Yes, life insurance companies can and often will ask to see an applicant’s medical records before they will be willing to approve an applicant’s application. In fact, most (if not all) traditional life insurance policies will include a section within the written application explicitly asking for your permission to request medical records from your doctor(s) on your behalf.

That said, however…

We should note that just because a life insurance company has requested your permission to order your medical records does not automatically mean they will. And even If they ultimately do decide to order your medical records, this shouldn’t be something that you should get too “worried” about because, in most situations, the fact that an insurance company is taking the time to request your medical records means that they are “interested” in insuring you, they want to get some additional information before doing so.

This is why…

We wanted to take a moment and discuss how one’s medical records may come into “play” when applying for a traditional life insurance policy, as well as answer some of the most common questions we get from applicants when medical records are requested.

Questions that will be addressed in this article will include:

• Do I have to let a life insurance company review my medical records when applying for coverage?
• When do life insurance companies typically request one’s medical records?
• If an insurance company requests my medical records, what must I do as the applicant?
• Are there any “kinds” of life insurance policies I can apply for that won’t require me to allow an insurance company to review my medical records?
• Since ordering medical records will likely “slow” down my life insurance application process, how can I help “speed up” the process?

So, without further ado, let’s dive right in!

Do I have to let a life insurance company review my medical records when applying for coverage?

It is generally required that you provide medical information to a life insurance company when applying for coverage. This may include information about your medical history, any pre-existing medical conditions, and the results of any medical exams or tests you have undergone.

Sometimes, an insurer may ask you to sign a release form allowing them to access your medical records. This will enable the insurer to review your medical history in more detail and may help them assess your risk level more accurately.

It is worth noting…

That the specific information an insurer will request and the extent to which they will review your medical records will depend on the policy and the insurer’s specific requirements. Some insurers may ask for more detailed information or require you to undergo a medical exam as part of the application process. It is important to carefully review the terms of any policy before you agree to it to ensure that you understand the requirements and are comfortable with them.

When do life insurance companies typically request one’s medical records?

Life insurance companies may request an applicant’s medical records at various stages of the application process. Some insurers may request medical records as part of the initial application process, while others may wait until after an applicant has been approved for coverage.

In general, life insurance companies…

Request medical records to help them assess the risk of insuring an applicant. The information in medical records can provide insight into an applicant’s overall health and any pre-existing medical conditions that may increase the risk of death. Insurers use this information to determine the likelihood that the insured person will die during the policy term, allowing the insurer to set the premiums according to risk tolerance.

That said, the specific information an insurer will request and the extent to which they will review your medical records will depend on the policy and the insurer’s specific requirements. It’s also true that Some insurers may ask for more detailed information or require you to undergo a medical exam as part of the application process.

If an insurance company requests my medical records, what must I do as the applicant?

If an insurance company requests your medical records as part of the application process, you will need to provide the necessary information and consent to release your records. This may involve signing a release form or providing other documentation to authorize the release of your records to the insurer.

In most cases, you must consent to release your records to the insurer directly by signing a release form or providing consent through an online portal or other means. In some cases, the insurer may provide you with a list of medical providers or facilities from which they would like you to request records.

While this may seem like a lot of work, you’ll typically find that the insurance underwriting team will take care of all of this work. All you’ll need to do is wait patiently for them to gather what they have before deciding upon your application’s outcome.

Are there any life insurance policies that I can apply for where the insurance company won’t need to review my medical records?

The only “kinds” of life insurance policies you can apply for that won’t require you to allow an insurance company to review your medical records would be those that provide “guaranteed acceptance” regardless of an applicant’s health.

These types of life insurance policies…

They are called Guaranteed Issue Life Insurance Policies and are commonly referred to as Final Expense Insurance Policies because they usually only provide up to approximately $25,000 in coverage.

We should also…

Note that these “types” of life insurance policies will also contain a Graded Death Benefit, limiting when these types of life insurance policies will begin to provide coverage to an insured for NATURAL causes of death like cancer, heart disease, or diabetes.

A typical graded death benefit waiting period will usually be two years, but can least up to three if not longer.

Since ordering medical records will likely slow down the process of my life insurance application, what can I do to help “speed up” the process?

Because the “process” of ordering medical records from one’s primary care physician can slow down the process of getting approved for coverage, the number one thing that you can do personally to make sure that your application will be completed as soon as possible is to make sure that you know and have all of your doctor’s information ready when applying for coverage. Particularly if you are applying for a LARGE life insurance policy, are over 60, or have been diagnosed with or prescribed a medication that can be used to treat a medication condition that will likely affect the outcome of your life insurance application.

Beyond that…

There really isn’t all that much you can do other than “relax” because it’s important to understand that just because a life insurance company is choosing to review your medical records doesn’t mean that they aren’t going to approve your application or make you pay more for your coverage. In fact, having your medical records reviewed can often provide the evidence that an insurance underwriter will need to “OK” your application or approve your application at the “rate” you were hoping for.

“That is of course, you choose to apply with the RIGHT life insurance company for you!”

This is where applying with a company like IBUSA, which can help you decide which life insurance company will provide you with the “best” opportunity for success, comes into play! So, give us a call, and let us show you what we can do for you.