Why Medical Exams May Be Needed for Older Life Insurance Applicants.
When purchasing life insurance, many factors need to be considered.
The amount of coverage desired, the price of premiums, and assistance options should all be carefully considered, not to mention the possible need for funeral benefits.
But what about health issues?
Many insurance applicants in their later years of life become concerned about having to undergo a medical exam and how the outcome will affect their coverage.
Although many policy seekers believe an exam is required when purchasing coverage, that is not always true. This is even true for applicants over the age of 50.
When is a Medical Exam Required to Purchase Life Insurance?
There is no set standard for medical exam requirements regarding life insurance.
The individual themselves, the amount of coverage they desire, their unique circumstances and lifestyle will determine if further medical information is needed to purchase a policy.
More often than not, healthy individuals are not asked to undergo a medical evaluation to buy coverage even in their later years.
Click To Compare QuotesMany insurance companies, however, will ask a series of health and lifestyle-related questions.
These questions may include information about the applicant’s age, occupation, smoker status, and overall health.
All of these aspects of an applicant’s life will directly impact the policy’s price, partnered with the coverage desired and length of the policy.
If a medical history contains something that could affect purchasing a policy, the company may require a medical exam.
It is Important to Answer Medical Exam Questions Accurately
When an insurance company asks health questions, it is important to answer honestly and accurately and with as much detail as possible.
This may include giving an insurance company a detailed medical history with dates of procedures and names or dosages of any medications.
Also, companies may ask personal questions about an applicant’s height and weight and family medical history.
Click To Compare QuotesDisclosing any health information when applying for life insurance is vitally important.
If a policyholder passes away from a medical condition they did not report to the insurance company, the policy may be cancelled and not paid out when claimed.
To avoid this kind of situation, make sure to have detailed medical information on hand when applying for a policy. This will help ensure that no small details are missed.
Purchasing life insurance is a great safeguard against burdening loved ones with funeral expenses and other financial needs when the policyholder passes on.
Although overall health is a factor for many life insurance companies when taking on new applicants, undergoing a medical exam is not always required.
Policy seekers should remember to answer all medical questions accurately to ensure there are no challenges when their policy is paid out.