Except for guaranteed issue and other no-exam life insurance policies (with higher rates and lower face value), most insurance companies will require an in-person medical exam. A company representative will arrange for a physical exam to be conducted by a licensed healthcare professional selected and contracted by the life insurance company. This does not mean you are under any obligation to purchase life insurance from that insurer. If they offer you coverage, you still have the right to decline.
The company also has the option to deny your request to purchase coverage, depending on your application and medical exam. Whether the insurance company denies your application or offers you coverage, you have the right to shop around for a better rate or a life insurance provider that will work with you on your medical status.
You will meet with a healthcare professional contracted by the life insurance company, either at your home or office or at the clinic of the company’s choosing. The exam will likely involve:
Depending on your age, the type of life insurance you want to purchase, and the amount of coverage you are applying for, the insurance company may require additional testing, such as a treadmill test, an EKG, or a chest X-ray.
After your physical exam, an insurance company underwriter will review your exam results and your application. The underwriter may order your medical records for additional information, which will be used in determining how great a risk you represent to the company and how high your premiums should be. Your application for life insurance will either be approved or denied. If it is approved, you are under no obligation to purchase life insurance from that company. If the rates they offer are too high, you are free to look elsewhere.
The three main factors affecting life insurance premiums are age, family medical history, and lifestyle. Although you can’t do anything about the first two, you can change your lifestyle to reduce the cost of life insurance. This may involve:
You can also lower your premiums by switching from permanent to term life insurance, eliminating riders (optional policy provisions that pay out additional money under certain conditions), or by shopping around to find better coverage for lower rates. Our experienced agent can help you find the best life insurance coverage for the lowest available premiums.