Application Process For Life Insurance
We believe in ease and simplicity. While we can’t guarantee these are the exact steps that will happen with you (it really depends on your situation), generally expect the following:
- Contact us, pick a quote, or feel free to apply on your own 🙂
- We will review plans and fill out the application together. It will take 20 minutes
- If your policy requires a medical exam or additional information to complete the application, one of our team members will give you a call to discuss further and schedule the exam. Note: It is important to be honest and truthful in the application. While we don’t want you to pay any more if you don’t have to, if you leave an omission, and a claim is filed, chances are the insurance company will contest the claim and your beneficiaries will receive $0
- If you decide you want a non-medical or final expense policy, those can most likely be handled right on the spot. These policies tend to be underwritten much more quickly
- Upon completion of the medical exam, the information is forwarded to carrier and our office for review
- We will be in touch if anything else is needed
- For a typical term and permanent policy requiring an exam, expect 4 to 6 weeks for completion
- A non-medical or final expenses policy response is much quicker, instant or days, such as 24 to 48 hours
If you are wanting the lowest possible rates for your situation, you will probably have to take a paramedical exam. Nothing to fear, though. It is relatively painless and easy. A paramedical company working with your carrier will send out a certified medical professional (a paramed) to conduct the medical tests and send the results to the company’s underwriter. The underwriter will then evaluate the results and determine if it is in their best financial interest to insure you. Along with the medical questions you answered, and any records from your doctor, this risk assessment determines your life insurance rates.
The following will give you a solid idea of how you should prepare when you have to take a life insurance medical exam. Otherwise, you may want to start considering a non-medical exam policy if you fear an exam or just don’t want to deal with needles and having blood drawn.
As a part of your health exam, the paramed will measure your height and weight, take your blood pressure, and collect blood and urine samples. Afterwards, the paramed will confirm the answers you provided on the health questionnaire you filled out as part of the life insurance application.
Some insurance companies require an EKG to test your heart, especially if you are 50 or older. Most insurance companies will also conduct a prostate specific antigen (PSA) test on male applicants over 50.
Finally, if you are a smoker or tobacco user, or use drugs, be honest and admit it because companies test for these. They can and will find out. Honesty is the best policy. That way, we can address upfront and not waste valuable time in prolonging the underwriting process.
- Schedule the exam for the early morning. This is important. Because you should fast for six to eight hours before an exam, a morning medical exam will make that task much less stressful. Even a piece of fruit before the exam can read as high glucose levels. Anything you consume beforehand can affect your blood tests and drop you from a preferred health class, for example.
- We know it’s hard, especially if you have kids and need that extra boost: Skip your morning coffee, and if you smoke or use tobacco, skip those as well. Caffeine and nicotine elevate blood pressure, so avoid your morning coffee and any tobacco products. This may be difficult for some, but trust me, it’s worth the thousands of dollars in potential savings over the course of your policy’s term.
- Drink plenty of water. Staying hydrated will make it faster and easier to give blood. Drinking water will also make it possible to give a urine sample.
- Don’t eat salty or fatty foods. Cholesterol and blood pressure test results can be affected. For best results, avoid salt and excess fatty foods for five to seven days before your exam; however, 24 hours is the minimum recommended timeframe.
- Avoid excessive exercise. Conserve energy for 24 hours before your exam. Stay away from the gym and avoid strenuous cardio. Exercise can raise your blood pressure and pulse.
- Avoid alcohol and drugs. Refrain from drinking alcohol and taking drugs, including tobacco and marijuana. Alcohol can leave you dehydrated, which not only makes it hard to draw your blood, but can also cause increased liver function.
- Get plenty of sleep the night before. While one good night’s worth of sleep won’t get you a clean bill of health, sleep does offset anxiety and fear. When you are well-rested, your blood pressure will be lower, leading to better test results.
- Have a list of any medications you are currently taking. Your examiner will ask about your medical history, including the use of prescription drugs and over-the-counter medications. Also, keep your physician’s contact information along with the reasoning behind your last visits with him or her handy in case the examiner asks for it.
- Don’t schedule an exam during a menstrual period. Women should not take a life insurance medical exam during their menstrual period, or if they have any kind of vaginal discharge, as it can contaminate the urinalysis.
- Let the examiner know if you have an aversion to needles or medical tests. There is no need to subject yourself to high levels of anxiety for this exam. If you are anxious, your blood pressure test results will indicate health issues. Talk to your examiner and explain your concerns. They may note your fear or phobia in the case file for consideration by the insurance company and underwriter.
We at My Family Life Insurance are here to help. Should you have any questions, feel free to contact us.
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