Competitive insurance companies require a medical exam before underwriting a policy. Some carriers offer non-med or no-exam policies, but these tend to be much more expensive or are issued with less coverage for the same premium as a company that requires an exam. It’s more cost effective to go through the typical underwriting process, which includes the medical exam.
Why do I need to have an exam?
Your health plays a big role in determining the cost of a life insurance policy, so a medical exam is important. Insurance companies price the policy based on your life expectancy. If you are young and very healthy, your life insurance is going to be very inexpensive. If you have a medical condition the insurer takes that into consideration, but Quotacy shops around to make sure you get the best policy.
What happens during the exam process?
Examinations are free of charge to you. The certified professional examiner comes to you where it is convenient, like at your home or workplace. You can schedule it for when you are prepared and available.
The exam will consist of:
- Providing your medical history and that of your family’s
- Recording your height and weight, blood pressure and pulse
- Obtaining a blood sample
- Submitting a urine sample
For high policy value or older applicants, electrocardiogram tests (EKGs), treadmill tests, or other assessments may be required.
What are they testing for?
The insurance companies use the blood and urine samples to test for HIV, smoking status, and the health of your heart, liver, and pancreas.
What happens after my exam?
Your results are sent directly to the insurance company where an underwriter will examine the findings and fit you into a category. The category you fall into determines the pricing. You do not have to be the perfect human specimen to qualify for affordable life insurance; if you do have any conditions (e.g. diabetes, cancer, heart issues) we shop your medical profile with 16 carriers to find you the best price. There are times in which someone is declined for life insurance, but your Quotacy team will work hard and uses every resource available to find you coverage at a premium that fits your budget.
If you are approved by the insurance company for the product and pricing you applied for, we will collect some signatures and a premium payment from you at the time of policy delivery. Your policy will be delivered to you via email, unless the insurance carrier does not offer e-delivery; in this case the policy would be mailed. If the insurance company does not approve as applied, we will work with you to find an affordable option to protect your loved ones.
No one ever anticipates needing to use life insurance, but the unexpected happens. Be prepared and get a free and anonymous term life insurance quote today.