If you’re considering purchasing life insurance offered by the private-sector marketplace, it’s important to understand the underwriting process. Designed to assess the risk you may present, the underwriting process determines the amount of your premiums and whether you’re approved or disqualified for coverage.
The Underwriting Process Requires Collecting Information
The type of information collected begins with the basics: your gender, age, occupation, chronic health issues, and current lifestyle habits like smoking and drinking. Some companies require additional information like your medical history, your family’s medical history, a list of your past and current prescriptions, any dangerous hobbies you may have, plus a physical exam.
A request for a physical exam usually depends on the amount of coverage you’ve requested. A policy with a low death benefit intended for funeral costs and final expenses may not require an exam. If you’re age 50 and over, and if you’ve applied for coverage of $ 1 million or more, you may be required to get an EKG, x-rays, and/or a treadmill stress test.
“Ask the exam technician to take your blood pressure last when you’re likely to be more relaxed after answering all the health questions.”
10 Tips To Help You Ace Your Physical Exam
Although you can’t control certain health issues, you can take steps to help ensure you do as well as you possibly can when you take your physical exam.
- Schedule the exam for the morning when your blood pressure and heart rates are usually lower.
- Get plenty of rest the night before; if you wake up feeling unwell, reschedule the exam.
- Drink 8 or more glasses of water per day, for at least two days before your exam.
- Stay away from fatty or fried foods and alcohol for three or four days before the exam.
- Fast for at least eight hours before your exam to ensure you get an accurate reading of your cholesterol levels.
- If you take medications, stay on your usual schedule on the day of the exam.
- Avoid strenuous exercise that may temporarily elevate your blood pressure for at least 24 hours before your exam.
- Ask the exam technician to take your blood pressure last when you’re likely to be more relaxed after answering all the health questions.
- Wear lightweight clothes and remove cell phones, wallets, and keys from your pockets before you step on the scale to be weighed.
- Stand up straight when your height is measured – the taller you are in relation to your weight, the lower your BMI (body mass index).
If you have questions about purchasing a life insurance policy, meet with an FRC® trained advisor who can help.
