Life insurance seems like a good investment for you. Many people think it is much like any other type of insurance product. You agree to the terms and sign on the line. Yet, there’s much more to it than this. In many cases, you will need to have a medical exam to qualify for coverage. The exam looks at your overall health. It helps the insurance company to know just how healthy you are. Why do they need this information?
The most important reason for a medical exam is to learn about your risk to the insurance company. They need to know how much risk you are.
Think about what they are offering. If you die while the policy is in place, they pay a large sum of money. If that happens sooner, that means there is less time for the insurance company to collect premiums to pay for that value. As a result, insurance companies need to know if there is a higher likelihood that you will die early due to a health condition. They therefore can better determine your eligibility for coverage.
Those who have illnesses or health risk factors are more likely to have a shorter lifespan. Those who are very healthy, on the other hand, are less likely to die early. They are less risky.
Translating That Into Access
Using that thought process, consider what it means to the insurer. If you are a lower risk, they can charge you less to provide life insurance. If you are a high risk, they may not be able to offer you coverage. You may receive a denial of your application. However, many people with medical conditions still qualify. That’s why a medical exam is so important.
What Can You Do Then?
Do what the life insurance company recommends. Obtain a medical exam. Be open and honest on your application about the health conditions you have. Be sure to verify anything they need with your physician. If you have higher risk factors, don’t let that prevent you from applying for life insurance. In many situations, you can still receive coverage. It may cost more, but it can still be affordable for many people.
When you need to take a medical exam, do so with confidence. This is common, and nearly everyone who obtains a high valued policy needs it. Yet, it is important to choose the right type and amount of coverage for your needs. Work with your agent to get into a policy that fits your goals and any health risks you have.
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