No matter your age or the state of your health, life insurance can protect your family after you’re gone. But what are the requirements for life insurance? Not all policies will accept your application or provide the amount of coverage you need if you have certain health conditions. How can you navigate the process to get the best policy possible?
Our team of medical professionals at Medical Profiles, Inc. outlines the requirements for life insurance to help you understand the application process.
Application Information
First, you must complete the application. An application has various areas of input for your personal information. While filling out your application, make sure you include:
- Your name
- Date of birth
- Any habits or substances that may affect your health status, like alcohol or tobacco usage
- Financial details such as your net worth, social security number, and current income
Some applications may request in-depth health information about your parents, siblings, and grandparents.
Don’t attempt to misinform the insurance company about any of this information. Misinformation could lead to penalties. Some companies may leave notes about misinformation for other companies to read in subsequent applications.
What Paramedical Exams Entail
After completing an application, insurance companies typically require that you complete a paramedical exam.
The examiner usually asks a series of questions before taking a few samples of bodily fluids and administering some vital checks. Some things you should expect to provide include the following:
- Detailed account of your personal medical history and personal lifestyle choices
- Further information about your immediate family member’s medical history
- Recordings of your blood pressure, heart rate, weight, and height
- Blood and urine samples
Although some policies don’t require a paramedical exam, exams are common requirements for life insurance with less expensive monthly premiums.
How Insurance Companies Underwrite Policies
Insurance companies underwrite policies based on factors that could negatively impact your overall health and therefore shorten your lifespan. You can’t change factors such as age or your family’s medical history. You also can’t stop taking medications prescribed by your primary doctor without their approval and guidance.
You can, however, eliminate lifestyle habits that could shorten your life or harm your overall health. Eating healthy foods, watching your sugar intake, exercising daily, and avoiding alcohol and cigarettes can decrease your life insurance premiums while expanding your policy options. An insurance provider could underwrite a more favorable policy in the future should your efforts positively influence your health status.
Requirements for Life Insurance Depend on the Policy Type
Like most people, you likely want to obtain a term life insurance policy. This policy usually entails a more generous lump sum with lower premiums. It has strict requirements for its applicants due to the value it offers.
But don’t lose hope should an insurance company deny your application! You can apply for other types of insurance that don’t require a medical exam to carry you over until you can retake the exam. In the meantime, prioritize healthier habits and consult with your doctor about the best ways to do so.
Most paramedical exam results are valid for six months to a year. You can change your lifestyle and improve your health within that timespan, increasing your policy options as a result.
Make Moves to Improve Your Options with Medical Profiles, Inc.
At Medical Profiles, Inc., we’re ready to explain the requirements for life insurance and perform a comprehensive examination. You can visit our office in Houston, TX, or we can meet you at your preferred location. With an in-home test, you can get your life insurance exam done with convenience and comfort. Make an appointment at (832) 251-3926.
