Why insurance companies insist on life insurance medical test

The life insurance medical test is conducted to assess the health of a person, and decide the premium. The test helps the insurance companies to minimize risks. For instance, anyone who has a life threatening illness is either denied a policy or charged a hefty premium. In contrast, young and healthy people are charged nominal premiums, and allowed to buy big policies.

Insurance companies use longevity charts and medical history to determine the life span of a potential policy holder. The longevity charts are an indicator of the life span of individuals and help the insurance companies to know the risk they are going to take.

For instance, if a longevity chart states that more men aged 29 are likely to die before women aged 29 then the insurance company will charge a higher premium from men aged 29 than women aged 29. Children fall under the low-risk category and hence the companies always charge a very low premium.

The medical test and history also play a major role in determining the premium. Normally, medical tests are done at one’s home or office, with rare cases requiring additional tests as instructed by the insurance company. The following questions are usually asked about an individual’s medical history: personal medical history, family medical history, contact numbers of the family doctors, lifestyle habits like smoking, drinking, drug usage, exercise, and amount of insurance required.

The medical procedures that are carried out as part of the medical test are: measurement of height, measurement of weight, measurement of blood pressure and pulse, blood tests (for testing cholesterol, glucose, protein and HIV), and urine analysis (to check protein, glucose, creatine and cocaine).

Once the medical check ups are completed, the insurance company reviews the results to estimate an individual’s eligibility for an insurance policy and the premium that could be charged. This process may take a few weeks.

In case if you fail the medical test or feel that the test was not accurate, you can ask the company to send a copy of the report. This will help you know if you are suffering from a major ailment. You can then consult your doctor for further treatment.

Otherwise, if there is a mistake in the test itself, you can send a note to the company with your doctor’s approval, citing the mistakes. This will help in correcting your medical records which will help you get the policy.

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