As if buying life insurance wasn't hectic enough, did you know you might need to have a physical exam?
A licensed phlebotomist, nurse, or physician will check your vital signs: blood, urine, blood pressure, height, and weight. The insurer will then use this information to determine whether they want to insure you and which class of care you fall into, which affects the price of your policy.
With the physical results in hand, an insurance company can get detailed insight into your health. But do not worry; businesses aren't necessarily interested in a bad read – it's the big picture that counts.
For example, while mildly elevated liver enzymes don't automatically mean you'll be declined, very high levels might. Likewise, blood sugar levels indicating type 2 diabetes doesn't mean no, but high levels that aren't controlled by diet, exercise, or medication could be the reason for a high. much higher or a total decline.
The key to a successful exam is good preparation.
How to schedule your exam
Preparing your physique may yield better results, which could result in a lower premium. But it is important that you prepare properly. I recently had a client who had an abnormally high result on a specific lab test. It was probably because he was running 3 miles just before the exam. He thought it would help his results, but it actually did the opposite.
To prepare for your physique, do these four things:
1. Fast. It is recommended that you fast at least four hours before your blood tests. Eat the night before and schedule a morning exam so you don't go all day without food.
2. Sleep well. Stay relaxed and sleep at least eight hours. Your blood pressure results will be better if you are stress-free.
3. Don't eat an unhealthy meal the night before. Limit your salt and cholesterol intake and opt for a balanced dinner instead.
4. Take a few months to prepare. If you want to be healthier for yourself and for life insurance purposes, think about these things a few months ahead. Stay healthy, then make an informed decision about life insurance.
Depending on your results, you will be placed in a class: Preferred Plus, Preferred, Standard Plus, or Standard. Most people fall into one of them. Preferred plus means excellent health, the standard is average and the other two are in between. My client ended up having another exam in which his results were normal. On this basis, we were able to offer him a more preferential rate.
Skip exam
If you want to forgo a personal exam altogether, there are companies that will insure you without it. Instead, they will use information about you available in databases. However, don't be fooled into thinking that no medical exam life insurance means there is no health check at all or anyone can be approved.
It's actually easier to get approval for a review. When an insurance company has more data about you — that is, an examination and access to your medical records — they can make a better decision about approval and underwriting. The no-exam route is quite in-depth and could include consulting firms:
• Health issues. You can lie and say you don't smoke, but if you knowingly misrepresent yourself, you could lose your death benefit.
• Third Party Companies. These companies report on the medications you take, so a provider will know if you have prescriptions for conditions like asthma or diabetes. While prescriptions don't automatically cause coverage denial, more serious conditions like diabetes hurt your chances.
• Your motor vehicle report. Companies will know if you were cited for a DUI or if you had multiple speeding tickets – something they don't check if you pass an exam. When going the no-exam route, a DUI within the last five years is the reason for a decline.
• Medical Information Bureau: This is how insurance companies share information. So if you apply for life insurance with one company and say you are a smoker, and then claim to be a non-smoker in another company's application, the companies will see the discrepancy.
Insurance companies already know a little more about you and you can't change that. However, you can take care of yourself in the days or even months before the exam. So I would suggest skipping that contest of eating hot dogs the night before. Instead, take the time to prepare well – your wallet will thank you.
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