Estimated reading time: 55 seconds

Most people don’t like taking tests.

The risk of failure and embarrassment is reason enough to avoid tests, even when fully prepared.

People who buy life insurance expect their insurance medical to be a no-brainer thinking they are in good health with nothing to be concerned about.

Truth is: people should worry about insurance medicals.

Many Canadians don’t get regular checkups because they don’t have a family doctor/GP. You probably know someone in that situation,  in search of a doctor and forced to rely on walk-in clinics and emergency rooms for medical care.

The insurance medical can be a life saving and life changing event.

I have seen it happen many times in the past 20+ years.

4 recent examples:

• A bank manager called me about Critical Illness Insurance. She was in her 30's, married, 2 kids. In the normal course of underwriting her insurance medical revealed  Thyroid Cancer. She was asymptomatic (no symptoms) and very lucky it’s the most survivable type of cancer. She had surgery immediately. Her insurance application was declined but she was grateful her condition was diagnosed and delighted to be alive and well today. Her healthy friends and family members were shocked into getting protection for themselves.
• A dentist in his mid-50’s sought my help for Long Term Care Insurance and estate planning for himself and his wife. He was fortunate to have a family doctor and attended annually for complete physical examinations. His doctor, unfortunately, was not keen on annual PSA tests for prostate cancer because the test results are not always 100% reliable. When he applied for insurance, the required PSA tests revealed extremely elevated levels now under investigation.  The insurance application was postponed.
• An overweight media executive applied for life insurance and received approval from the insurance company with a high rating. In the underwriters’ opinion he was far more likely to make a claim than the average person.  The insurance company wanted a higher premium to assume the higher risk. He confided that his wife had been telling him for years to lose weight, but it was the wake up call from those finicky underwriters that finally got him to do something about it. He slimmed down by eating less and living healthy and his insurance premiums reduced when the rating dropped along with those extra pounds.
• A heavy smoker contacted me about Critical Illness Insurance because he worried about his increased likelihood of getting cancer, stroke or a heart attack. He was approved by the insurance company but very concerned that his premiums as a smoker were TWICE the amount of a non-smoker. I explained that those premiums would be cut in half if he became a non-smoker (i.e. smoke free for 12 months). He took the policy at the smoker’s rate and quit cold turkey. Right on schedule the following year his premiums were halved when the insurance company re-tested his urine to confirm. The money he saves on tobacco now covers a big chunk of his insurance premium.

Bottom line - it is always better to know about a health problem BEFORE it becomes a bigger problem. Get yourself checked out regularly and take care of your used body - there are no trade-ins available.

Stay healthy!