MEDICAL EXAMINATION REQUIREMENTS FOR ELDERLY INSURANCE
End-of-life expenses include costs related to unpaid bills, previously unknown liabilities, probate expenses and so on, and can easily cross $10,000. In times of mourning, the last thing you want for your loved ones is added financial burden. Therefore, many seniors opt for Burial Insurance. You can apply for it between the ages of 50 and 85, and opt for anywhere from $2,500 to $25,000 in coverage. Moreover, insurers are doing away with the medical examination requirement, making the application process quicker and simpler.
Even though insurance companies no longer require a medical examination, they still get a fairly accurate picture of your medical history and condition. Instead of incurring the cost of a medical examination, they rely on improved electronic record-keeping, conversations with your healthcare providers, and laws that favor them if you lie on your application for insurance.
Insurers can learn a lot from your application alone. Burial Insurance applications ask questions such as your history of smoking, height and weight, past medical illnesses, a checklist of diseases that you or family members have, exercise habits, driving history, and so on to gauge both your health and lifestyle.
They often also check your medical history through prescription databases and the Medical Information Bureau. Sometimes, they may even contact your doctor.
Healthy seniors typically get full coverage as soon as they pay the premium. Seniors with minor medicine-controllable health problems such as high blood pressure or high cholesterol can also get covered. If your health problems are a bit more serious, such as a history of heart attack, stroke or cancer, you get graded benefits with partial coverage for the first two years and full coverage after two years.
Those with complex health problems, such as kidney failure, will likely not qualify for Burial Insurance but can still get something called Guaranteed Issue Life insurance. While a guaranteed issue policy carries modestly higher premiums, it still provides full life coverage with a fixed premium.