Why
Do I Need a Life Insurance Exam?

A life insurance exam is standard practice
- many life insurance carriers require that applicants take medical exams to
determine the rate you are charged for your term and whole life insurance
policies. Although you may want to avoid an exam or feel it is unnecessary, you
will generally get a better rate if you submit yourself to a life insurance
exam by a paramedical professional. These medical professionals are paid by
life insurance companies to perform exams and report the findings back to them.
Many times they are mobile and can come to you, or you can schedule an exam at
a clinic specified by the insurance company. If you are under 40 and in good
health, you may not need to take a medical exam in order to obtain life
insurance. Each company has its own requirements, so it is best to check with your
agent.

What
Will Be Checked in My Life Insurance Exam?

If you are under 60, your life insurance
exam may be simple and only your vitals are taken along with your measurements.
These include your blood pressure, heart rate, weight, and height.   You will
be required to answer questions about your health and health history. As you
get older or the amount of life insurance you are trying to get goes up, your
life insurance exam will be more detailed. You may be required to have blood
taken, give a urine sample, have an EKG, and you may have to take a treadmill
test. For example, if you are 50 and in good general health, you may only be
required to answer a few basic health questions and have your heart rate, blood
pressure and weight checked. If you are 70 and taking out a large policy of
over $1 million, you may be required to have all of those tests done, plus an
EKG,  a treadmill test,  and a complete workup of your blood and urine.

What
are They Looking For?

Life insurance companies use the information
obtained from your life insurance exam to calculate how long you are expected
to live. They have very detailed and tightly set standards that they compare
your results to in order to determine how long your projected life span will
be. The companies than calculate your rate according to their set
specifications and the findings of your exam.

What
If I Have a Pre-existing Condition?

Even if you have a pre-existing condition (such
as diabetes or heart disease), you may still be able to get life insurance. Health problems don’t necessarily put you
out of the running. You will have to pay a higher premium than a healthy
individual, and insurance companies have rate tables they use to determine the
rate you will pay. They compare the results of your life insurance exam to the
tables and then issue you a life insurance
quote.
If you feel it is too high, your agent may be able to negotiate with the company
to get you a lower rate.