Life Insurance Exam

What happens during a paramedical exam for
life insurance? When you apply for life insurance, your health, both
medical and financial gets evaluated. This process starts with data gathering.
What’s needed depends on your age and the amount of coverage.
The requirements usually show on the life insurance projection
you signed when you applied. Depending on your answers and test
results, more investigations may be required. The nurse; a nurse came to my home at the
appointed time to conduct the tests. She was pleasant, efficient, and
experienced. She also works at a hospital. She asked many questions
throughout. The process took about 40 minutes. Sometimes the insurer
requires that your examination be conducted by a doctor of their
choosing. To prevent conflicts of interest, you can’t use your
own doctor. The requirements; as with a normal medical
checkup, the nurse collects the basics – measures your height, checks
your weight on her scale, checks your blood pressure, asks about your
use of alcohol, tobacco, and drugs, asks about your use of prescription
medication, asks about changes in your health. In addition, I provided
blood and urine samples, which go all the way to Kansas City
for analysis. Why there? Who knows? You’d think local testing
would be faster and cheaper. I also gave proof of identity with
my driver’s license, which has photo ID, and the name and address of
my doctor, which may be helpful if other information is needed. Past
health affects future health, so you’re asked many questions about
yourself, and some about your family. Here’s a tip. When answering questions, pretend
you’re on the witness stand or at border security. Be truthful.
Be concise. Be quiet. You gain nothing by continuing to yack. Otherwise,
you risk providing unnecessary information that can lead to unnecessary
scrutiny. A final question asks if any relevant information
was not provided. Clever. The EKG; an EKG was also required because
of the amount of coverage I was requesting. This does not take a visit
to a clinic for testing with a huge machine. Now a small device, the
size of a paperback novel suffices. Ten electrodes were connected over
my chest. I sat comfortably with my feet resting on a chair.
The results were converted to sound and communicated to the
analysis center by telephone. The squeals reminded me of dial-up modems
connecting, or R2D2 in a foul mood. Had the EKG identified problems,
the test would’ve been repeated. Ouch. The EKG sensors attach to
your body like bandages with metal probes on your back. The application
is easy but removal stings if you have a hairy body like mine. The nurse
asked me to remove the three toughest probes. Initial results; the initial results look
good and mirror my executive physical four months ago. That was an earlier
podcast. If the insurance underwriter is doing it, we face
more tests or higher premiums. A poor health rating costs you just
as a poor credit rating does. Or in extreme cases, no offer from insurance.
You’re un- insurable. Free; there’s no charge for the examinations
to you or your adviser. The insurer covers the entire costs even if
you are declined for coverage, or if you decline to purchase the
coverage. Each party loses if you don’t get insured. You lose because
you don’t get the protection you wanted. The adviser doesn’t
get paid. The insurer doesn’t get revenue to cover the costs incurred. Even so, the insurer would rather lose a small
amount now than pay out a large death benefit for which you paid too
little. There’s also an earlier blog post on why insurers won’t insure
you. Privacy; if the underwriting process uncovers
medical issues, your adviser never gets the details. To protect
your privacy, the results go only to your doctor and you. You can then
see if you can take steps to restore your health through treatment or
changes in lifestyle.

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