What are these medical exams, and what are the benefits of getting them? Do I need a medical exam? Can I avoid a medical exam?
So first of all, what is a medical exam?
The medical exam is when a paramed, when a third party examiner approved by the insurance company, examines you to verify you qualify for a special program, or with a special health rating.
They call you and they say, “Bob, when can we schedule your exam?” And you schedule a day/time when they show up and ring the doorbell. They get a blood and urine sample and check your height and weight.
They bring a scale and the whole bit and then they ask you some questions. The whole thing usually takes about half an hour. Sometimes it takes 15 minutes. Sometimes it can take forty-five. It depends on if you have complications with your health and takes longer to go through everything or if you have to check records to find info and things like that. But typically you’re looking at 20, 30 minutes, pretty normal. And once this exam is completed, you don’t have to do anything, the examiner takes all that stuff and they send it off to the labs and the labs receive all of the exam goodies and they process everything.
And then they send that directly to the insurance carrier and then the insurance carrier. They assess everything and they say, OK, does this person get what was applied for or do we need to rate the policy, which means increase the price, potentially tweak the benefits, the policy, things like that. And so from that point forward, they’re in communication with your insurance agent. If they’re worth their weight and salt, then they’re looking at.
The carrier and they’re looking for updates on this policy and if needed, they’re going to reach out to you regarding the labs and all of that. But it is a fairly convenient and fairly painless thing to get a medical exam. However, there are advantages and disadvantages to getting a medical exam.
The disadvantages of getting a medical exam beyond the inconvenience, which isn’t a big deal. But beyond that is going to be. If you get those results, they come back from the labs and go to the insurance carrier and there’s something you weren’t aware of or maybe something you forgot about, or maybe there’s just and as far as not being aware of something, if you’re diagnosed, you can be diagnosed with something you weren’t aware of from the exam. So any of those things happen.
You might be rejected on the policy or they may drop your health rating, which increases cost or reduces your benefits. All of that and any of those things that happen permanently goes on you might be as your medical database that all doctors upload info into. So goes in your Amedee. And the reason why that’s important to be aware of is that any insurance, any life insurance-related policy that you apply for moving forward, and mortgage protection is life insurance.
Any life insurance-related policy moving forward that you apply for? The first thing they do is they look at what might be when you apply, you sign a hip, a form, and a hip. A form gives them legal access to just glance at your might be and see if you should approve for the program or not. And so anything that comes up in these medical exams, it goes on there, it’s not a public record, it’s private, but it’s on you might be OK and it impacts all these things moving forward.
Now, the downside is that those things can happen. The upside is that as long as those things don’t happen, then you can get a great rate on your mortgage protection.
And so typically what we do on our side is we have access to lots of programs that don’t require medical exams and they still give a high health rating. So we start with those. And if you would get approved for those, if you qualify for those, that is a great place to start. Now, if you want more coverage, meaning over five hundred thousand dollars in coverage, if you have moderate to severe health issues or if you have absolutely the perfect health, then in those cases you’re probably a candidate for getting a medical exam.
But otherwise, there are these fantastic programs. They give you a great, great super high health rating, great living benefits, perfect death benefit, and that is the way to go. So I hope this has been helpful. Please reach out to us with any other questions and stay safe out there.