Lots of people today don’t know the importance of having a life insurance. If you are already in your senior years and you want a life insurance, you have to know that you need to undergo a medical examination first before you get your final quote and sign the policy. The main purpose of this examination is pretty obvious. The first reason is that the insurance company wants to verify if you are telling the truth when it comes to your health condition and second, the insurance company wants to know if you have any medical condition that you are not aware of.
The result of the medical exam will greatly influence your insurability as well as the final cost of the premium. The insurance company will pay for the medical examination and they will be the one to tell you which paramedical will carry out the examination. There are cases that no medical examination is required. This is possible for younger individuals or of the policy only has a small coverage.
The more coverage you want for your policy and the more type of policy you want, the more general your medical examination will be. Examinations that you need to undergo are x-ray, physical exam, EKG, blood work and urine specimens are common medical examinations that you need to undergo. You should expect that you will be tested for the following diabetes, high cholesterol, hepatitis, HIV, immune disorders, liver diseases, kidney disorders, smoking, and drug use.
Right after the examinations, the result will be sent to directly to the insurance company for reassessment. This is the reason why you need to make sure that you give accurate information as you fill the application form especially when it comes to your medical condition. Once the insurance company find out any discrepancy between your application and your examination results they can deny your application for life insurance or for second examination.
If you have declined for your insurance coverage because of medical examination, then you have all the right to request for a copy of that medical exam to be reviews by you and your medical doctor. If you strongly believe that the result is wrong, then you should not hesitate to communicate with the insurance company and ask for second medical exam. Once the insurance company evaluate your medical exam and approve the result, then they will calculate the premium based on the result and information such as health risk, conditions, provisions and they will send you the policy quote for you to review. You can accept or decline the policy coverage.
As much as possible you need to maintain the accuracy of your policy application. It is difficult to manipulate insurance medical exam and the insurance company will deny you if they found out that you are not telling the truth. They can give you insurance coverage even if you have lots of medical conditions if you have disclosed the truth, but of course for a higher premium. An insurance company have all their right and reasons to deny your insurance application. If you are smoking, then you should include that information on your application because the truth will come out after the examination.
Children apply for No exam Life Insurance
It is true that children can apply for their parent life insurance, but you need to make sure that your parent knows about it. It is possible for one to apply for no examination life insurance for their senior parent. This is another option that you can choose and this is better than applying for full underwriting plan that include examinations. There is no need for you to worry because this type of life insurance also gives similar type of coverage. It only means that if a man applies for no exam type of life insurance for $50,000 and approved, the full coverage will immediately start. If this man dies right after the approval of his life insurance, then the $50,000 which is the full amount will be payable for the beneficiary.
This is not always the case because there are insurance policies without the paid amount in full. This is called the insurance policies that are graded and you should wait for about 2 years the amount in full will become payable. It is important for you to know how long it will take before you can get the result for the application that you had with the life insurance firm. This is not like the other type of life insurance, because you can get the answer on of your application. For underwriting insurance coverage, you need to wait for three days. You need to ask because there are insurance companies that provide no exam insurance, but need a medical record from your doctor.
As a beneficiary of an older individual, you will also be entitled for a life insurance for your senior parent. You need to inform them that you are applying for life insurance for them. Your parent needs to sign in order for you to be qualified to apply for a life insurance and you need explain all about life insurance and how it can benefit them. As the child who applies for the life insurance, then you will be the one to pay for it. Seniors can still get life insurance with the help of their children.
Life insurance companies are very smart when it comes to giving away life insurance policy especially for elderly because they see old people s high risk. This is also the reason they are giving high premium for life insurance for elderly. Although these companies are very clever when it comes to giving insurance policy, they can really help elders to have a better life because it can cover all their medical needs. It is also helpful for the family because paying hospital bills and buying medicines are very expensive and without insurance coverage it will put heavy burden on your shoulder.