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Key takeaways:
The life insurance medical exam is meant to help your provider better understand your risk-level based on various health factors.
It often involves tests like a blood and urine analysis. A third-party nurse will usually visit your home to complete your health exam.
Many life insurance companies will require you to complete both a medical interview and a medical exam after you submit your application.
The medical interview consists of a phone call where the medical underwriting company will ask you a list of standard health and medical questions for verification. The two above steps can take anywhere from a day to three weeks.
There is a type of life insurance called no medical life insurance. It's exactly what it sounds: you don't need to do a medical exam to get approved. But it's usually more expensive and the payout to your beneficiaries is capped at a lesser amount.
The traditional life insurance application process usually takes weeks. It usually involves:
Take a look at this walk-through of the process by Tobin Tuff, Certified Life Insurance Advisor:
No medical life insurance is a fast process, however, it is much pricier and should only be used as a plan B after applying for a term life insurance policy. Learn more about the best no medical life insurance companies in Canada in our guide.
With PolicyMe, most eligible applicants don't need a medical follow-up. That's because we've used technology to create a dynamic online application with 26 questions. Only answer additional questions if one of the responses to the 26 base questions is flagged. Same quality policy, just easier to apply for.
Here's how it works with PolicyMe:
When you’re healthy, that likely means you don’t get a medical exam often, so you don’t know what to expect. For a lot of us, it can feel like the imaginary monster in the closet that your kids complain about at bedtime.
And if you’re healthy, there’s little to be anxious about. It’s sort of like taking a test in a subject that you’ve already aced.
To take the pressure off even more, we’re happy to report that many eligible PolicyMe applicants are approved without the need for a medical exam.
Once your life insurance application has been submitted, the next step is to complete your life insurance medical exam. These appointments come in two forms:
A paramedical exam is requested only when your insurance company needs to collect fluids from you. This typically happens if you’re buying a larger insurance policy, are over 50 years old, or have a condition that was flagged in the application.
Here’s what they’ll be testing for:
The tele-interview will be only about 20–30 minutes long and will take place over the phone. To prepare, make sure you have medical information on hand, including dates of diagnoses, treatments, and procedures. It will also come in handy to have a list of any prescription drugs you’re currently taking.
To complete your paramedical exam, the health technician from your insurance company will come to your home or workplace to measure your height, weight, blood pressure, and pulse. You’ll also be asked to provide a blood sample and a urine sample.
To prepare, follow these simple steps:
24 hours before the exam
10 hours before the exam
Right before the exam
PolicyMe tip: It’s important that you’re honest during your life insurance medical exam. If you finish the process and think you may have forgotten a key piece of information (which can certainly happen!), let your advisor know so that they can get this information to your insurer for you.
Here are some of the main factors to consider for to get the best life insurance in Canada:
Thus, "no medical exam" policies, can offer quick coverage without undergoing any medical tests, and these policies typically have higher premiums due to greater risk and uncertainty, but it's still worth considering them, especially if you're concerned about the average cost of life insurance Canada.
Age 60+? Our guide to the best life insurance companies for seniors is a good choice to read next.
Yes, life insurance blood tests might be able to detect cancer. The blood test is intended to detect a variety of health conditions, including cancer. But note that not all life insurance policies require a medical exam or blood test, and not all blood tests are designed to detect cancer! However, if a blood test is part of the application process, it is possible that cancer could be detected. The test looks for biomarkers in your blood that may indicate the presence of cancer.
Life insurance blood tests are designed to detect a few different health conditions so the life insurance company can make an informed decision on your application. The test may detect health issues including (but not limited to!):
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