How pre-existing conditions are discovered by insurance companies.
When you apply for life insurance and sign an authorization to release your medical history, an MIB report is requested and reviewed by the insurance company. This reveals any pre-existing conditions that have been revealed to previous insurers. MIB is an abbreviation for Medical Information Bureau. We have many more Life Insurance Help Articles Now Available.
While an MIB report cannot be the basis for declining an applicant with pre-existing conditions, it is used by the life insurance company as a prompt for further investigation. If the insurer does not take action on the information provided by the MIB and the two year contestibility period has passed, your life insurance policy will pay in full, regardless of pre-existing conditions that are subsequently discovered.
How to get life insurance with pre-existing conditions…
Commonly, health conditions such as cancer, heart attack, stroke, kidney failure, liver disease, lung disease, COPD or emphysema and uncontrollable diabetes will require a waiting period. This waiting period is a 2 or 3 year period of time after you’ve purchased your policy. For the duration of this period, your beneficiary will not receive the full death benefit, or face value of your policy, upon your death.
Different insurance companies have different health questions that they ask on insurance applications. Some companies offer more benefits and lower premiums for certain pre-existing health conditions. Finding an insurer that will offer you a full first day death benefit, is a matter of knowing what health questions are asked by each life insurance company. This information is obtained by websites that have a database of this information.
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