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Should I give life insurance medical exam report to the broker?

November 4, 2012 by  
Filed under Life Insurance

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by Jeff Power

Question by Imm Pain: Should I give life insurance medical exam report to the broker?

I’m using a financial advisor to purchase term life insurance. He recommended life insurance company A. I did the medical exam. The medical report is sent to company A, who forwarded me a copy. However, it turned out I’m not happy with the quote from company A and asked my advisor to shop around for more quotes from other companies. He asked me for a copy of the medical report so he can forward to company B, C, and D when he request quotes from them. Is it a good idea to give away my medical report (covered by HIPAA) to him and those other insurance companies?

Best answer:

Answer by Joe L
Yes, it is. Otherwise someone has to pay for another one that will say the exact same thing.

Know better? Leave your own answer in the comments!


2 Responses to “Should I give life insurance medical exam report to the broker?”
  1. mbrcatz says:

    It depends on WHY you’re not happy. Did the rate go up due to medical conditions they detected? If so, it only makes sense to give the broker your report. If you’ve got preferred rates anyway, then it’s pointless to send in the report.

    The other insurance companies are going to get the same information, via another medical exam, before they commit to a policy and/or rate with you – so it’s not like you’re keeping anything from them in the long run.

  2. Tom Z says:

    Yes, you should. Your adviser is trying to find a company for you that will give you a better rate. It is much more efficient if he can approach other carriers with the exact details of your health condition. Based on that information, the insurance underwriter can then propose what rate they are willing to offer you the coverage.

    Do you have to do it that way? No, but then you have to have another exam and wait for the results before the underwriter has enough information to give you a firm quote. And if that quote is not good enough then you have to start the process all over again with yet another carrier.

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