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So if you apply with 3 different companies, all 3 companies will know it from the MIB. They will ask you about it and it may effect underwriting as the 3 companies look at the combined face amount and decide if they want to be a part of it.
Also lets say you answer a question about heart problems as NONE. In checking the MIB the insurance company finds you have a double bypass in 2009. Changes everything.
Think of the MIB as similar to the Credit Bureau, except for medical stuff instead of credit use. Instead of credit history, the MIB contains your health history.
Insurance companies will also have access to look at your prescription medications that you currently take or have taken in the past.
You must give them permission to review these things when you apply.