Preparing for a Life Insurance Exam

Getting the best possible rate for your life insurance policy may mean that you have to undergo a medical exam. Preparing for this exam is important. The better your overall physical health, the lower your life insurance premium will be.

family-457235_960_720With this in mind, preparing for and being at your best at the time of the medical exam could mean the difference in getting “preferred rate” or getting a “standard rate”.

Here are some things that we at Bragg Insurance Agency advise our clients to do in preparation of the life insurance exam.

  1. Some things that can negatively affect your medical exam and life insurance rates are your height to weight ratio (obesity), and drug and/or alcohol use. If you are slightly overweight try to lose a few pounds before the exam
  2. Try to abstain from using alcohol and caffeine at least 3 days prior to the exam. Also let the examiner know about any prescription drugs that may be in your system.seafood-platter-1232389_960_720
  3. Stay away from fatty foods such as shellfish and poppy seeds for at least 3 days prior to the exam. Shellfish can increase your cholesterol and poppy seeds can cause you to test positive for opium. (Insert Seinfeld Joke Here)
  4. If you are a smoker, the best thing that you can do for the exam and for your longevity is to stop smoking as soon as possible. Smoking and tobacco use cuts about 10 years off of your life expectancy.   While you have to disclose your lifetime tobacco use, kicking the habit makes life insurance underwriting go much smoother.
  5. Schedule your exam for first thing in the morning and before you have breakfast. The exam will come out in your favor if you fast the day before. Scheduling the exam for early the next morning makes this a little easier.
  6. Get plenty of rest. Since you will be fasting anyway, go to bed early the night before the exam and try to relax.sleep-1209288_960_720
  7. The exam could take as long as 30 minutes. Allow yourself some extra time and relax. Your exam results could be negatively affected if you are in a rush, inpatient, or edgy. Relaxation will help your heart rate and your blood work.
  8. Have your photo ID ready and expect some questions from the examiner. They are going to ask you about smoking, drinking, drug use, and any dangerous activities. These are normal questions that are asked of everyone so don’t be offended or surprise, just be ready to give accurate answers.
  9. During the medical exam the nurse will check your height, weight, pulse, and your blood pressure. They will also likely ask for a urine sample and draw blood. In some cases they may even administer and EKG. Again this is all normal, so try to stay relaxed.

Once your exam is completed the insurance company will start the process of determining your rating tier.  Depending on the application and the results from the medical-781422_960_720exam this could go quickly, or they may ask your doctor for a statement in regards to an underwriting question.

If they ask your doctor for a physician’s statement it may take some time for your doctor to respond.  On average it takes about 30 to 45 days for an insurance company to obtain a physicians statement from most doctors.  Your doctor may be quicker to respond or slower.

For more information on life insurance exams and life insurance in general, contact Bragg Insurance Agency at 317-758-5828, or by email at info@bragginsurance.com

 

 

10 Ways to Save Money on Your Insurance

1. Match your coverages to your specific needs. Insurance is not one size fits all. Have your agent explain each and every coverage that you are paying for. Use this information to help determine if your coverage fits your circumstances.

2. Insist on Annual Reviews with your Agent. As your life changes from year to year so does your insurance needs. Visiting your insurance agent and reviewing your coverages along with your costs is an excellent way of staying informed and keeping your costs down.Insurance Agent

3. Comparison shop. Each insurance company use different risk models to determine your annual premium. Your risks will change from year to year along with insurance companies risk models. Have your local independent agent shop different carriers for you each year at renewal time.

4. Bundle your coverages. Most insurance companies give big discounts for having all of your insurance with one carrier. Most people know about the home and auto discount, but did you know that some carriers offer extra discounts for having life insurance or an umbrella policy with them?

5. Increase your deductible.  It’s not an uncommon thing for me to see an auto policy where the person has never had a claim but yet has a zero deductible. This is like paying the insurance company a bonus for never filing a claim. Self-insure yourself for as much as you can comfortably afford.good-credit-vs-bad-credit

6. Maintain good credit. I don’t necessarily agree with the practice, but insurance companies today are using your credit score as a way of determining the likelihood of you filing a claim. Keep your credit in good order and this will help to keep your insurance costs down.

7. Safety Safety Safety. Insurance companies give discounts for safety devices and features. Safety features and ratings with vehicles can reduce your auto insurance premium. Smoke detectors, CO2 detectors, and Burglar alarms can help to lower your homeowner’s insurance premiums.

8. Low Mileage Savings. Your auto insurance rates are partially based on the distance that you drive your vehicle each year. Check with your local independent agent to make sure that they have your correct annual driving miles.

going-paperless
9. Go Paperless. Many companies offer a paperless discount. Instead of mailing you mounds of paperwork, they email them to you.

10. Senior Discounts. The older we get the less risks we tend to take which may not be real exciting, but it can lead to savings on our insurance. Most companies offer some type of senior discount, call you agent and find out when you can take advantage of this discount.