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.

Choosing Your Life Insurance Policy Beneficiaries: Making Sure All Your Loved Ones Are Covered

Choosing the beneficiaries for your life insurance policy is one of the most important decisions you will make. Life insurance is, after all, meant to protect your family and loved ones. While your immediate family may seem to be the obvious choice as your life insurance beneficiary, there may be other people and organizations which rely on you that you do not want to forget. Here are some of the most common-and commonly forgotten-life insurance beneficiaries you need to consider, and tips on how to decide how much you should allocate to each.

Beneficiaries

Children and Spouse: For most of us these are the beneficiaries to whom most of our funds will go. It is important to ensure that you choose a policy that will not only cover their daily expenses, such as any outstanding debts and mortgage payments, but also future expenses such as tuition fees for your children and a retirement fund for your spouse.

Parents: If your parents rely on you for help with expenses such as medical fees, prescriptions, or other living expenses, it is important that you leave a portion of the coverage to them. This will give you-and them-the peace of mind of knowing they will be covered.

Other Family and Friends: Whether it be siblings, nieces or nephews, or other close friends who rely on you for various expenses, ensuring that they are covered is important.

Business Partners or Employees: If you own a business or are involved in any business ventures with other individuals, making sure that their interests are protected is important. It is also important that you have the necessary protections in place for any employees you may have to ensure they are not put in a difficult financial situation.

Charities and Organizations: If you offer financial support to any charities, organizations, or groups that rely on your support, making sure that it continues after you are gone is an important part of taking care of your responsibility in estate planning. An easy plan is to allocate an amount similar to that you currently provide over several years.

Tips For Choosing A Life Insurance Policy

If you don’t know where to start when it comes to shopping for a life insurance policy, you are not alone. Life insurance can seem like a daunting task because it has such serious consequences. You want to be sure you get the right policy and pay the right premiums, so get some help and consult an expert before you make a decision.

An Agent Can Help

Before you call an 800 number to get your life insurance policy through a television commercial, consider talking to an insurance agent. Even if you do decide in the end to go with a policy somewhere else, you can get valuable information through the expertise offered by an agent. They will help you to decide how much coverage you need and what type of policy is best. They can explain to you all the rules and procedures involved in obtaining your policy. If you don’t already have an agent, ask friends and family for a referral to someone they trust.

Possible Discounts

If you look for a life insurance policy with the same company that insures your home and car you may qualify for an additional discount on those policies. Many large insurance companies offer multi-policy discounts for customers who take out more than one type of insurance policy with them. Ask what you could potentially save on your auto and home-it might make it worth a slightly higher life insurance premium.

Getting Quotes

It’s always worthwhile to get numerous quotes on any major purchase you make. Call around and get quotes from at least three different companies for comparison. Be sure they are quoting the same policy limits as well as the same type of policy and term length if applicable. Remember that quotes may not be entirely accurate-what may be discovered on your health screening could affect the true premium when the policy is issued. If the premium amount is different from the quote, you will have an opportunity to change your mind and decline the policy. Be sure to ask for detailed information on the reasons why the premium is different.

Especially if you are choosing a long term or Universal life insurance policy, you will want to be sure you have made the right decision. You will be paying that premium for a long time, and changing to a new policy later could cost you a lot of money. So be sure you are happy with the policy and the premium, because once you choose a policy it is best to stay with it for the long haul.