Like with many types of insurance, a medical exam may be required when applying for a term life insurance policy. The exam will cover your height, weight, medical history, and include a blood and urine test—which are taken to look for specific medical problems. The results of the tests may hinder you from getting approved for the insurance, or increase your rates, depending on the outcome.
If you’re a smoker, you will pay more for insurance. No matter what you smoke, if it’s cigarettes, cigars or marijuana, you must attest to that on your policy application.
Insurance premiums increase as you age, but with some term life insurance policies, you may be able to renew your policy at the end of the term without having to take another medical exam. Also, if you would like your insurance premium locked in at a certain rate, you can request a “level premium” policy. Your premium rates will only increase after your term expires.
Guaranteed issue term life insurance coverage, also known as “quick issue” or “simplified issues,” are ideal if you are having difficulty finding life insurance due to a medical condition or illness. A higher premium is paid, because no medical exam is required—so the insurance company is taking a big risk in insuring you. When it comes to guaranteed life insurance coverage, there may be a waiting period before coverage takes effect, and a chance of a yearly fee is possible.
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