Many people want to know if they’ll be required to have a medical examination when taking out life insurance. The short answer is, in some cases, yes – but it’s always in your best interest.
Taking out a life cover policy is a great way to help you create a financial safety net for the people you love. In the event of the passing of the life insured due to illness or accidental death, the policy will pay a lump sum to the nominated beneficiaries. Better yet, if you’re insured by MiWayLife, this cover amount will grow by 5% each year.
Why A Medical Examination Matters
Before taking out a life insurance policy, your insurer will want to ensure you’re getting the best cover for your personal circumstance. We like to think of our underwriters as master tailors taking your measurements to create your perfect suit! This is why you’ll be asked your height and weight to calculate your body mass index – an indicator of your health.
You will also be asked to disclose your medical history and, depending on your answers, might be required to undergo a medical examination. Ultimately, your insurer is trying to assess your level of risk and calculate the right premium to ensure you get the most suitable amount of coverage.
The Time Is Now
The best type of life cover will adapt and grow with you as you age. Still, it’s always a good idea to take out a life insurance policy when you’re young and healthy. This way, you’ll be considered as having a lower risk of claiming, may be less likely to have to undergo a medical examination and more likely to enjoy a lower premium. Still, don’t be afraid to not disclose any pre-existing conditions. Most life insurers still cover many people with chronic conditions like high blood pressure or high cholesterol. However, due to their level of risk, their premiums are calculated differently. Being honest will help you avoid having a claim denied due to non-disclosure and give you peace of mind that your family’s financial security is taken care of.
