Why do insurance companies draw blood?
Why do insurance companies draw blood?
The blood test, like the rest of the medical exam, is used to identify any health concerns you may have so that the underwriter can accurately set your life insurance rates. Underwriters generally use blood tests to look for high cholesterol, drug or tobacco use, and high-risk medical conditions like diabetes.
Do you have to give blood for life insurance?
When you apply for life insurance, the insurance company will need to review your overall health before giving you a policy. You will also likely have to take a blood test before qualifying for a policy.
Can you fail a life insurance exam?
It is possible to fail a life insurance medical exam. Insurers may find out or believe that you have a life-threatening condition. If the discovery makes it likely you’ll die during the policy term, it doesn’t make financial sense for them to insure you. You may get denied for life insurance.
When do you need a blood test for life insurance?
It is only when a medical examination is called for that a blood sample would be taken. Medical exams are only called for with most life companies if the amount of life insurance being applied for requires it, or if there is an ongoing medical condition that would require a blood test.
Why do insurance companies require blood and urine samples?
Other reasons that insurance companies require applicants to give blood and urine samples at a medical exam are to test for health factors, such as the illegal use of drugs. See what drugs life insurance companies test for here. Oftentimes, insurers will also be able to verify whether or not the applicant for coverage is a smoker.
What do the life insurance companies test for?
Often, the drugs life insurance companies take a blood of urine sample to test for the following substances: Most of the drugs on this list are highly controlled substances, but some do have medical uses.
Can you get a positive drug test for life insurance?
While most of these drugs are checked in a life insurance drug test, a positive result may not be a deal-breaker. Plenty of smokers have life insurance, for instance, but they typically pay much higher premiums than their tobacco-free friends.
Why do I need a blood test for life insurance?
Learn about a No Medical Exam Life Insurance option and get covered faster! When you apply for life insurance, the life insurance company often requires a medical exam to identify any health related risks that you may have. They also want to find out if you’re using any drugs.
While most of these drugs are checked in a life insurance drug test, a positive result may not be a deal-breaker. Plenty of smokers have life insurance, for instance, but they typically pay much higher premiums than their tobacco-free friends.
Can you get a life insurance test from another company?
No two insurers underwrite the same way, so if you don’t like your rates or don’t get approved, you can always get a life insurance test from another company.
Why do insurance companies want to test your bodily fluids?
When an insurer insists on testing your bodily fluids, it’s to check for health problems that raise your risk of death. It also helps the company spot any lies you tell about your health.