Term Life Insurance Articles
The Type Of Medical Questions Asked With Term Life Insurance Quotes
2010-08-16
Term life insurance quotes can vary greatly from person to person, and especially with age. This is because of the nature and amount of risk taken on by insurance companies when those with predispositions to genetic illness or those of advanced age apply for coverage. A $1 million policy that has a 50 percent chance of being paid out in the next five years will cost a great deal more than one that the insurance company assesses as not having to be paid out for 20 years or more. In order to both protect themselves from loss and accurately establish the level of premiums that will be paid by policyholders, term life insurance providers will often ask medical questions on their application forms. Here are some of the common types to expect.
Most forms will start their medical questions with the basics-age, height, weight and gender. After that, they will typically ask what type of job the applicant currently performs, if it is hazardous, and how long he or she has been doing it. The application will also have questions about whether or not the applicant smokes or has any current medical conditions. Many companies now use a more streamlined set of medical questions that contain only these basic inquires, but some will ask potential clients to be more specific. This can include detailing the current state of an illness or injury, or asking about how long a tobacco user has smoked and just how many cigarettes are smoked in a day. These questions help to set the "category" into which the term life insurance quotes will fall. The higher the risk that the answers indicate, the higher the quoted price will be.
In some cases, companies will request a medical exam to confirm answers or find out if there are underlying conditions or problems that will present an insurance risk. This is especially true for older applicants requesting large amounts of coverage and will often include either an exam by a paramedical professional at their home or a visit to a doctor employed by the insurance provider. It is important to note that some states have legislation prohibiting companies from demanding medical exams prior to issuing coverage. A client can choose to take the exam, but cannot be forced into it in order to receive a quote.
The key to answering any medical questions for a term life insurance quote is to be honest. Companies are very good about ferreting out lies or half-truths, and a misrepresentation on a form could lead to canceled coverage or even criminal charges. Simply answer the questions as asked, and call the provider with any concerns.
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Term life insurance quotes can vary greatly from person to person, and especially with age. This is because of the nature and amount of risk taken on by insurance companies when those with predispositions to genetic illness or those of advanced age apply for coverage. A $1 million policy that has a 50 percent chance of being paid out in the next five years will cost a great deal more than one that the insurance company assesses as not having to be paid out for 20 years or more. In order to both protect themselves from loss and accurately establish the level of premiums that will be paid by policyholders, term life insurance providers will often ask medical questions on their application forms. Here are some of the common types to expect.
Most forms will start their medical questions with the basics-age, height, weight and gender. After that, they will typically ask what type of job the applicant currently performs, if it is hazardous, and how long he or she has been doing it. The application will also have questions about whether or not the applicant smokes or has any current medical conditions. Many companies now use a more streamlined set of medical questions that contain only these basic inquires, but some will ask potential clients to be more specific. This can include detailing the current state of an illness or injury, or asking about how long a tobacco user has smoked and just how many cigarettes are smoked in a day. These questions help to set the "category" into which the term life insurance quotes will fall. The higher the risk that the answers indicate, the higher the quoted price will be.
In some cases, companies will request a medical exam to confirm answers or find out if there are underlying conditions or problems that will present an insurance risk. This is especially true for older applicants requesting large amounts of coverage and will often include either an exam by a paramedical professional at their home or a visit to a doctor employed by the insurance provider. It is important to note that some states have legislation prohibiting companies from demanding medical exams prior to issuing coverage. A client can choose to take the exam, but cannot be forced into it in order to receive a quote.
The key to answering any medical questions for a term life insurance quote is to be honest. Companies are very good about ferreting out lies or half-truths, and a misrepresentation on a form could lead to canceled coverage or even criminal charges. Simply answer the questions as asked, and call the provider with any concerns.
