Life insurance companies don’t like taking risks. This is why when applying for coverage there will be numerous questions to determine your rate and whether or not you qualify for coverage. Not only will they ask questions but they will also go into your medical records to verify all this information. So let’s review some of these health questions and discuss how they affect you and your life insurance coverage.
In summary here is what you will learn in this article:
- The health questions before and during an application
- To never lie on your application or to your agent
- How these questions effect you
Before we get into detail, you should know that there is such thing as “no questions asked” coverage called guaranteed issue. These type of policies will issue coverage without review. However the catch is that these policies are limited in coverage, more expensive, and have a two year waiting period for payout. If that’s what you’re looking for click here, otherwise let’s dive into the most common life insurance health questions.
The Pre-qualification Questions
If your independent agent is experienced he or she will usually ask you pre qualification questions to determine which life insurance company will be the best fit for you. Each company will insure different risks at different rates so if you aren’t perfectly healthy, the quoter isn’t the best place to start, an honest conversation with your agent is. Let’s look at these questions.
Tobacco use?
If you smoke cigarettes you get smoker rates, if it’s e-cigarette, cigar or chewing tobacco you can qualify for non smoker rates with a few companies.
What is your height and your weight?
Your build can influence your rate if you are over, or under weight based on the company’s build tables.
Do you have any medical conditions?
This part is absolutely vital for you to be honest. Make sure to describe your condition and the severity of it. It will usually be followed up with more questions about the condition, the more detailed the better. This will help the agent determine what kind of rate you’ll get and which company will offer the best rate.
Do you take any prescriptions?
The agent will want to know what kind of treatment you’re using to treat your medical conditions and whether or not the condition is under good control.
Do you participate in any dangerous activities?
This may not be a health questions but it can affect your rate. This includes anything like skydiving, scuba diving, rock or mountain climbing, etc.
Do you have a family history of stroke, cancer, or heart disease?
Life insurance companies always look into family history. So even if you think you’re in great health, this may bump you down a rate class.
Do you have any DUI’s, felonies or bankruptcies?
Yes, the life insurance companies will look into all of this as well to determine your premium, and qualification for coverage.
Drug or Alcohol Abuse?
If the answer is yes, they will want to know if you’re getting treated or not and the effectiveness of the treatment.
I can’t stress enough how important it is to be honest with your agent. Your honesty will directly affect your agents ability to help you get coverage and get it at the best rate.
Health Questions on the Application
The questions on every life insurance application aren’t always the same from company to company. However, here I will provide a sample from a simplified issue application because they are more strict so you’ll get a better idea of the array of health questions you can be asked.
Let’s list them down as they are on the application(some may be similar to pre-qualification questions):
- Are you taking any medications?
“Has the proposed insured ever been treated, tested positive for, or been given medical advice by a member of the medical profession for disease or disorder for:
(Lifetime)
- Heart problems or any disease or abnormality of the heart, blood or blood vessels?
- Any kind of cancer?
- Any immune disorders or AIDS?
(Last ten years)
4. Any brain or nervous system abnormalities? This includes but not limited to depression, anxiety, paralysis etc.
Any disease or abnormality:
- Of the respiratory system?
- Of the kidneys, prostate, bladder, or genital system?
- Of the digestive system?
- Diabetes or any disease of the thyroid gland?
- Abnormality of eyes, ears, skin, bones, muscles or joints?
- Treatment or counseling for Alcohol or alcoholism?
- Treatment or counseling for drug use?
- What was the date of your last doctor visit?
- Have you ever been advised to do a surgery but did not?
After this you will be asked to explain any and all medical issues on the application.
As I mentioned each company has a varying list of questions but for the most part they want an idea of your overall health. The severity, type, and length of your health will play a huge role.
If you feel you may be uninsurable read more here to learn if you really are. Or you can give us a call so we can help you get the right coverage. I said it once and I’ll say it again, your best option is to BE HONEST with your agent so that they can guide you to the right policy and company for you. Your health plays a huge role in your application approval and each company will look at you differently. The best quote on the quote engine isn’t the best quote for you if you have any medical conditions.
If You’re in Bad Health
If you’re in poor health and have any serious medical conditions then there are two likely outcomes for you in regard to life insurance. The first, and most ideal, is the company will increase your rates and place you in a standard or a substandard health rating. This means you can still get coverage just not at the best rates out there.
The second outcome is getting a guaranteed issue or graded life insurance policy. These policies limit the amount of coverage you can get and usually have a waiting period of 2 years before full benefit payout. Meaning you would have to die two years after policy’s conception in order for your beneficiaries to receive the money.
The good news is you found the best independent life insurance agency on the market. We’re an online marketplace that specializes getting individuals with bad health qualified for coverage. Call us today at 888-492-1967 to discuss your options or chat us up below if it’s not too late.
