What to Expect in a Life Insurance Medical Exam (2024)

A life insurance medical exam is similar to a routine physical that you would receive at a doctor’s office each year. However, this exam is requested and paid for by your prospective insurer. You may be able to take it in a doctor’s office, or a paramedical company might administer the test.

The specific tests included with your medical checkup vary based on your age and the insurance company you’re shopping with. Common tests include:

• Blood work
• Urine
• EKG
• X-rays
• Cognitive ability testing
• Treadmill stress test

Most exams also include paperwork, wherein medical examiners ask about medical history, illnesses that run in your family, and your recent health history. Have on hand your personal data, a list of all the medications you take, your current dosages, and information on any diagnoses you’ve received from a medical professional.

When you submit your application to a life insurance company, it begins the underwriting process. Underwriting determines what you’ll pay in premiums, assuming you’re approved for coverage. During underwriting, insurance professionals assess everything they can about your overall health to estimate your life expectancy.

While it sounds morbid, underwriting is essential for the insurance company to determine your risk as a policyholder before offering a quote for life insurance.

If you’re applying for a permanent life insurance policy or a policy with a large death benefit, you’re asking your insurer to take on significant risk. Before the insurance company agrees to take on this risk, it wants to know that you don’t have any major health issues or medical conditions that could cause you to die soon after getting your coverage.

By requiring a medical exam, insurance companies get a more detailed look at your overall health and gain the ability to evaluate the likelihood that you’ll develop a chronic health condition like diabetes or have a serious event like a stroke or heart attack.

Whether you’ll need a medical exam before getting life insurance largely depends on the type of policy you’re looking to buy. Limited-risk policies like term life insurance plans usually don’t require a physical exam.

However, every insurance company will ask you to fill out some type of basic health questionnaire before determining how much you’ll pay each month to maintain coverage. If you want whole life insurance, expect to have a medical exam.

To get a life insurance medical exam, request a quote from your insurance provider. You probably won’t need an exam if you apply for term life or a whole life policy with a limited death benefit. And if you don’t need an exam, you might be able to buy your policy entirely online.

If you want to buy whole life insurance, you’ll likely be prompted to contact an insurance company representative, or a representative will reach out to you. The representative will schedule your exam and provide a range of options for how and when to take your test. Ask questions like whether you should fast before the exam and what types of tests will be included.

You may be able to view the results of any exam, depending on the company that administers the test and your insurance company. Some paramedical companies allow you to see results online in as little as 12 hours, which can quell any anxiety you might have about your experience. Contact the paramedical company’s customer service to request a copy of your results, and keep that copy. Your insurance company will follow up to discuss your results after receiving the results and finishing the underwriting process.

Cost of a Life Insurance Medical Exam

When it comes to life insurance, many customers assume they’ll have to see their primary care doctor and pay for the exam. That’s not usually the case. The insurance company typically schedules the exam and covers the cost.

Insurers consider exams part of the cost of doing business. In fact, they pay for the exam even if you don’t get approved for coverage or if you decide not to buy the policy.

Depending on the tests required, your health issues, the amount of coverage you desire, and the insurance company, you might be able to complete the exam at home. Some insurance providers also offer paramedical offices that can come to your workplace to provide more convenient testing.

Your provider will contact you to schedule any medical exam. Delaying it won’t help. In fact, delays can increase the cost of coverage if you’re already in poor health.

If you have a terminal illness or a serious medical condition, finding coverage can be challenging. You want to purchase enough coverage to guarantee that your loved ones will be covered after you pass, but the added medical exam may make it difficult to get the best life insurance if you have health issues. However, you have options to find affordable life insurance, no matter your situation.

First, not every life insurance policy requires an exam. The best no-exam life insurance policies can be purchased entirely online, offering term coverage after answering just a few short questions. While these policies may not guarantee a death benefit payout for your loved ones following your passing, term life insurance can give you peace of mind — even when living with a terminal illness or a serious health condition.