While you’ve likely shopped around to find the best auto, home or renters insurance, there might still be one lingering item on your insurance to-do list: life insurance.
The process to get a life insurance policy isn’t that different from what you’re used to: find a company you trust and work with a trusted professional to determine how much coverage you need.
However, with some life policies, there’s one main difference: you have to get a life insurance medical exam.
What is a life insurance medical exam?
A life insurance medical exam, more commonly referred to as a “paramedical exam” by insurance professionals, is how your life insurer gathers medical history and health information to complete your application.
There are typically two parts to this exam:
- A verbal questionnaire
- A physical examination, usually conducted by a nurse or paramedical professional
Why do I need a life insurance exam?
Just like an insurance agent asks you questions about your vehicle when you’re quoting for an auto policy, a life insurance exam helps your insurer understand your health background. This helps them:
- Verify the information you provided on your application.
- Get a more complete medical history, including your family’s health background.
- Identify any underlying conditions, bloodwork might uncover conditions like diabetes that you weren’t aware of.
These insights help insurers determine eligibility and set your life insurance premiums accurately.
However, not all life policies require you to get a life insurance medical exam. Life policies below $100,000 typically require you to only complete an application and answer several questions before it is reviewed by an underwriter. Your agent will assist you in completing the application, you will sign it and your agent submit it for underwriting review.
If you’re looking for a quicker way to get life coverage, another option is Erie Insurance’s new ERIExpress Life product. If you’re 55 or younger, you can get an instant-issue term or whole life policy with up to $500,000 in coverage by answering several application questions without having to complete a life insurance medical exam.
Talk to your local ERIE agent to decide what life policy options are right for you.
What should I expect?
A life insurance medical exam is more detailed than a standard check-up. In addition to measuring your:
- Height and weight
- Blood pressure
- Temperature
You’ll also likely undergo:
- A blood draw
- A urinalysis
This exam can usually be done at home. After submitting your application, a paramedical professional will contact you to schedule the exam at a convenient time.
The appointment usually lasts 30 minutes to an hour. If any preparation—such as fasting for 12 hours—is required, follow those instructions carefully. The exam results help determine your final eligibility and life insurance premium.
Why life insurance?
You protect your car and your home with insurance. Don’t forget to cover one of your most important assets – your life. There’s no better time than now to get a life policy. A knowledgeable professional like your Erie Insurance agent can help you assess your circumstances and find a policy that fits your current needs and budget.
Not an ERIE policyholder yet? We can help you find an insurance agent near you.
Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time. The policy contains the specific details of the coverages, terms, conditions and exclusions. ERIE® life insurance products and services are provided by Erie Family Life Insurance Company (home office: Erie, Pennsylvania).Erie Family Life Insurance Company is not licensed to operate in all states. Go to erieinsurance.com for company licensure information. Erie Family Life does not offer life insurance in New York.
