out for claims.
You will be asked questions about your medical history. The insurer will want to know if you smoke or have smoked in the past, if you drink, if you exercise and if you have ever taken recreational drugs. They may also want to get your medical records from your doctor. The insurer will use this information in determining if you are approved and what your term life insurance premiums will be.
Factors such as a history of heart disease in your family may be a concern to the insurer. Thus, the insurer may ask for your family medical history to determine what conditions might run in your family and affect you as you get older.
Over 500 life insurance companies are members of the Medical Information Bureau. This association provides a database of applicants and their medical history to its members. For example, if a person applies for life insurance with one company and is turned down, he or she might then be tempted to go to another company and leave out some medical information hoping to be approved. An insurer can go to the Medical Information Bureau, find the person's medical history and use that information to determine if the application will be approved.
Most companies will require you to take a medical exam. The exam is usually brief and will record your height and weight, blood pressure and pulse. They may also ask for a urine sample to test for such things as illegal drugs and glucose levels.
When buying term life insurance, you can get a renewable policy that allows you to sign up again without a medical exam at the end of your term. This kind of policy is valuable for someone who develops a medical condition while insured under a term life insurance policy.
A guaranteed issue life insurance does not require you to take a medical exam. It may be an option for those with a troubled medical history. The premiums are higher than a policy with a medical exam. These kinds of policies also have waiting periods before you are eligible for benefits.
When applying for life insurance, be honest about your medical condition and history. If you leave something out, your claim could be denied.
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When you purchase term life insurance, the insurance company will want to take a look at your medical history. Insurers use medical history, medical exams and statistics to try to estimate how long a person might live. In this way, insurers can determine the premiums that are expected to be paid compared to the benefits that they will have to pay out for claims.
You will be asked questions about your medical history. The insurer will want to know if you smoke or have smoked in the past, if you drink, if you exercise and if you have ever taken recreational drugs. They may also want to get your medical records from your doctor. The insurer will use this information in determining if you are approved and what your term life insurance premiums will be.
Factors such as a history of heart disease in your family may be a concern to the insurer. Thus, the insurer may ask for your family medical history to determine what conditions might run in your family and affect you as you get older.
Over 500 life insurance companies are members of the Medical Information Bureau. This association provides a database of applicants and their medical history to its members. For example, if a person applies for life insurance with one company and is turned down, he or she might then be tempted to go to another company and leave out some medical information hoping to be approved. An insurer can go to the Medical Information Bureau, find the person's medical history and use that information to determine if the application will be approved.
Most companies will require you to take a medical exam. The exam is usually brief and will record your height and weight, blood pressure and pulse. They may also ask for a urine sample to test for such things as illegal drugs and glucose levels.
When buying term life insurance, you can get a renewable policy that allows you to sign up again without a medical exam at the end of your term. This kind of policy is valuable for someone who develops a medical condition while insured under a term life insurance policy.
A guaranteed issue life insurance does not require you to take a medical exam. It may be an option for those with a troubled medical history. The premiums are higher than a policy with a medical exam. These kinds of policies also have waiting periods before you are eligible for benefits.
When applying for life insurance, be honest about your medical condition and history. If you leave something out, your claim could be denied.
