When applying to get life insurance the insurers will look to see if you are a higher risk applicant. And their determination will impact you once you get your quote. Either your premium will be standard or they’ll charge you more depending on what their risk-outcome algorithm states.
When you need to provide more information when applying for life insurance policies, the attending physician statement is the standard way to obtain that information.
Essentially, the attending physician statement (APS) is a report from a doctor or medical facility that either has treated or is currently treating someone that is seeking life insurance.
In applying for life insurance, this is perhaps the top ordered source of background information.
What Exactly Is Your Attending Physician Statement?
The attending physician statement is one of the most difficult and time consuming requirements needed when applying life insurance, but it is also the most sound and proven form of additional background information.
Since the statement can only be written when the doctor has the free time to do so, it can often be weeks or a month for this information to arrive. Once it does, then it can take quite a bit of time to verify for use in the overall medical information history of the person applying life insurance or other policies.
Essentially, when applying life insurance there are numerous medical questions that must be asked in order to secure the type of policy that is sought. If there was a previous medical condition or current treatments underway, then there must be real verification by the attending physician in order to provide the proper perspective.
Evaluating How Risky You Are
When the medical risk to the patient is evaluated, the attending physician’s statement needs not only to be included, but summarized by the underwriter. This summary can vary depending on the underwriter and the style, focus or method that they choose. Quite often, the summary can vary in some detail, but normally the general focus of the statement is held true in the summary.
However, there are times in which the summary can be misleading or even wrong which can greatly affect the position of the insurance policy. In this case, finding an experienced, solid underwriter can make a contrast preparing an accurate summary of the attending physician’s statement. Any missing information, however subtle, can have a powerful effect on whether insurance is approved.
Many underwriters use a template structure, a common form of writing that allows them to summarize the information in a structure that is recognizable. This structure allows for the summary to include all the pertinent information which allows insurance companies to make more proper evaluation about the information presenting in the attending physician’s statement.
How Insurers Interpret Your Attending Physician Statement
Evaluating medical risks is the job of the underwriters when they take the attending physician’s statement. This means using a solid template so that all the pertinent information can be gathered and evaluated properly. The attending physician’s statement is vital to properly evaluating medical risk whether they have occurred in the past or present for insurance companies to make informed decisions.
Insuring that the attending physician statement is accurately summarized is a vital part of providing accurate information to the insurance company when they make decisions about life insurance policies. One mistake or misrepresentation can be costly the person applying for the life insurance or the company itself.
Do No Medical Exam Plans Still Obtain Physician Statements?
A no medical exam is an excellent option for life insurance coverage for any applicant that has been declined for coverage or has several pre-existing health complications such as diabetes. If it isn’t obvious by now, we’ll let you on a little secret, no med exam is required to get the protection life insurance offers in these plans. There is a lot of confusion about these policies and what information the insurance company will require before they accept your application.
You could apply for a plan with several different companies but results could be all over the place because no insurer has the same requirements for how they handle no medical exam life insurance plan.
For the most part, the insurance company is not going to get a physician statement with a no medical exam plan. With most no medical exam policies, the insurance company will only ask a handful of questions during the application process.
If you’re looking to get life insurance coverage, and you’ve been declined in the past, or you have pre-existing conditions, this plans could be an excellent option for you.
There are some advantages to these no medical life insurance programs to be mindful of as you look for coverage. We want you to get the best plan to meet your needs, and you should compare all of the different options before purchasing a plan.
The first advantage is life insurance is open for all! Health issues? You can get a plan. Pre-existing problems? You can get a plan! with a no medical exam, your health won’t keep you from getting a policy.
Another significant advantage is how quickly a life insurance policy can be issued if you go this route. Since there’s no exam or underwriting the application is normally approved once the payment is received. This certainly helps you out if you’re in a situation where health could decline rapidly in the near future and no life insurance protection is possible or the premiums could be out of your budget.
However, every advantage has its disadvantage, and the biggest one is that these plans will cost more per monnth than a policy that requires a medical exam. The purpose of the exam is to let the insurer know what your overall health is. Without the picture, they are taking a much greater risk by giving you life insurance and by taking that risk it’ll end up hurting your wallet more than you originally realized.
Lastly, is that the insurance company can limit how coverage you can buy. Many companies will only allow you to purchase around $250,000 of life insurance. Unfortunately for many this won’t cover all they need it to. If you need more than this, your only option is buying two of them.
Don’t let some of this knowledge discourage you from buying insurance and protecting your family’s finances from future debt.
