Monday, February 17, 2014

What Type Of Tests Would You Decide To Try Get Life Insurance Coverage

Life insurance is a good way to ensure that family members will have enough money to cover expenses that you may leave behind in the form of unpaid bills and funeral costs. Obtaining life insurance may mean taking tests to get the best rates and coverage possible. The insurance company that you are working with will provide the examination free of charge and the exam itself will typically take no more than 30 minutes.

Physical Examination

The main test that you will need to take when obtaining life insurance is the physical examination. This exam will include a height and weight measurement, blood pressure reading and blood, saliva and urine specimens. The purpose of the physical examination is to assess your health risks and determine the insurer's risk of giving you a policy given your overall health and risk factors for conditions that will affect your mortality. The tests can be conducted at your home, office or other location convenient to you; a registered nurse, paramedic or doctor that is approved by the insurance company will contact you to set a date and time.

The samples of urine, blood and saliva will be tested for antigens or antibodies to HIV (the virus that causes AIDS), lipids relating to cholesterol kidney and liver disorders, hepatitis antibodies, diabetes, PSA's (prostate specific antigens) and immune disorders. The urine sample will be tested for illegal drugs and prescription medications along with the routine screening analysis.

Blood can be taken two ways; it can be drawn by a needle if a large sample is needed for a full blood profile or it can be taken via a finger prick, such as that for a blood glucose machine to detect sugar levels. Younger applicants may only need to provide a finger prick sample of blood whereas someone older may need to provide a full sample for a complete blood profile.

Medical History

In addition to the physical examination, the examiner will ask about your medical history. You will need to provide information regarding your past surgeries, medications, medical conditions and any treatments you may have had. You will also need to provide the names and addresses of previous hospitals or physicians that may have provided treatment. Making notes before the examination will aid the process.

It is always the best practice to be honest and forthcoming with your answers. The insurance companies will do their own followup and investigation to verify the information you provide. Your medical dossier is available to them through the Medical Information Bureau, which is a clearinghouse of medical information that all insurers share and have access to.

Smokers are typically penalized by the insurance company due to the higher rate of mortality. According to Possner of Exam & Profile Services, "Cigarettes [nicotine] will show up many days or even weeks after use in somebody's urine. It will probably still show up if someone has refrained from smoking for a short time prior to the exam." You will be considered a smoker if there is any nicotine detected, even that which is delivered via nicotine patches.

Additional testing

There are instances where additional tests may be necessary. You might have to answer questions on a specific questionnaire or submit to an electrocardiogram (EKG) test. These tests are not typical and if they are necessary, the insuring company will make the arrangements and provide the exams free of charge.

Additional testing will be required of those who are seeking very large amounts of life insurance--usually more than $1 million. The underwriting criteria for such large sums will be much more stringent and in lieu of an exam performed by a paramedic or nurse, you may need to submit to a full examination from a doctor. A company-appointed internist may need to be consulted for sums more than $5 million.

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