If you want to buy a life insurance policy, you might be aware that medical exams are often required. This can be daunting, especially if you have a complicated medical past. Let’s go over the intersection between life insurance and medical exams.
Life Insurance and Medical Exams
There are multiple different types of life insurance policies. Whether or not a medical exam is required will depend on the policy. However, it is common for a policy to require a medical exam. This is because insurers want to understand the risk they’re taking on. This is often an important step in the underwriting process.
Medical exams are also important because they can determine your premium rate. If you have a serious health condition, your rate might be higher than someone who doesn’t have any medical concerns. This is one of the reasons why many types of life insurance do include a medical exam. It’s an important part of an insurance company assessing risk.
A guaranteed issue life insurance policy does not require a medical exam. However, this type of policy will typically have a lower death benefit. If you want a larger death benefit than this type of policy can provide, you may need to choose another type of life insurance.
A simplified issue life insurance policy doesn’t require a medical exam, but there are still some health components. For example, you will most likely be asked to fill out a survey with some health information, as well as grant access to your medical records. However, death benefits will be higher for this type of policy than a guaranteed issue policy.
Choosing a policy that doesn’t require a medical exam is often more expensive. However, if you have health concerns, this may be the best option for you. Many people choose guaranteed issue policies because it best suits their needs.
Do You Know Which Option is Right for You?
If you’re feeling conflicted about which type of life insurance policy to choose, then you should speak with a professional. This is one of the best ways to answer your questions and ensure that you have the information you need to make the right choice for your situation.
If you’re ready to talk more about life insurance, feel free to give us a call, and we’ll set up a time to talk!
