Whether you need a medical exam depends on the type of policy, the coverage amount, and the carrier. Traditional fully underwritten life insurance policies typically require a paramedical exam that includes measurements of height, weight, and blood pressure, plus blood and urine samples to test for nicotine, cholesterol, glucose, liver and kidney function, and HIV. The exam is usually conducted at your home or office by a mobile examiner at no cost to you and takes approximately 20 to 30 minutes.
Several alternatives exist for those who prefer to avoid a medical exam. Simplified issue policies require only a health questionnaire and database checks (MIB, prescription history) — no physical exam. Guaranteed issue policies require no health questions and no exam but come with higher premiums and graded death benefits during the first two to three years. Accelerated underwriting programs offered by some carriers use data analytics, electronic health records, and prescription databases to make underwriting decisions without an exam, often for applicants under certain age and coverage amount thresholds.
The trade-off for skipping the medical exam is generally higher premiums, lower coverage limits, or both. Fully underwritten policies typically offer the best rates because the carrier has the most complete health information. Healthy individuals often benefit from the medical exam because it documents their good health and can qualify them for preferred or preferred-plus rate classifications. Applicants with known health conditions may also benefit from a full exam if their conditions are well-controlled, as the exam results can demonstrate that stability.
Your agent can help determine which underwriting path is most appropriate based on your health, the coverage amount you need, and the carriers available. All coverage is subject to underwriting approval by the issuing carrier, regardless of whether a medical exam is required.