Breaking Down Life Insurance Applications Part 2 - The Medical Profile
Did you know that when you are applying for term life insurance that is fully underwritten, meaning there is a medical exam and health questions, you will come across a part of the application known as the medical profile? This is an important part of the life insurance application process. The reason for this is that life insurance companies sometime need to request additional medical records in order to make their final decision. If the information on the application is not complete or does not have the most up-to-date information for recent doctor visits or medical procedures you could be waiting a long time to find out whether you are approved for your life insurance.
Usually the first part of the medical profile on the life insurance application will ask for your primary care physician and their contact information. They will also want to know the last time you visited them, reason for visit and if there were any findings, treatment given or medication prescribed. If you do not have a doctor or clinic that you visit regularly, you will be asked when the last time you went to a doctor or medical professional.
The second part of a term life insurance medical profile usually involves a list of medical terms. These lists can be extensive and on most term life insurance applications list these in a “yes” or “no” format. If you do answer yes to any of the medical terms, then the insurance company will want to know more about that specific medical condition or situation and who the treating doctor is. Medications also play an important part in the accuracy of the term life insurance applications. You want to be certain to list any medications, along with the milligram amount and the reason you are taking the medication.
Part 3 of the medical profile is usually a few questions pertaining to any hospital stays, additional medications/supplements that have not been listed on an earlier part of the application. There could be questions about planned doctor visits or surgeries, as well as any other treatments you may have had in the past. Family medical history will also be requested. For example, questions asking about your parents and siblings regarding specific health problems, such as heart trouble or cancer. Keep in mind that the insurance company may only be asking if the medical situations were within the last ten years or even the last five years.
Usually, you will be asked to sign a HIPPA form. This is an authorization allowing a doctor’s office or other medically related office or practitioner to release medical information about you to the insurance company in order to help them make a decision on your application.
So as you can see the medical profiles can be pretty in-depth. Always take the time to make sure the information you provide on a term life insurance application is accurate and to provide the information the insurance company is requesting. This will help your application to go through the underwriting process smoothly.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.