Although getting the best deal on life insurance can be quite challenging, another potential problem when buying life insurance is to get past underwriting. Depending on the insurance product, applicants may be required to take medical tests in order to get through medical underwriting. The folks at the Life Insurance Company in Naples FL will try to minimize the inconvenience related to the underwriting process.
One of the ways that insurance companies like Ackerman Insurance Services make it easier for applicants to get through medical underwriting is to have the medical tests performed at the applicants’ home or business. A paramedic will show up at the office or home of the applicant. Then the tests will be performed. Although the tests vary from company to company and from person to person, it usually does not take a lot of time. Most applicants will need to have a blood pressure reading. A blood sample is needed by many companies. Saliva samples may be requested as well. In general, those who are older or are applying for high value life insurance policies will undergo more testing than those that are younger and are requesting smaller policies.
Medical underwriting is more than getting blood samples from applicants. The Life Insurance Company in Naples FL will also request medical records. The insurer will also check a database for previous insurance applications to see if the applicant has been denied or approved coverage at other insurers. A denial on an application with another insurance company may be a red flag.
Once medical underwriting has been completed, there are three possible outcomes. First of all, the insurer may choose to accept the applicant at the original rate quoted. Medical underwriting likely found few or no health problems. Another possible outcome is to accept the applicant at a higher premium. The increased premium is usually due to a health problem found during medical underwriting. Since the applicant has a higher risk of dying sooner rather than later, the premium needs to reflect the increased risk. Finally, the insurer may choose to decline the application. This is when the applicant has serious health problems such as terminal cancer. Click here for more information.
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