Getting a life insurance policy means you need to undergo a medical examination. Insurance companies often request you to present an old medical exam report. Most people get confused as to why insurance companies need this.

In this article, we will help you understand the reasons why insurance companies want to see your old medical exam reports.

When do insurance companies request old exams?

When you apply for a life insurance policy, insurance companies review your medical records. During this process, the insurance companies request the medical records from your doctor. Your old medical exam reports are also part of your medical records.

Therefore, the insurance companies may request to see them too.

Reasons why Insurance companies request old exams?

1. Evaluating Risk

Life insurance companies need to assess the level of risk before accepting to insure someone. Information from old medical exam reports helps them evaluate the risk they would face if they insured you.

The insurance company will use the information from your old medical exam reports to ascertain whether you’re healthy enough for, say, term life insurance.

2. Detecting Chronic Illnesses

Old medical exam reports may also be necessary because they may reveal if you have any chronic illness.

Most people are unaware of their pre-existing health conditions; however, such illnesses can put you at a high-risk of death, which could affect the policy offered to you. The insurance company needs to be aware of these conditions and the extent of their severity.

3. Providing better Insurance Rates

If you are in a healthy state, the actuarial risk on the insurer’s side is minimal. When applying for a life insurance policy, the insurer will request required medical information, such as a medical exam report.

A thorough analysis of your pre-existing medical conditions could lead to lower premiums. While the issuance of the policy depends on your state of health, your insurance rates could also be affected by your past medical history.

4. Comparing Medical Information

Old medical exam reports play a crucial role in providing relevant data to compare your medical history’s progress.

Since a person’s medical condition may change from evaluation to evaluation, insurance companies need to evaluate their medical status based on the pre-existing condition. In such cases, the insurance companies compare your current medical reports with the past ones to assess the health’s progress. The comparison helps insurers decide whether to approve or reject your policy application.

How far back do life insurance companies check your medical history?

The timeframe varies from one insurance company to another. Some companies may look at medical history from ten years ago, while others may ask to see records as far back as twenty years.

What happens when you don’t disclose your previous medical history to the insurer?

If you fail to disclose your pre-existing health conditions to the insurer, it may lead to your insurance policy’s cancellation.

In extreme situations, if the insurance company finds out later, claims could be rejected or worse still, sued for misrepresentation.

Conclusion

The request to provide old medical records should not stress you out. Knowing the reasons why insurance companies request old exams is essential in understanding why you need to provide them.

Insurance companies use previous medical exam reports to evaluate risks associated with underwriting policies, thus protecting their interests and their policy owners. So, next time an insurance company requests your old medical exam reports, submit them to facilitate a faster and smoother underwriting process.