If insurance companies are going to give you life insurance they are going to reduce their risks. They do this by first determining what risks the insurance shoppers pose for them.

Do I Have to Give My Medical Records to the Life Insurance Company?

Medical Records

You do not have to give any information to your life insurance company if you don’t want to. But there will be consequences of not doing so. Life insurance companies want to know as much as they can about your health. Insuring you with life insurance is a risk for them. If you are refusing to give them information about your health they get concerned. The same applies to giving them permission to view your medical records. If you are not prepared to do this, they may feel that you have something to hide. In this case, they may not continue with your life insurance application.

Will My Doctor Release My Medical Records to the Life Insurance Company?

Doctors realize that many people want to buy life insurance. They also know that these companies have to know what risks they are at. For selling this type of product to individuals. They will release the medical records. But, only under certain conditions. They need to have your permission to do so. Every insurance company is different. So their approach to getting permission for the release of the medical files may be different. Some may ask you to sign a medical release form. Others may include this release. In the actual application getting filled out for the insurance. The Doctor’s themselves may want their own medical release form signed.

What Will My Life Insurance Company Do With the Health Records?

The Life Insurance Company wants these records for a purpose. They want to know your medical background. The medical records will give them a lot of important information. It will outline what medical tests you have had done over a period. They will see metrics that your doctor may have documented. Such as your blood pressure, for example. Plus, they will get to see the Doctor’s comments about your health.

The insurance company may use this extra information. To compare it to the answers given. During the different segments of the life insurance application. If there are any discrepancies, they will want to clarify this.

How Will I Know If the Life Insurance Company Got My Medical Records?

records

You should be aware of whether you have given the life insurance company permission to get your records. You can always ask your Doctor if they were contacted. Also, what specific records were given to the Insurer?

Another option you have is to ask the insurance company directly. They should confirm whether they obtained your medical records or not. You also have the right to know what information has been gathered. About you concerning your file with the insurance company. A lot of people don’t realize this. Quite often individuals get turned down for life insurance. Or, they end up getting hit with high premiums. The insurance company may not give any explanation for this. By having access to the information gathered about you, it may give you some of these answers.

Every insurance company in Canada has to follow regulations. They may vary about how they allow you access to that information. But, they are compelled by regulations to provide it to you.

Insurance companies will gather information from many different sources. Some of these are third party sources. To get this information the insurance company will only release it to you through your doctor.

Should You Get Concerned About Your Medical Records?

There may be a few reasons that you get concerned about releasing your medical records. To the insurance company. Your health is personal, and some feel like it is an invasion of their privacy. But, looking at it from the Insurance Company’s point of view they are taking a risk with their money. If something is going to have a long life span, then the insurance company is going to make their money. Even though they have to pay out the claim eventually. But, if they insure someone and they only live a few years, then the insurance company is out money. So they want to mitigate their risks as much as possible.

Can I Get Life Insurance If I Don’t Give Consent for My Medical Records?

There can be a few reasons why an individual doesn’t want to give access to their medical records. One is for privacy reasons. Another is because they feel there may be something in those records. Information that could affect their chances of getting life insurance.

The other option is to go for life insurance that doesn’t need this. There are insurance companies that offer life insurance with no medical questions asked. It may not be what the insurance shopper is looking for. For example, they may not get the amount of coverage they want. Or, it may be that it costs a lot more money. But, for some, it is better than getting denied life insurance altogether.

Shopping the Right Way for Life Insurance

Shopping

It is important to understand how life insurance works. Know what is expected of you to qualify for life insurance. Your medical records may play an important role in this. You need to decide whether you are willing to allow access to these records. If you don’t then understand why. If it is because you have something to hide, then you need to think twice. About how you are applying for life insurance. If there is anything hidden or omitted on your insurance application, this is detrimental. It could end up that the insurance company will not pay out the claim in the end.

It is important that you read over the life insurance application. Know what you agree to once you sign it. Then you need to answer each question honestly. Then once you get approved, you need to read your insurance policy over as well.

In addition to this, you need to shop around for your life insurance. Get quotes and compare these quotes. All insurance companies are not the same.

Resources

https://legionmagazine.com/en/2005/09/access-to-medical-records/
https://www.sharelawyers.com/blog/2013/01/can-the-insurance-company-request-to-review-my-full-medical-records.html
https://www.medicalcouncil.ie/Existing-Registrants-/Professional-Conduct-and-Ethics/Releasing-Medical-Records-to-Insurance-Companies.pdf
http://health.findlaw.ca/article/who-can-access-your-health-records-1/
http://www.aidslaw.ca/site/wp-content/uploads/2014/06/KYR_6_E_web.pdf
http://www.rbcinsurance.com/files/00105/file-105821.pdf
https://www.sunlife.ca/PSLF/canada/Privacy/Respecting+your+privacy+in+Canada