Once you’ve decided to buy a policy, your financial professional will complete an application with you and then submit it. The insurance company will begin a process to obtain medical information to determine whether the company can insure you and what your payments will be.
The three-step process includes a medical exam, a medical history interview and underwriting.
Both the physical exam and the interview will be done at the company’s expense and your convenience.
The life insurance physical can usually be done in your home. The exam will generally take between 20 and 30 minutes and may include:
The medical history interview is a telephone interview that will take about 20 minutes. The interviewer will ask you to verify your identity and to provide information about yourself. The interviewer will then ask questions relating to your:
After you’ve completed both your physical and interview, Underwriting can begin.
Here are some tips for preparing for your confidential medical exam:
“Underwriting” refers to the evaluation of your current health, medical history, family medical history, and your lifestyle. This step occurs after all of the information is collected. The insurance company’s underwriters establish your eligibility for life insurance and help ensure that you get the lowest possible premium.