What Is the “MIB?"

“MIB" is an abbreviation for the Medical Information Bureau. 

When applying for life insurance coverage, there are a variety of types of information that the insurance carrier will require. In addition to your name, age, and gender, the insurance company also needs to know about your health, health history, your family health history, as well as any other potential risks that you may pose in terms of the insurance company having to pay out a claim.

In addition to the information that is provided on your life insurance application, as well as the medical examination that you may be required to take, many life insurance companies will also obtain additional details about you via the Medical Information Bureau.

The Medical Information Bureau, “MIB," checks past records to uncover errors, omissions or misrepresentations made on insurance applications. It is kind of like a credit report for the life insurance process, and it helps prevent fraud, risk, and increased costs.

The MIB was founded with the goal of working with life insurance companies to combat fraud. They do this by compiling information from previous life, health, disability, or long-term care insurance applications. Note: The MIB doesn’t just have files on everyone. You have to have previously applied for one of those type of applications in the past for them to have information on you.

Safety of your information:

Nowadays, most consumers are worried about identity theft and keeping their personal information safe. Their personal information includes an individual’s medical records, which can reveal a great deal about an individual, and can also be used in identity theft crimes. For that reason, it is certainly understandable that it can be very concerning to many people whether or not their information is safe. Thus, when sharing medical information with an insurance company, the Medical Information Bureau provides the details in a coded format. Consumers’ information is also maintained by the MIB in this coded format to help protect their privacy. The information that is maintained by the Medical Information Bureau is only able to be accessed by certain authorized personnel of an MIB member company to which an applicant has applied for life or health insurance coverage. Also, a consumer must first provide his or her authorization to use the Medical Information Bureau as a source of information. To provide even more security concerning the privacy of consumers’ information, the Medical Information Bureau also both implements and enforces a high level of security standards that have been developed to protect the safety and security of any “individually identifiable” information in its database.

"MIB Group, Inc. is a member-owned corporation that has operated on a not-for-profit basis in the United States and Canada since 1902. MIB's Underwriting Services are used exclusively by MIB's member life and health insurance companies to assess an individual’s risk and eligibility during the underwriting of life, health, disability income, critical illness, and long-term care insurance policies. These services "alert" underwriters to errors, omissions or misrepresentations made on insurance applications. By mitigating the risk of applicant errors, omissions and misrepresentations, MIB may help lower the cost of life and health insurance for consumers.”1

1. Source: MIB Website: https://www.mib.com/facts_about_mib.html

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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.