Life Insurance - Is A Medical Exam Required?

With traditional life insurance a medical (paramed) exam is normally required to get approved. The reason the paramed exam is required is that the insurance company wants to assess the risks involved with insuring you. Including whether or not to even offer you coverage, if you happen to have a history of poor health, etc. With traditional life insurance if it turns out after the insurance company reviews your medical exam results, medical history, your entire application, etc. and determines that you are in excellent health and a low risk, you will be offered a lower premium then say a person in just average health and a lot less than a person in poor health may be offered, if they are even approved. If you are in average health you will be offered premiums for your rate classification. Lastly if you are in poor health, if they happen to approve you, then you would be offered higher rates that match your rate classification.

However not all types of life insurance policies require a medical (paramed) exam. Some types of life insurance like Simplified Issue, may just ask medical questions without requiring an actual medical exam. A Simplified Issue Policy will be offered if your answers to certain questions fit the underwriters guidelines of the insurance company to which you are applying to for coverage. Although Simplified Issue can be sometimes 2-4 times higher then traditional life insurance that requires medical exams. Although it may be more convenient and a lot quicker to get approved then traditional life insurance.

Other types of life insurance such as Guaranteed Issue don’t require any medical questions OR medical exams, however those types of policies are a lot more expensive then traditional life insurance (and even more expensive then simplified issue) and also may have other limitations. One of the major limitations is that the full death benefit is not available until after the policy has been in force for a given amount of time, usually two full years. In the insurance industry, this is called graded benefits. In some cases, if the insured person dies before the beginning of the 3rd year of purchasing the policy, then the beneficiaries only get refunded the premiums paid up to that point, plus interest. Guaranteed Issue is probably the most expensive life insurance you can buy since they accept everybody regardless of health. Guaranteed Issue is basically designed to pay for funeral expenses, plus other final expenses and is typically known as a last resort type of life insurance policy because you can’t get insurance elsewhere.

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Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

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