Get Your Application Approved - Part 2
You Can Ace This!
You've completed and submitted an application for life insurance coverage. And now you wait........
Ads for life insurance quote a very low premium for a hefty amount of coverage. The fine print tells the truth...those are "super-preferred" rates, the least risky health class for the insurance company. The reality is only a very small percentage of people qualify as super-preferred. Insurers also classify applicants as preferred, standard or regular, or substandard. The insurer may even "table rate" an applicant meaning even higher premiums for the same coverage.
If you have applied for a larger amount of coverage, $500,000 or a $1,000,000 or more. If you have a medical issue or a medical history which you have disclosed in the application, you may be required to complete a medical exam.
What is a paramedical exam?
Applications can pass through an insurer's underwriting, the process of vetting an application to approve or decline coverage, without an exam. Sometimes, all that's needed is a MIB (Medical Information Bureau) report and/or an attending physician's statement. This is known as "Accelerated Underwriting"
A paramedical exam, or a paramed, includes recording height, weight, blood pressure and pulse. The paramed examiner will ask the same questions you answered on the life insurance application. This is to verify the information needed to approve your application. The exam also includes a blood sample, urine sample and perhaps an EKG. There is no cost to you to have this exam done and it can be done in your office or your home.
How to Ace that Exam.
You really want to do more than pass the paramed. You want to blow it out of the water. You want to put your health in the best possible light. Here's how you do it:
- Limit your coffee intake. Don't drink any if you can.
- Don't drink alcohol for 12 hours before the scheduled exam.
- Drink water. Drink lots of water. Stay hydrated.
- Limit salt and high-cholesterol foods for 24 hours before the exam. In matter of fact, eat as little as possible.
- Avoid strenuous exercise for at least 12 hours before the exam.
- Avoid nicotine products.
- Get plenty of rest the night before and be in a relaxed mood.
You should also have a list of any medications you are taking and a photo ID. The paramed examiner will ask for these things.
The worst that can happen is to be declined for coverage. If that happens, a guaranteed issue insurance plan is your next option. The premiums will be higher but you will be able to have coverage.
The next worse thing that could happen is to be "table rated", which means the insurer will approve your application at either a higher premium or for the same premium, a lesser amount of coverage.
The best outcome is to be approved for coverage "as applied for". This is the most likely outcome if you have worked with an agent who can assess your situation and help you select the best plan available.
Nice going with that A+ on your exam.
You've completed and submitted an application for life insurance coverage. And now you wait........
Ads for life insurance quote a very low premium for a hefty amount of coverage. The fine print tells the truth...those are "super-preferred" rates, the least risky health class for the insurance company. The reality is only a very small percentage of people qualify as super-preferred. Insurers also classify applicants as preferred, standard or regular, or substandard. The insurer may even "table rate" an applicant meaning even higher premiums for the same coverage.
If you have applied for a larger amount of coverage, $500,000 or a $1,000,000 or more. If you have a medical issue or a medical history which you have disclosed in the application, you may be required to complete a medical exam.
What is a paramedical exam?
Applications can pass through an insurer's underwriting, the process of vetting an application to approve or decline coverage, without an exam. Sometimes, all that's needed is a MIB (Medical Information Bureau) report and/or an attending physician's statement. This is known as "Accelerated Underwriting"
A paramedical exam, or a paramed, includes recording height, weight, blood pressure and pulse. The paramed examiner will ask the same questions you answered on the life insurance application. This is to verify the information needed to approve your application. The exam also includes a blood sample, urine sample and perhaps an EKG. There is no cost to you to have this exam done and it can be done in your office or your home.
How to Ace that Exam.
You really want to do more than pass the paramed. You want to blow it out of the water. You want to put your health in the best possible light. Here's how you do it:
- Limit your coffee intake. Don't drink any if you can.
- Don't drink alcohol for 12 hours before the scheduled exam.
- Drink water. Drink lots of water. Stay hydrated.
- Limit salt and high-cholesterol foods for 24 hours before the exam. In matter of fact, eat as little as possible.
- Avoid strenuous exercise for at least 12 hours before the exam.
- Avoid nicotine products.
- Get plenty of rest the night before and be in a relaxed mood.
You should also have a list of any medications you are taking and a photo ID. The paramed examiner will ask for these things.
The worst that can happen is to be declined for coverage. If that happens, a guaranteed issue insurance plan is your next option. The premiums will be higher but you will be able to have coverage.
The next worse thing that could happen is to be "table rated", which means the insurer will approve your application at either a higher premium or for the same premium, a lesser amount of coverage.
The best outcome is to be approved for coverage "as applied for". This is the most likely outcome if you have worked with an agent who can assess your situation and help you select the best plan available.
Nice going with that A+ on your exam.
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