Applying for Life Insurance
If there is one hard and fast rule when it comes to applying for Life Insurance, it’s this: “Honesty is the best policy.” You may or may not have to take an actual medical exam when you apply for life insurance, but you will certainly be asked medical questions as part of the life insurance application process. If an examination is required you will still be asked to fill out a medical questionnaire as part of your life insurance application.
You may be tempted to “fudge” some of your answers to health questions when applying for a life insurance policy in an attempt to obtain a lower monthly premium. This is a very bad idea according to life insurance professionals, and could wind up being a very costly mistake.
According to the Insurance Information Institute, countless life insurance claims are denied to families already reeling from the death of a loved one, because the deceased did not offer full disclosure of health conditions and habits (such as smoking), to the insurance company. Even on term policies, the rates a smoker pays for life insurance can be significantly higher than for non-smokers, tempting many to consider lying about tobacco use. According to life insurance professionals, there are just too many opportunities to get caught. It is far better to be honest, and explore the many opportunities you have for the most affordable life insurance policy, given your true health profile.
Similarly, people are often tempted to conceal medications taken to keep certain conditions under control, such as high blood pressure. Such non-disclosure is another major no-no, according to the experts, when applying for life insurance.
Many people will rationalize being untruthful on their applications by telling themselves 'the insurance company can afford it". They think they are simply cheating the insurance company, but they are truly cheating their own family. If you lie on your application, the insurance company will only be responsible to pay on your premiums, rather than the full death benefit. So the million dollars you thought you were leaving for your wife and kids to pay the mortgage, and college tuition, and other expenses when you die, could wind up being barely a few thousand, which may not even cover the cost of your funeral!
Rates for term life insurance are at historic lows, even for smokers. It really does not pay to take the risk. You can get competitive life insurance quotes from a number of respectable Life Insurance companies, by quickly and honestly filling out an online application.
One more note about a life insurance medical exam: if a medical exam is required as part of your life insurance application, it usually can be conveniently scheduled in your home. Life insurance medical exams are not complete physicals, but are basic tests done most often by a paramedic. The exam usually entails taking vital signs like blood pressure, an EKG to evaluate your heart, and the medic will also withdraw a few vials of blood for testing.