Life Insurance Exam
The majority of life insurance providers in the US demand a life insurance health exam in relation to all policy applications that exceed $1 million worth of coverage. These exams generally consist of two main sections; a health questionnaire and a medical exam.
The health questionnaire
Virtually every life insurance policy sold today requires the applicant to fill in some form of health questionnaire – even those that are commonly known as no medical life insurance policies. The medical questions can normally be answered online although large face value policies may require you to make an appointment with an insurance agent.
The medical exam
This is often the section of a life insurance exam that most people dread however it isn’t as physical as it sounds. The medical tests are carried out by a physician.
The basic tests of a life insurance medical exam include:
- Taking note of your medical history
- Taking your height, weight, pulse and blood pressure measurements
- Taking blood and urine samples
Blood and urine samples are taken to search for things like high cholesterol, diabetes, liver and kidney disorders and immune disorders among other things – all factors that could bring about an early death and a subsequent policy payout. Most no exam life insurance policies don’t take any of these factors into account, which is why the premiums on such policies are invariably higher.
Guidelines for life insurance exam testing
Each individual insurance provider will have their own specific guidelines regarding the tests carried out during a life health insurance exam. Generally speaking the higher the face value of the policy or the older the applicant the more tests are carried out.
So for example, a fifty year old man wanting to buy a life insurance policy of $1 million may have to have an EKG (electrocardiograph) in addition to the basic life insurance medical exam tests. Similarly a seventy year old man wanting the same policy might need to undergo a full exam by a doctor. As a rule, treadmill tests are required by all applicants wanting to insure their life for $10 million or more.
On the other hand, low face value life insurance policies less than $100,000 may not require any specific tests, and this is especially true when the applicants are less than 40 years of age. These policies are often referred to as life insurance no medical exam policies and can be bought anywhere on the internet for very reasonable prices.