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 itself 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 that 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 actually means that they are “interested” in insuring you, they just 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 do I as the applicant need to do?
• Are there any “kinds” of life insurance policies that 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 the process of my life insurance application, what can I do to 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 that you have undergone.

In some cases, an insurer may ask you to sign a release form allowing them to access your medical records. This will allow the insurer to review your medical history in more detail and may help them make a more accurate assessment of your risk level.

It is worth noting that the specific information that an insurer will request and the extent to which they will review your medical records will depend on the policy and the specific requirements of the insurer.

Some insurers may ask for more detailed information or may 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 contained 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.

This information is used by insurers to determine the likelihood that the insured person will die during the term of the policy, allowing the insurer to set the premiums according to its risk tolerance.

It is worth noting that the specific information that an insurer will request and the extent to which they will review your medical records will depend on the policy and the specific requirements of the insurer.

Some insurers may ask for more detailed information or may require you to undergo a medical exam as part of the application process.

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

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 the release of 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 will need to provide consent for the release of your records to the insurer directly, either 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 that they would like you to request records from.

And while this may seem like a lot of work, what you’re typically going to find is that the insurance underwriting team will take care of all of this work and all you’ll need to do is wait patiently for them to gather what they before they decide upon the outcome of your application.

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 that 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…

Are called Guaranteed Issue Life Insurance Policies and are commonly referred to as Final Expense Insurance Policies because they will 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 which will limit 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 the age of 60, or have been diagnosed with or prescribed a medication that can be used 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 you 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” that you were hoping for.

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

Which is where applying with a company like IBUSA who can help you decide which life insurance company is going to 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.