How Does a Medical Exam Affect Your Life Insurance Quote?

Medical recordHas your life insurer asked you to have a medical exam? Being checked out by a doctor is a common prerequisite to buying a policy, and how you do on the exam can impact your rates dramatically. Your insurer will place you in one of four categories, depending on your medical exam results: Standard, select, preferred, or the coveted preferred plus designation. Each step up the ladder of perceived health can save you 20 percent on your monthly premium, so you should take the exam seriously and prepare yourself well.

The typical insurance health exam will include measuring your blood pressure, glucose levels, and BMI. If you’re more than 55 years old, you might need to take an EKG as well. How can you prepare for this exam? Avoid caffeine and other stimulants that might increase your heart rate. Women who have borderline BMI ratings might do well to schedule the exam during the pre-ovulation half of their menstrual cycle when they’re less likely to be bloated. If you’re a tobacco user, the sooner you quit the better — smokers are not eligible at all for the lowest rate category.

Would you like to learn more about the life insurance medical exam and how it affects your quote? The experts at HealthIQ.com have put together a handy quiz to help you quickly assess your understanding and fill in any gaps in your knowledge. Give it a try if you’re preparing to buy life insurance and think you might be facing a medical exam.

About Health IQ

Health IQ’s mission is to improve the health of the world by celebrating the health conscious through financial rewards. Health IQ delivers better rates and underwriting, and was recently featured in sites such as CNBC, Venturebeat, and TechCrunch.  and partners with top-rated insurance carriers such as SBLI, Ameritas Life Insurance Corp. and AssurityLife Insurance Company, and reinsurer partner Swiss Re to offer health conscious people between 4 and 33 percent lower rates on life insurance. Founded in 2013 by a team of health conscious entrepreneurs, the company is a licensed life insurance company in all 50 states and has helped tens of thousands of individuals secure a total of $5.3 billion in insurance coverage.

How to Apply for A Tax ID Number and Why

Tax informationWhen you start a business, you need to apply for a Tax ID to make your company legitimate in the eyes of the law, and to avoid trouble during tax season. Here is more on applying for a tax ID number and how to do so with minimal hassle:

Tax ID for Businesses: Most new businesses need a Tax ID. If you are starting a business that will be hiring employees, you will need to file for an Employer Identification Number, or EIN, which will essentially double as your company’s tax id number.In addition to filing taxes, an EIN can be used to work with banks and even open a line of credit.

Tax ID for Individuals: For individuals, the social security number doubles as a Tax ID. People who do not have a US social security number but are working in the US as a non-resident or a resident alien, will need to apply for an ITIN or Individual Tax ID Number. The same applies for spouses or family that are claimed on a tax return. The ITIN is used exclusively for tax purposes.

Obtaining a Tax ID: Whether you are applying for an individual or company, getting your tax number online is the fastest and often easiest option. You can also submit the necessary forms by fax or mail. However, submitting by either fax or mail means waiting about a month for your Tax ID to be mailed. If you are applying for an EIN, you’ll need to submit form SS-4 and will also need to determine the entity of your business. If you are applying for an individual ITIN, you will need to fill out Form W7.

When it comes to taxes, it is important to comply with federal regulations and have the appropriate forms in order. If you need a Tax ID, it is best to apply well before tax season to help avoid stress.