Life Insurance Health Questions

When buying life insurance, there are almost always health questions for you to answer on the application.  Obviously, the bigger the life insurance policy, the greater the risk for the insurance company and the more detailed their questions will be.

You normally wouldn’t have to answer health questions if you exercise a guaranteed conversion right when converting a life insurance policy from one form to the other, for example, from term to whole life.  In addition, policies known as “Graded Death Benefits” may not ask questions either, since your beneficiary would typically receive only your premiums plus interest if you died within the first two years of your policy.

The extent of life insurance health questions will vary depending on your age at the time of enrollment and the total face amount of the policy you are seeking.  At younger ages and/or smaller life insurance policy amounts, the questions may all be contained on the paper application itself.  For older applicants and/or higher policy amounts, you may also be required to have a life insurance exam, blood and urine tests, or even a complete physician physical examination.

When buying life insurance, the result of the health questions and other requirements will determine if you qualify for coverage at all, or if you qualify, but at a higher life insurance premium.

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Article added 08/16/2011  by Amber Douglas
Senior Market Advisor: Morgan White Group
amber.douglas@morganwhite.com

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Submit basic questions to: seniordivision@morganwhite.com.