Life insurance is an inseparable part of life, without which may put their family’s financial future at risk. A life insurance policy ensures financial security for the family in case something unfortunate happens to the life assured within the policy period. If you wish to buy life insurance, there are specific steps you need to follow. Medical checkups are sometimes an integral part of the entire process.
Read below to know more about medical check-ups for life insurance and why they are essential.
Medical Check-ups for Life Insurance – The What & Why of It
Almost all life insurance companies require medical check-ups in the underwriting process. This is only to check the current health condition of the person to be insured, their life expectancy, and other health-related risks.
It is vital for the insurance company, as the premiums for the insurance policy are determined on the basis of risk; the riskier it is to issue a policy, the higher the premiums will be. The medical checkup determines if there are any health-related risks to your life. Additionally, this medical examination is beneficial for both parties. On one hand, the insurance company can feel more secure about the insured person’s health and on the other hand, the insured individual also gets an opportunity to check for any underlying health issues.
The medical check-up will be a convenient physical examination that either the insured person can get done or the insurance company can arrange for the same. The medical examination requires some important questions about your medical history to be answered along with necessary tests. These include:
- BMI Test
This simple test calculates your Body Mass Index (BMI). Instead of measuring any condition, it most often acts as a standard for other testing.
- Urine Test
Your urine may be subjected to several tests. Urinalysis is the term for this. The main criteria are to determine whether you have any physical issues.
- Blood Test
Everyone should undergo routine blood tests. It is the most typical technique to test for a person’s medical condition. The insurance company might request more extensive testing if you exhibit any bad symptoms.
- Complete Blood Count (CBC)
Your blood cells will be counted during this kind of blood test. You can find out if you have any pharmaceutical side effects in this test. A complete blood count test is the best way to check for any underlying illnesses.
- Blood Sugar
The blood glucose test calculates how much sugar or glucose is in your blood. This test is most helpful in identifying diabetes.
- Kidney Function Test
As the test’s name suggests, it is best utilized to assess how well the kidneys are working. Therefore, the test may require blood or urine samples.
- Liver Function Test
The test consists of many procedures that measure the blood’s protein content and enzyme levels. This can be used to diagnose diseases like hepatitis.
- Lipid Profile
Lipid profile tests are performed to identify the cholesterol or other disorders that your blood contains. Understanding your abnormal cholesterol/fat content may be critical in predicting your future medical concerns.
Images of your heart can be produced using echocardiography. Although the operation is not as straightforward as taking a blood or urine sample, the dangers are low.
- Chest X-Ray
A radiation beam is used in a chest X-ray to examine the function of your heart, lungs, and bones. The X-ray can detect minor disorders that impact your blood vessels or airways.
- HIV Test
Not all insurance companies will request this test. However, you may already know that the test aims to identify HIV positivity.
Ultrasonography may be used primarily in the insurance setting to determine the diagnosis of dangerous disorders like cancer.
- Detailed Trail-Making Test
This is considered to be a neuropsychological exam. Insurance companies may use this test to assess your rational thinking and psychoanalysis.
- Treadmill Test
You can learn more about your heart rate & stress monitoring by taking this voluntary exam. This is a general test that insurance companies use to gauge your respiratory capacity, blood pressure, and flow rates.
Depending on the format and procedures used by your insurance provider, you can also be required to take a variety of examinations. However, you should be aware that none of the previous tests is necessary to offer term insurance.
In many cases, companies first ask you to fill out a health questionnaire and then get you to undergo a medical check-up. However, some may also ask you to fill out your health questionnaire at the clinic. Some insurance companies do not require physical health check-ups. They only have health questionnaires you can conveniently fill up while applying for the policy.
How to Prepare for Medical Check-ups
If you are buying life insurance and need a medical check-up, then it is better to prepare beforehand to avoid facing any difficulties.
As a first step, gather all the medical records you have and the identity card you need to show the physician if you are going for a medical check-up at the venue prescribed by the insurance company.
On the medical check-up day, stay calm, drink adequate water, and relax. Wear half-sleeves and lightweight clothing for greater comfort. Skip workouts on the day of your medical check-up. The entire process usually takes just half an hour or slightly more. The doctor may also ask you a few questions during your physical examination.
After Your Medical Check-Up
Once your physical examination is complete, all the reports are sent to the insurance company directly so that it can process the same and take the process forward. Once everything is approved, your life insurance application will be approved, and you will be notified of the same. This is the final bit that you have to wait for. In most cases, it does not take much time on the insurance company’s end.
Now that you know a little about medical examinations for life insurance, you should prepare for the same while applying for your policy.