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The basic idea for getting a medical exam before you buy an insurance policy is because companies want to know what your medical condition is or how healthy or unhealthy you are. This is because the results of this medical exam will affect how much the insurance will cost. If the medical condition affects a person’s life expectancy in a negative way, then the cost of the insurance policy will be expensive for this person when compared to a healthy person. The benefit one can get from submitting a medical exam to the insurance company is the lower premiums that one will get offered if one is in good health. Submitting this shouldn’t even be a problem for someone who is healthy, without any major medical conditions that will deteriorate his/her health. If the issuer is healthy – this means there is less chance of him/her passing away any time soon. This translates to less risk for the insurance company offering the policy and hence the lower premiums to the issuer. In case, however, the issuer refuses to disclose medical results, could mean that any future policies he/she may wish to take out would be in jeopardy. Another concern for the issuer could be that he/she may discover some health concern previously unknown. Medical exams aren’t always compulsory. Sometimes, the issuers will be questioned and asked to provide some information about their lifestyle choices such as whether or not they smoke, drink or do drugs. Other demographic factors like age and gender also affect the premiums charged. A serious history of illness is also a consideration along with the amount of coverage that is the issuer is seeking. Then based on the results of this, the company may decide if they would like the issuer to carry out a medical exam. There are some companies that might issue policies without any medical exam. They will, however, ask the applicant questions about their lifestyle and medical history. From the information provided by the applicant, the companies will then set their premiums. Some policies are sold without asking any questions about the medical history. These will, however, be more expensive with higher premiums because of the risk that they undertake. Those people with a known medical condition who decide to get this type of life insurance that requires no medical history records, should be cautioned. The policy will be considered canceled if the applicant fails to provide this information or keeps it from the company. My Insurance Expert will help you find term life insurance that fits all of your individual needs. The world of life insurance doesn't have to be difficult. With the right advisor you can give your family the protection they need and have peace of mind.
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