A medical exam, complete with comprehensive blood tests, is an essential part of most life insurance applications. Insurers use the information from the exam and blood tests to determine whether to accept your application and how much they will charge you in monthly premiums.
The life insurance medical exam is performed by a paramedical professional from a third-party company the insurer works with regularly. Its paid for by the insurer and can be done in the location of your choosing (usually work or home).
What is a life insurance blood test?
A blood test is a standard part of the life insurance medical exam. Its performed by the same examiner who conducts the overall medical exam. The purpose of the blood test is to check for underlying diseases, health issues, and drug use. The results give the insurer a clear picture of your current health. They also offer insights into potential health problems that may arise in the future.
Additionally, the life insurance blood tests allow the insurer to check that the information you provided on the written application is accurate. If the results from your blood tests and the details you provided on your application dont match up, it can raise a red flag.
When you agree to the blood test, you agree for the results to be delivered to the insurance company providing the policy.
Why do insurance companies request blood tests?Health plays a big factor in determining whether you can qualify for life insurance and at what rates. Medical records illustrate your medical history and an examiner can record basic things like height, weight, and blood pressure. But blood tests give the insurer the most accurate, current insights into your health situation and potential medical conditions.
Every individuals health is important to insurers because the entire life insurance business model is based on the concept of risk. Life insurance pays out a death benefit to the beneficiaries of your policy if you die during your term. The life insurance company does not want to pay outafter all, thats how it loses money. So when the insurer vets applicants, it prefers those who present the least risk of dying during their term.
To help determine which applicants pose the greatest and least risk to the company, insurers use a list that rates each individual to a unique health class: Preferred Plus, Preferred, and Standard are some common classes, though each insurer has its own particular name for its class ratings. People who smoke are in an entirely different rating system.
Insurance underwriters review the results of your medical exam and blood tests to determine which class you should be put into. If youre in great health, theyll put you in the highest classand give you the lowest premiums. If youre in pretty bad shape, youll be put in the lowest classand get very high premiums. If the underwriters determine that your health is really bad, they can recommend that the insurer reject your application altogether.
How life insurance blood tests work
When you find a life insurance policy that you want, youll need to fill out an application that includes detailed questions about your health. Once you submit it to the insurer and receive the go-ahead to schedule an exam, youll be given the option of several dates and times to do so.
The exam usually takes between 20 to 30 minutes, and many people choose to schedule it at their workplace or at home. The cost of the exam is covered by the insurance company, so you dont have to pay anything out of pocket. It can take between a few days to a few weeks to get the results.
During the exam, youll be asked simple health questions (many of which were already covered in the written application). The examiner will measure your height and weight, take your blood pressure, and draw a blood sample. Youll also be asked to submit a urine sample. In some cases, based on the information you provided on the written application, the insurer will ask you to undergo an EKG. This usually adds an additional 20 minutes to the exam, but its fairly standard and no cause for alarm.
Preparing for the blood tests Preparing for your blood test is simple and doesnt require a lot of effort. There are a few things, however, that may be counterintuitive, so weve prepared this list of tips to help you get ready.
Fast: Youll need to fast between 8 to 12 hours before your blood test, which is why many people prefer to schedule it for early in the morning.
Drink plenty of water: being hydrated can help dilute sugar and protein concentrations, as well as flush out toxins from your body.
Bring your application: If you get nervous around needles, it can be a good idea to print out the written application that you filled out and bring it with you. This way, youll have all your basic health information in front of you and wont forget it due to nerves.
Bring ID: You should make sure to have your drivers license or other valid ID to present to the paramedical professional.
Avoid over-the-counter meds: Since one of the things the insurance company looks for is drug use, you should avoid taking decongestants, over-the-counter cold and flu medications, and diet pills. These can result in false positives for illegal drugs.
Avoid substances that affect blood pressure: Other things to avoid include alcohol, caffeine, and nicotine, as these can all affect blood pressure. Bear in mind that avoiding nicotine for one day will help with your blood pressure results, but it wont erase evidence of nicotine in your bloodstream if youre a frequent smoker.
No strenuous exercise: Although regular cardio exercise is healthy, you should avoid it before your exam, since this too can affect your blood pressure.
Sleep: Make sure to get enough sleep the night before your exam. According to the Mayo Clinic, People who sleep six hours or less may have steeper increases in blood pressure. If you wake up on the morning of your exam and dont feel good, we recommend rescheduling to another time. While it may be just a cold, you dont know whether it will adversely affect the results of your blood test and entire exam.