Are you applying for life insurance or disability insurance?
You may be asked to come in for a paramedical exam.
Insurance companies use a risk-based approach to decide if a paramedical exam is needed. Younger individuals applying for lower coverage amounts may not require an exam and may be eligible for simplified underwriting. However, for larger coverage amounts or specific policies like term life or disability insurance, a paramedical exam is often necessary. This is because insurers need a thorough assessment of the applicant’s health and risks before making underwriting decisions. These exams are done by a third-party health information company, such as APPS or ExamOne; both national companies are represented by MedPhysicals Plus as an independent contractor. The objective of having a third party perform it is to guarantee that both the insurance company and the prospective policyholder receive a fair evaluation.
Paramedical exams typically involve collecting the applicant’s medical history, conducting a physical examination, and collecting relevant samples such as blood, urine, or saliva for laboratory testing. The specific tests and assessments may vary depending on the insurance company’s requirements and the type of policy applied for. The information gathered during the paramedical exam is treated with strict confidentiality. It is shared only with the insurance company and is used solely for the purpose of underwriting the insurance policy. The results are not disclosed to unauthorized parties.
Facts about Paramedical Exams:
- They last about 30 minutes, depending on how extensive your medical history is.
- For the proposed insured, the insurance company will pay the cost of the paramedical examination.
- If you are not feeling well it is best to reschedule your appointment to achieve the best values for your blood tests and vital signs.
- Most times fasting is not required by your insurance company but it is preferred. Do not fast if you have a medical condition that may be affected by fasting.
- Alcohol and caffeine can affect your health assessment.
- Drink plenty of water, as it is very important to be hydrated for your blood draw.
- Results can be provided online by the testing lab or by your insurance company. Due to confidentiality, neither MedPhysicals Plus nor your insurance representative will have access to your lab results.
MedPhysicals Plus is the leading paramedical vendor in the state of Alaska. If you are applying for life insurance, chances are one of our examiners will be performing the medical underwriting services required for your application.