Applying for life insurance can be a long and difficult process, but it isn’t as bad as most people think. It’s one of the most important purchases that you’ll ever make for your loved ones. You may even ask when should you get life insurance? When you apply for life insurance, the insurance company will need to review your overall health before giving you a policy.
This will determine whether you can qualify for coverage and the price of your policy. For this review, the company could look up your old health insurance records, ask you to see a doctor for a physical, or request a urine sample.
You will also likely have to take a blood test before qualifying for a policy. This blood test is going to have a huge impact on your life insurance policy and how much you pay for it, which means that you’ll need to understand everything about the test and what they are looking for.
Why Do Insurance Companies Use Blood Tests?
Insurance companies use blood tests to detect problems that you might not be aware of. It’s possible that you could have some sort of problem and yet aren’t showing any symptoms. This is quite common with liver and kidney problems. Insurance companies also use blood tests to see the severity of any problems you currently have, like diabetes or high cholesterol.
Typically, after you’ve applied for a policy, the insurance company will send a nurse to your home to take a blood and urine sample. The nurse will then take the blood and urine to a lab for a number of different tests.
Types of Blood Tests
To test your kidneys, the blood test will look at the creatinine and Blood Urea Nitrogen levels in your blood because these levels will be elevated if you have kidney problems. The liver screen of your blood test will measure the levels of a number of different proteins and enzymes in your blood because elevated levels could be signs of liver disease. The blood tests will also measure your lipid and cholesterol levels because if these levels are too high, you have a higher risk of heart disease.
To check whether you have diabetes, the blood tests will check your glucose levels because high levels of glucose are a sign of diabetes. If you know you have diabetes, and you need type 1 diabetes life insurance or type 2, the insurance company will still do this test to see how well you are managing the condition, there is still a good chance that if you keep it under control you will qualify for life insurance with diabetes.
Finally, the insurance company will run an AIDS test. These are all part of a standard blood test.
If you are suffering from a medical issue, the company may run extra blood tests for more information on your condition.
What Happens After Your Blood Test?
It takes some time for the life insurance company to complete your blood tests, study the information, and make a decision on your insurance rating. Expect to have to wait a few weeks before hearing anything.
The insurance company will use all the information on your health status, including the results of your blood tests, to give you an insurance rating. If you are healthy and your blood tests show nothing out of the ordinary, you’ll get a standard policy and may even qualify for a discounted price if you are very healthy.
If your blood tests show some health problems like high cholesterol, signs of kidney or liver problems, or diabetes, your insurance rating will not be as high. In this case, the insurance company may offer a rated policy which will be more expensive. The worse your overall health, the more expensive your policy may be.
If you have serious health problems like kidney failure, a past history of heart disease and high cholesterol, or AIDS, you may not qualify for a policy at all. At the end of the process, your insurance agent will tell you whether you qualify for a policy and at what price. At this point, you can decide if the coverage is worth buying.
Can I Avoid a Blood Test?
Blood tests are part of qualifying for most policies. If you are applying for a small policy, say a death benefit of $50,000 or less, the insurance company may waive the blood test and make a decision only on your medical history. Each company has a different process so whether this is the case depends on the who you apply with.
There are also life insurance policies that don’t require any sort of medical exam, including blood tests. These policies are more expensive per month than regular insurance. They also usually have restrictions like you need to live at least a minimum number of years after buying the policy or your heirs won’t receive a death benefit. However, if you don’t think you can qualify for a regular policy, no medical exam life insurance could be your best bet to get coverage.
Unless you know you won’t qualify for insurance, it usually makes sense to apply for a regular insurance policy and take a blood test. This way you can show that you are in decent health and will qualify for the best possible price for your policy.
Last Thoughts on Life Insurance Bloodwork
Because life insurance is such an important investment, it’s vital that you make the best decision for you and your family. While it’s one of the biggest purchases that you’ll make, there are plenty of ways that you can find a quality plan that fits in your budget. There are several lifestyle changes that you can make to help you get a better rating from the insurance company, which will translate into lower monthly premiums.
The first is to improve your overall health through diet and exercise. Both of these are going to help you lower your cholesterol that will be reflected on the blood work. It will also help you lose weight and lower your blood pressure. Not only will you feel better, you’ll have more money in your pockets as well.
The next thing to do is to cut out any tobacco that you’re currently using. Smoking cigarettes is not only one of the worst things that you can do for your health but your life insurance policy as well. Smokers pay twice as much for their life insurance coverage versus what a non-smoker is going to pay. If you want to get the lowest insurance rate, you’ll need to kick the cigarettes once and for all. If you don’t want to quit smoking, we can help you find the most affordable life insurance rates for smokers.
If you’re wondering when to get life insurance, the time is NOW!