Co-Founder, Coastal Financial Partners Group, California
Not without your permission. Life insurance companies rely on information you provide on the application for life insurance plus, when medically underwritten, they review information from the paramedical exam, lab results and medical records. But they cannot see any of that without your authorization. Any information they obtain is subject to strict privacy controls.
The vast majority of consumers want the cheapest life insurance coverage available. To accomplish this, they need to be fully underwritten by the insurance carrier which includes obtaining their medical history, their prescription regiment, blood and urine analysis and sometime an EKG. The carriers need your authorization to collect all this data, but it's worth it, especially to a healthy consumer. Life insurance has several underwriting categories that parse your medical information to calculate lowest cost of insurance. Non smokers have five categories that can represent a 20% difference in price, so prepping for good exam results may be just as important as good medical records.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can life insurance companies see your medical records? Yes, but only with your permission. That said, your permission is part of the application process. Insurance companies with your consent, can check with your doctor for chart notes and use the MIB to check your medical history. Think of the MIB as similar to credit history except for health care.
One thing to be aware of is even the non-exam companies still check your medical history. You can find plans that don't search medical history or do labs, and they will insure you, but you'll find their pricing to be up in the range where they charge for poor health to begin with.
Founder, Abrams Insurance Solutions, Inc., San Diego, CA
Yes, there is a form in the application called a HIPAA (Health Insurance Portability and Accountability Act) that gives the carrier authorization to order and view your medical records. This authorization usually remains in-force for 24 months (12 months in Kansas) from the date signed. A parent or guardian signs this form on behalf of a minor.
If you are applying for a policy with a company that does medical underwriting, and have a health condition for which they need additional information, the insurance company can request to see your medical records. There is usually a HIPAA form included with the application for you to give your permission, and some doctor's offices require that you sign a separate form for release of your records to the life insurance company.
If you do not have a health condition for which extra information is needed, the insurance company will not look at your medical records. That incurs a cost to them, so they only do so if necessary to issue you a fair health rating.
Yes, as part of the application you will sign a Health Insurance Portability and Accountability Ac (HIPAA) release as part of the application, which grants release of your medical records to the insurance companies and it's agent. This allows the company to order your medical charts at it's discretion for review.
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One thing to be aware of is even the non-exam companies still check your medical history. You can find plans that don't search medical history or do labs, and they will insure you, but you'll find their pricing to be up in the range where they charge for poor health to begin with.
If you do not have a health condition for which extra information is needed, the insurance company will not look at your medical records. That incurs a cost to them, so they only do so if necessary to issue you a fair health rating.