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No Medical Exam Life Insurance

No Medical Exam Life Insurance

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Published by green4sd

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Published by: green4sd on Jun 15, 2010
Copyright:Attribution Non-commercial


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No Medical Exam Life InsuranceOne of the first things you need to understand about life insurance is that the entire premise is based onprobability and statistics. There is a reason why insurance companies charge less premiums to youngerpeople than do for older people and it is that they are less likely to have to pay out a death benefit forsomeone in their thirties than they are for someone in their seventies.Insurance companies, through the compilation of years of research and statistics, have learned how toput a percentage on the likelihood of a truly accidental death, such as a car accident. They also havefigured out that certain lifestyle choices can increase that someones demise is not accidental at all.They compensate for having to pay out death benefits unexpectedly by spreading out the risk of that tothe thousands of other customers.When you fill out an application for life insurance you will be asked questions about your activities thatmight affect your premiums (e.g. cliff-jumping, sky-diving). But, the number one criteria that will affectyour premium besides your age is the state of your health.Even the most basic of life insurance applications will ask questions about your health. And thequestions are heavily weighted towards matters relating to your heart, lungs and vascular conditions.There are not many questions, if any, about your teeth or about skin condition because people veryrarely die from problems related to these areasunless it is skin cancer.As you get closer to purchasing life insurance you should expect to have to do a little more than vouchfor your physical condition on a piece of paper. The amount of coverage you are looking for willdetermine how detailed the medical examination will be. As you might expect the higher the amount of coverage the more information the insurance company will want about your health.A 40 year-old male seeking a $100,000 policy will probably not need a full-blown medical exam, butrather have one administered by a paramedic or a nurse. This typically means taking an oral fluidsample, drawing some blood, taking a urine sample, measuring blood pressure, taking a pulse and theusual thing such as measuring height and weight. It might include an electrocardiogram.Once a policy exceeds $100,000 or the applicant is over 40 years of age the insurance company willrequire a more complete medical exam than the one described. This type of exam will be administeredby a medical doctor. Some insurance companies request that the doctor be certified as an internist orheart specialist rather than just a general practitioner. The medical exam from a doctor will probablyinvolve the same things as mentioned above but could also involve a stress test, and a thorough review f the bodys systems. The life insurance company wants to know what the potential is, if any, for kidneyfailure, heart failure, liver impairments that may put the insured at risk of not reaching the average ageof death. This may sound callous, but the insurance company is trying to minimize risk. It simply couldnot be in existence if it continually paid out death benefits to people who clearly were in poor health orengaged in high-risk behavior.

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