When you apply for life insurance, the insurance company is going to look at dozens of different factors to calculate how much of a risk you are to insure. The higher risk that you are, the more they are going to charge you for life insurance coverage. The company is going to look at everything from your age, to your hobbies.
When you need to provide more information when applying for life insurance policies, the attending physician statement is the standard way to obtain that information.
Essentially, the attending physician statement (APS) is a report from a doctor or medical facility that either has treated or is currently treating someone that is seeking life insurance.
In applying for life insurance, this is perhaps the most frequently ordered source of background information.
What Exactly Is Your Attending Physician Statement?
The attending physician statement is one of the most difficult and time consuming requirements needed when applying life insurance, but it is also the most sound and proven form of additional background information.
Since the statement can only be written when the doctor has the free time to do so, it can often take weeks or longer for this information to arrive. Once it does, then it can take quite a bit of time to verify, review and summarize for use in the overall medical information history of the person applying life insurance or other policies.
Essentially, when applying life insurance there are numerous medical questions that must be asked in order to secure the type of policy that is sought. If there was a previous medical condition or current treatments underway, then there must be supporting evidence from the attending physician in order to provide the proper perspective.
Evaluating How Risky You Are
In evaluating the medical risk to the patient, the attending physician’s statement needs not only to be included, but summarized by the underwriter. This summary can vary depending on the underwriter and the style, focus or method that they choose. Quite often, the summary can vary in some detail, but normally the general focus of the statement is held true in the summary.
However, there are times in which the summary can be misleading or even wrong which can greatly affect the position of the insurance policy. In this case, finding an experienced, solid underwriter can make the difference in preparing an accurate summary of the attending physician’s statement. Any missing information, however subtle, can have a powerful effect on whether insurance is approved.
Many underwriters use a template structure, a common form of writing that allows them to summarize the information in a structure that is recognizable. This structure allows for the summary to include all the pertinent information which allows insurance companies to make more proper evaluation about the information presenting in the attending physician’s statement.
How Insurers Interpret Your Attending Physician Statement
Evaluating medical risks is the job of the underwriters when they take the attending physician’s statement. This means using a solid template so that all the pertinent information can be gathered and evaluated properly. The attending physician’s statement is vital to properly evaluating medical risk whether they have occurred in the past or present for insurance companies to make informed decisions.
Insuring that the attending physician statement is accurately summarized is a vital part of providing accurate information to the insurance company when they make decisions about life insurance policies. One mistake or misrepresentation can be costly the person applying for the life insurance or the company itself.
Do No Medical Exam Plans Still Obtain Physician Statements?
A no medical exam is an excellent option for life insurance coverage for any applicant that has been declined for coverage or has several pre-existing health complications such as diabetes. As you can guess from the name, these plans will give you life insurance protection without being required to take the medical exam. There is a lot of confusion about these policies and what information the insurance company will require before they accept your application.
Every insurance company is different, and all of them are going to have different requirements for how they handle no medical exam life insurance plan. For the most part, the insurance company is not going to get a physician statement with a no medical exam plan. With most no medical exam policies, the insurance company will only ask a handful of questions during the application process. If you’re looking to get life insurance coverage, and you’ve been declined in the past, or you have several pre-existing conditions, this plans could be an excellent option for you.
There are some advantages to these no medical plans that you should be aware of when you’re shopping for life insurance coverage. It’s important that you get the best plan to meet your needs, and you should compare all of the different options before purchasing a plan.
The first advantage is that anyone can purchase one of these plans, regardless of health or any pre-existing conditions. Everyone deserves to have life insurance coverage, and your health shouldn’t keep you from getting it. With a no medical exam, anyone can purchase one of these plans.
Another significant advantage is that you can get life insurance protection much quicker with a no medical exam than you would be able to with a traditional life insurance plan. With a traditional plan that requires a medical exam, you could wait up to a month to get accepted for coverage. With a no exam policy, you can have life insurance in a matter of days.
Just like every other kind of life insurance plan, there are going to be some disadvantages as well. The biggest one is that these plans are going to be more expensive than a life insurance plan that requires a medical exam. The purpose of the exam is to give the company an idea of what your overall health is. Without the picture, they are taking a much greater risk by giving you life insurance. They are going to offset that risk by charging you more for life insurance.
Another disadvantage to a no medical exam is that the insurance company is going to limit how much life insurance you can buy. Most insurance companies will only allow you to purchase around $250,000 of life insurance. For most applicants, this isn’t going to be enough protection. If you need more than this, you’ll have to purchase two policies or apply for a traditional plan.
We know that finding the perfect life insurance policy can be a long and difficult process, but it doesn’t have to be. Our agents can help you find the perfect plan for you and your family. It’s our mission to ensure that you’re getting the best plan to meet your needs. Don’t wait any longer to get the life insurance that they need.