Medical Examination & applying for life insurance

A medical examination or physical paramedical is not really necessary in most cases these days. It all depends on your health, lifestyle, age as well as the face amount of life insurance you are applying for. After the COVID-19 pandemic, it is much easier to obtain a great policy with a higher face amount without any medical examination, only by answering a few medical questions.

A medical examination or physical paramedical is a blood and urine test conducted by a nurse.

Even though it is possible to obtain various life insurance in Canada without a medical exam when applying, it is a wise idea to understand the impact of your choice and the difference between going through medical or not.

Some life insurance products only require a medical exam in some situations, whereas others require them for all applications. A few do not require that you submit either a medical exam or a medical history questionnaire.

The purpose of submitting a medical examination is to assess whether you have any medical conditions that can impact your life expectancy.

When will an insurance company waiver the medical examination?

Depending on your lifestyle and medical history, some companies may deem that you do not need to have one if they are satisfied with the questions you have answered on your application.

However, if you are over a certain age, have been a smoker or heavy drinker, have a history of serious illness, are on chronic medication, or seeking a high-level payout, most companies will request one.

If further medical information were needed, your doctor will be contacted (with your permission) for more medical information.

What are the advantages of having a medical examination?

If you are in good health and still young, a medical exam can lower your premiums. This is because the insurance company has a low risk of you dying prematurely.

Life insurers that offer policies without a medical exam usually have more expensive premiums. This is because they are taking a higher risk of insuring you. However, most do require that you fill in a medical and lifestyle history. Also, if you fail to disclose a medical condition on your application, your cover will be voided.

Coverage for no exam life insurance is usually less than if you have a medical. They usually max out at $500,000; however, since the COVID-19 pandemic, the amount has increased to $1,00,000 with some age restrictions.

This amount may not be enough for most people, because life insurance should cover about 10 times your annual salary if you are buying life insurance for income replacement purposes. You may need to take out extra insurance if one policy does not cover you.

If the company you want to be insured with does not ask you to submit a questionnaire with your medical history, expect to pay even higher premiums.

What does a medical exam entail?

A medical exam is usually conducted by a nurse or a paramedical professional. For your convenience, the insurance carrier will schedule it at home or work.

Typically, the exam takes about half an hour and includes a blood and urine test, checking your vital signs, and some health questions. Depending on your age or results, additional tests like an ECG may be required.

What happens if you fail the medical exam?

It is most likely that you do not have any problems with your health, and you will qualify for life insurance. However, there are some things that you should bear in mind before submitting to one.

You might be made aware of an underlying health issue that you were not aware of, and this might result in the denial of the application. This could affect any other future applications you make. Then again, it could diagnose a serious health problem that is easily treatable.

Conclusion

Medical exams are only required when you are applying for a high face amount or when you have health issues or when you are older. Medical Examination or physical paramedical is nothing to be afraid of, it is simple and painless. Some insurance is better than none, but if you can get a cheaper life insurance policy with a higher payout, why not have a medical examination?

Finding the right Life insurance policy with the proper coverage amount at the right price and its process can be complicated and overwhelming.

Our expert advisers are fully qualified to help you work out the coverage that will meet the needs of your family. By taking your age, health, liabilities, and goals into consideration and helping you to understand if you need to go with a medical examination or not.

At Apluswealth, you can get a quote, compare quotes, and find the life insurance quote you feel comfortable with. Our life insurance advisors will provide you with quotations and the most suitable policy types.

Contact our expert advisers today and find out which is the best life insurance for you.

Email: Contact@apluswealth.com

Tel: 1-888-461-6120