What Is Covered In A Life Insurance Medical Exam?

Life insurance is a major purchase. Finding a policy that not only provides you with the coverage you need to care for your family or loved ones, but is also affordable, is critical in making your decision. So you have found the policy that seems to have all the feature you are looking for, and at the right price, but it requires a medical exam! What should you expect from a life insurance medical exam and how can you prepare for it?

What Kind Of Medical Exam Should I Expect?

In general, a life insurance medical exam will try to get an overall picture of your health. You can expect to be asked a series of questions about your medical history and the medical history of your family members. You can also expect questions about your lifestyle that may affect your health such as drinking, smoking, and exercise habits. In addition to a questionnaire you may also be required to have a routine physical that could include taking your weight, pulse, and blood pressure, as well as doing blood work and urinalysis. It is a good idea to have the insurance company send the results to your doctor. That way if you do have a health problem you did not know about your doctor will be informed of the results. It can also give you a third party perspective if you were to fail the medical exam.  Most exams require that you fast for at least 12 hours before to ensure the best test results for your blood work.

Why Do I Need To Take One?

Your insurance company may require you to take a medical exam to assist them in determining what premiums they should charge you. They will compare the results of your medical exam to their longevity charts, which will give them an estimate of how long you are expected to live based on various criteria. The premiums will be based not only on your medical exam, but also on other factors such as your age, gender, occupation, and credit score.

Are There Alternatives?

The policy that you select may require a medical exam. There are, however, a number of policies on the market that do not require a medical exam, and many of these are offered to those who are older or who may be concerned about taking an exam in the first place due to existing health problems.

Overall, if you are in good shape, healthy, and young, taking a medical exam may give you access to a policy with a very low rate. If, however, you are older or in poor health you may want to consider a policy that does not require it.

Should You Buy Life Insurance For Your Child?

Life insurance for a child may sound like a strange concept, and one that is even disturbing to many people.  But the purpose of taking out a life insurance policy on a child is not a morbid expectation of an early passing.  There are some very good reasons why taking out a life insurance policy for your child early in life is a good idea.

 

The Premiums Stay Low

 

When your child is young and healthy they will qualify for the best possible life insurance rates, and if you take out a Universal life policy those premiums won’t change as the child ages.  Once the child reaches the age of majority, they can take over paying the premiums and continue to have the policy available as they grow older, with no increase in premiums.  Even if they develop health problems later in life that might prevent them from qualifying for a life insurance policy, the existing one can’t be taken away.  Your child will have a life insurance policy that is good for a lifetime no matter what happens.

 

Cash Starts Accumulating

 

The sooner you start the policy, the sooner cash will start accumulate in the account.  This can serve as a savings account that your child can contribute to as they grow older, or that they can draw on whenever it might be needed.  By the time your child reaches the age of 18, a cash accumulation account started at birth can contain a sizable amount of money.

 

If The Worst Should Happen

 

No parent wants to think about it, but if a tragedy should occur, a life insurance policy can offer you the time that you need away from work to deal with the emotional and mental well being of yourself and your family.  While this isn’t the main reason to take out a life insurance policy for your child, in the event of the worst case scenario, you will be grateful for the extra help.

 

If you are considering a life insurance policy for your child, don’t be dissuaded by the feeling that it is morbid or frightening to think about.  The main reasons for taking out the policy are not morbid, they are simply smart planning and thinking ahead for your child’s future.  Give us a call and see how we can help you pick up an affordable life insurance policy for your son and/or daughter.