Can Anyone Tell Me What Questions They Ask For A Life Insurance Policy?
Posted July 31, 2009 – 10:19 am in: structured settlements FAQIf you are in your 20s what kind of medical questions do they ask when applying for life insurance? If you have been exposed to asbestos do you think they will turn you down? Help…….if you are an agent I would especially love to hear from you. Thanks.
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The 3 principal variables in a mortality table have been age, gender, and use of tobacco, these, when used in conjunction with the health and family history of the person applying for a policy will provide a baseline for the price of insurance.
The insurance underwriter will (in most cases) look into each nominated insured individual. Group Insurance policies are an exception.
This investigating and ensuing evaluation of the risk is termed underwriting. Health and life-style questions are asked. Certain answers or information received may deserve additional investigating. Life insurance companies in the U.S.A. support the Medical Information Bureau (MIB), which is a Boston established clearinghouse of data on persons that have applied for life insurance with participating firms in the last 7 years. As part of the application, the insurer may obtain selective information from the proposed insured’s doctors
Liifestyle questions such as do you use tobacco, do you drink, height, weight? Am not an agent so don’t know about the asbestos question – they might charge a higher premium or exclude coverage for an asbestos-related death.
They may have you complete a brief physical exam to check blood pressure and do a urine sample test. Finally, they might do a blood test for HIV.
Good luck!
A general medical history questionaire and a release of your medical records will be required. Sometimes a physical exam is also required. If you’re in your 20s, it is unlikely that you have been significantly exposed to asbestos.
I accompanied multiple people during the life insurance question session and none of them was asked about asbestos – all of them were asked about smoking though!
Normally for policies below 10,000/- premium, no medical details are required.
The question won’t be on the application….unless you have some sort of symptoms or have consulted a doctor about it.