Purchase death benefit insurance without a medical exam?
When taking out life insurance, it is always mandatory to provide information about your health status. This is done through a so-called health declaration with questions about your general health, any chronic conditions and more.
Your insurer uses this questionnaire to determine your eligibility for term life insurance and to determine your monthly premium. In many cases, as a policyholder, you are required to have an additional medical examination for your term life insurance .
Perhaps as a policyholder you are wondering if it is possible to take out such a term life insurance policy without a medical examination? With most insurers, it is possible, but there are usually conditions attached. For example, you may be limited to a certain age or can only be insured up to a certain amount.
Keep in mind that the medical terms for term life insurance vary from insurer to insurer. Therefore, it's best to do research on these so you know what to expect.
What exactly does a medical examination or medical underwriting for term life insurance involve?
A medical examination for a term life insurance policy goes a little further than a health certificate and basically means that your insurer needs additional information about your health. To do this, it will work with a medical advisor, such as a doctor, who will do a more thorough examination of your health and any problems you may have.
The reason why such a medical examination is often mandatory is simple: based on your health, the insurer in question can determine how likely you are to die. After all, this has a major impact on the premium you pay. In addition, an insurer can also refuse a death risk insurance policy if he considers that your chance of death is too high.
If your insurer believes an additional medical examination is necessary to assess your situation, you will be informed. This medical examination includes several things:
1. A questionnaire
Based on a questionnaire, the doctor will assess whether you are at higher risk for certain chronic conditions or already have a condition. It is very important to answer this questionnaire as honestly as possible.
2. A physical examination
A physical examination provides more information about certain symptoms of chronic conditions or diseases. Think cancer, a problem with your lymph nodes, organs, and so on.
3. A urinalysis
In turn, a urinalysis provides additional clarity about possible problems with kidneys or adrenal glands. After all, poor functioning of these organs increases the risk of (early) death.
4. A cardiogram
The medical exam also includes a cardiogram, both at rest and during physical exertion. That way they measure your heart rate, the health of your heart valves, blood flow, blood pressure and more to identify any problems or the risk of future problems.
5. A lung photo
Sometimes a lung X-ray is also taken during a medical examination. This is especially true if you smoke or have smoked, as the risk of lung damage and premature death is higher in that case.
What is the result of a medical examination for Death Benefit Insurance?
Once you pass a medical exam, there are three possible outcomes with your insurer:
1. You are accepted for insurance
In this case, you will receive the certificate of insurance or policy sheet from your insurer and your term life insurance policy will be accepted as you drafted it yourself.
2. You must meet additional conditions
You may be accepted for term life insurance , but may be at a higher medical risk. As a result, you may have to pay a higher monthly premium or agree to a shorter term of the life insurance policy .
3. You are not accepted
If your medical condition does not meet the minimum requirements, the insurer has the right to reject your term life insurance, until your health situation possibly improves. However, in that case, it is also possible to apply for mortality insurance from another insurer, which may accept you.