Will I get caught not disclosing high blood pressure during a life insurance medical exam?
I am 35 and getting 1M in term insurance. I am in good shape but take high blood pressure medication
1M in term insurance will require a full physical exam including blood and urine tests. The medication will show up. Also, more than likely they’ll order doctor records from the past 5 to 10 years and will find it there.
If the company is inept and they don’t find it, if you die they can claim fraud and not payout anything.
It’s not worth it to "forget" to mention the medication.
Is the company going to perform a physical exam on you? Otherwise they wouldn’t be able to verify that information.
However, they may have some policies in place about verifying information before policy payout in the event of death.
References :
If something happens to you and it is discovered that you had neglected to disclose your medications the insurance company can withhold payment of the benefits. They will however be required to payout the cost of the premium that you paid in less reasonable administrative fees.
References :
1M in term insurance will require a full physical exam including blood and urine tests. The medication will show up. Also, more than likely they’ll order doctor records from the past 5 to 10 years and will find it there.
If the company is inept and they don’t find it, if you die they can claim fraud and not payout anything.
It’s not worth it to "forget" to mention the medication.
References :
Independent Agent
Yes, you may get caught, considering they will run all the standard tests on your blood and urine for taking out $1 million of coverage.
If you answer the application questions untruthfully, you have basically committed fraud.
The insurance company also has up to 2 years to contest your policy. Refer to the Incontestable Clause. This clause in the policy says that the carrier cannot void a life insurance policy (after two years) because of misrepresentation or concealment by the insured in obtaining the policy. After two years, the policy cannot be voided.
However, if they find out about the medication within the two year time-period, they may cancel the policy, or charge you a higher premium due to your health condition.
If you pass away more than two years after taking out the policy, your beneficiary should receive the full amount of the life insurance coverage.
It, however, you pass away within two years of taking out the policy, and they find out about the misrepresentation about your medication, they may or may not pay out the life insurance to your beneficiary.
Make sure to answer the questions truthfully. It’s in your and your family’s best interest.
You do have an option for life insurance without taking a medical exam – visit http://www.term-life-online.com/term-life-insurance-no-exam.html to learn more now.
I hope that helps! Best of luck to you.
References :
http://www.term-life-online.com