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Evidence of insurability is something that can be required by insurance companies when a person applies for a certain form of medical; but more commonly, life insurance policies.

More simply put the evidence of insurability is the fulfillment of certain standards that are set by the insurer that will not pose an adverse risk to that insurer. Though proven by medical exams it’s sometimes referred to as the fitness to receive your insurance.

Life insurance companies take the gamble that you’re going to live a long and healthy life and they’ll get years worth of premiums. For this reason they are less likely, or will charge a much higher premium for, someone that they know to be an adverse risk.

Health insurance take that same gamble but on a more frequent basis. Do you have any genetic predispositions, how do you live your life, what is your job, etc… All of these and more will factor into how big of a risk you are to insure.

Insurance Plans without Evidence of Insurability Requirements

Not all insurance plans are going to have this type of requirement. These are usually plans with very low payouts. You’ve most likely heard these plans advertised on the television as the, “no medical exam required.”

Even with no medical exam required they are most likely still going to ask a series of questions in which yourself or the applicant must respond to completely and truthfully.

Some of these questions are going to include things; such as:

• Smoking
• Height to Weight Ratio
• Major Illnesses

This is not an all inclusive list of course but just a few of the main questions that are going to be asked.

When the questionnaire is finished the insurer has the information that they need and will then be able to make the determination on whether or not to extend a policy to that individual.

Company Sponsored

A lot of companies, especially the larger ones, will offer both life and health insurance to their employees and may not require the evidence of insurability; however, this is going to vary. If you have company sponsored insurance this is going to be one of the many of the principal benefits.

The biggest benefit is that with the medical insurance there is no pre-existing condition exclusion. The only things with that is that the person must be employed full time and other employees are enrolled.

With the life insurance offered by employers there is going to be a certain amount of coverage offered without having to provide any evidence of insurability. There can be instances where the policy amounts are very generous by the upper echelon of the policy can only be reached should the employee submit to both medical exams and be willing to fill out any and all additional forms.

Interpretation Of

When it comes to the evidence for the evidence of insurability it could be interpreted differently by the different insurance companies and in unique settings. Each company will assess its conception of an insurable person though and what type of risk that person is going to pose. The less likely you are to have to use the policy the more favorable you are and you’ll get lower premium payments.