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Insurance medical visit results transferable?

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  • Insurance medical visit results transferable?

    Hello all,

    My wife and I almost got roped into a front loaded whole life policy recently. Got through the medical visit then we got wise just in time and are now out of that business. However, we are now looking at a term policy for her. The WL policy was through NWML. I asked for a quote on a million of 20 year term and was quoted roughly $79/month. She is 39yo and in pretty good health. Is this reasonable? It seems high but what do I know. Regardless, my main question is regarding that medical appointment. Can the results of that appointment be used for underwriting a different policy from NWML? How about from a different insurer? The nurse that was over worked for an independent company that does these visits all the time for various insurance companies.

    Thanks very much.

  • #2
    Try here for some quotes: www.term4sale.com/

    It's where I and a lot of other members have gotten their policies from.  Also, there are a few agents on the forums that I am sure will chime in here who can provide you quotes.

    Usually, the lab results can be transferred to new policy and quotes since it was done so recently.

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    • #3
      As you probably already know, NWM's Term rates are typically about 20-40% higher than any of the other main players on the market, such as Protective Life, Principal, Banner Life, Prudential, Lincoln Financial, etc. (SEE ATTACHED). Also, it looks NWM quoted her a Preferred NT rating, when she should probably be able to qualify for the better/best Preferred Plus NT rating with many other carriers, but as you can see by the attached, even NWM's Preferred Plus NT (aka Premier NT) is much more expensive than the least expensive options on the left hand side of the attached quotes.

      With that being said, it's usually pretty hard to get ahold of the labs from NWM, as they're a captive carrier who usually retains them. Although most medical exams are completed through ExamOne, who is owned by Quest Diagnostics, and despite the fact that the medical examiners are typically "independent contractors" (ie: nurses, paramedics, etc.), they don't really have the authority to provide the lab slip and results directly to you, as they're technically owned by the insurance carrier. You can usually obtain a copy of the actual lab results from NWM, but the new carrier that you will be applying with will need to get the lab slip# from the exam that you completed with NWM in order to obtain/order the labs from the laboratory (usually CRL or Lab One Corp), which is probably not something that they will provide to you.

      When applying through an independent broker, you can just use the medical exam and labs from the company that a client previously applied with and easily shift to another carrier, should something unknown and problematic come up in Underwriting, while only completing a new application for the new carrier. This is something that brokers do all of the time, as they're not married to one particular insurance carrier - A broker's sole job (along with obviously representing all of the carriers and being knowledgable about the products) should be to shop the market on your behalf and always make sure that you're getting the best policy and price available.

      Unfortunately, the NWM agent is probably not going to help you out with this, once you tell him/her that you're jumping ship, as they know that they can't compete. You are just going to have to complete a new medical exam with another more competitive carrier, which isn't a huge deal. The cost is also covered by the new insurance carrier and the entire process should only take about 15-20 minutes for the phone application and about 20-30 for the medical exam.

      Hope this helps!

       

       
      Jason P. Veirs - Life and Disability Insurance Broker located in San Diego, CA - Owner of www.InsuranceExperts.com
      Office Direct: (619) 334-2400 | Email: [email protected]

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      • #4
        Yes those labs are transferable, most of the time we just call the examiner office, give them the information they need and they send those labs results to the next company.  Not a big deal we do it all of the time for our clients.
        Scott Nelson-Archer, CLU, ChFC
        303-953-0263 Direct / [email protected]

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        • #5




          Yes those labs are transferable, most of the time we just call the examiner office, give them the information they need and they send those labs results to the next company.  Not a big deal we do it all of the time for our clients.
          Click to expand...


          Thanks! Mind if I PM you for some more details? We would like to get a policy relatively soon.

          Comment


          • #6
            Feel free to PM me or my email is in my posting down in the signature.
            Scott Nelson-Archer, CLU, ChFC
            303-953-0263 Direct / [email protected]

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