LIFE INSURANCE

Each answer must be completed and details provided when appropriate. If some of the questions seem repetitious, it’s because the insurance company wants to be sure you understood the question and that the answers you provided are consistent.

Lifestyle activities may require additional questionnaires. Foreign travel, hazardous avocations like racing cars, motorcycles, planes or flying private planes, use of parachutes, hang gliding, etc., may all require a special questionnaire, and you may be charged an additional premium for participation.

It’s likely that you will be asked to provide data about your income and net worth. If your coverage is business related, you should anticipate the need to provide pertinent data about the company involved in the purchase. 

Financial justification is required for all insurance purchases. Your ability to pay a premium is not the only factor used to determine an appropriate amount of coverage.

Whether your agent completes medical questions with you or you are asked to participate in an exam (or both), providing the name(s), address, phone number and reasons for your visits is very important. 

In most cases, your physician will be contacted and asked to provide a report. Frequently, this is the longest part of the underwriting process because the physicians’ offices do not always respond to the insurance company requests in a timely manner. 

Providing the data about the physicians you’ve seen early in the process allows the company to request the data sooner. If your physician does not cooperate, you may be asked to contact your physician.

It’s likely that you will be asked to provide a urine specimen, have blood drawn, have your blood pressure checked and answer medical questions. 

For larger amounts of coverage, you may be asked to have an EKG, an exercise EKG, a chest X-ray and an M.D. exam.

For larger amounts of insurance, many carriers require that you participate in an interview with a third-party inspection company. 

The questions from the inspector may be similar to questions you’ve already answered and will cover topics such as your health, finances, hobbies, business duties, etc. Most inspection reports are completed via telephone.

Because many insurance companies will now issue policies through age 90, the use of cognitive testing has become much more common for senior applicants. Most cognitive testing is completed with the paramedic.

The insurance company will obtain an MVR in nearly every application. Some people are confused as to why the life insurance company may want this report. 

Rest assured, there is significant statistical evidence about those with serious driving infractions and premature death.

The MIB is an information clearinghouse of medical data that nearly all insurance companies use. 

When you apply for life insurance, the company will know you’ve applied elsewhere and what other companies reported to the MIB.

If you are taking medication (including birth control drugs, over the counter medication, etc.) or if there is something unusual about your current health status, tell the examiner! (Females – be sure to inform the examiner if you are menstruating.)

Prior to your exam, write down the names of all the doctors you’ve seen with their addresses and phone numbers. It will be important to know why you’ve seen the doctor and the date of the last visit.

Plan to fast 12 hours prior to the exam (unless you are diabetic, pregnant, or have another situation that would preclude a prudent person from fasting).

If you must eat prior to the exam, tell the examiner you did. Also, avoid foods that are high in salt, sugar, cholesterol, etc. Avoid alcoholic beverages for at least 12 hours.

Stand tall and think thin! One inch on an average-sized person can add or subtract 10 lbs. on an underwriting chart when comparing premium classifications!

Even if you are a regular smoker and plan to pay smoker rates, avoid smoking for at least two hours prior to the exam. 

If you use cigars, pipes, chewing tobacco, nicotine-enhanced gum or patches, you are likely to be charged smoker rates.

Avoid vigorous exercise prior to the exam.

If the examiner arrives at your office on your most stressful day, consider rescheduling. Your body reacts to your circumstances. Don’t underestimate the impact of stress on exam results.

Be sure to get a good night’s rest before the exam.

Your specimen will be tested for Cocaine, Cotinine (Nicotine), etc. Other drugs (legal and otherwise) are likely to affect your results and provide an indication of use.

Drink a glass of water (at least one) about 1 hour prior to the exam. If you’ve had problems with blood draws in the past, tell the examiner. Schedule the exam at a time that will allow you to relax and avoid interruption.