Applying Term Life Insurance While Waiting For Lab Results?
Posted August 18, 2009 – 4:34 am in: term life insuranceI had an endoscope and doctor find out that I might have lump or cancer. The doctor said he need to test on cell and let us know the result in two week.
I want to have life insurance Amount $100,000, 20yr term. Here is my questions, as soon as I apply application, do I have to tell them he had test and waiting for results or just not saying anything since underwriting is processed, they’ll find out right? or not? I’m not sure. If company didn’t find out and approve insurance, is this legally ok? (for future claim)
I don’t know, what is best way to have me life insurance with lower rate
2 Comments
Yes, you have to tell them there’s a current medical situation going on – they’ll find out anyway.
Not disclosing it, is a material misrepresentation. If you died, THEN the company would investigate, and it would be found out.
Better not to apply right now, though – as you have an unknown situation going on, it’s going to be an automatic decline, and then that decline will go on your record.
Life insurance isn’t like car insurance – you apply first, write a check, then they do the bloodwork & such, then they check your medical records with MIB (which is how you’ll be found out), and it takes WEEKS after you pay, before the rate is finalized and coverage becomes active.
They will find out. As far as future claims, if they do not find out with in the first 2 years then you are ok. During the underwriting process I am very certain that they will find out unless you were applying for a term policy that has no/little medical underwriting. Yes those policies do exist. Good luck. The best thing to do is be honest. If you are not, red flags will be raised and they may give you a worse rate.