Understanding life insurance evidence of insurability (EOI)

Understanding life insurance evidence of insurability (EOI)

July 1, 2020

Don’t shy away from applying for life insurance that requires medical consideration

dad and mom smiling with babyDuring Summer Enrollment, you may apply for Optional Term Life and/or Dependent Term Life by providing evidence of insurability to demonstrate your good health. What might surprise you is how easy the process is.

Visit the Optional Term Life Insurance webpage for details about coverage options and rates and to apply for coverage. Securian Financial will send you credentials to access their website. On the website, you’ll need to answer three health questions and provide your height and weight.

  • Answer the questions online—you don’t need to consult your health care provider to do so.
  • One of the questions is whether you’ve seen a health care practitioner in the past three years. Most people will answer “yes,” because they’ve had wellness visits or an illness or injury that required medical attention.
  • Securian will consider your answers to approve or decline coverage.
  • Occasionally, Securian will ask for additional information, which may include an exam or medical records from your provider. Please note: Approximately 10% of applications require an exam. A health professional will visit you at your home when it’s convenient for you—day, night or weekend. There is no cost to you and the exam takes about 20 minutes.
  • If your application is approved before September 1, your new coverage will start September 1. If your application is approved September 1 or later, your new coverage will start the first of the month after ERS learns of your approval.
  • If your application is denied, you will not lose any of the existing coverage you already have.
The process on Securian’s website (which is mobile-device friendly) ends with a confirmation email informing you that your application is under review. Nearly 60% of applicants will get immediate notification of approval.
 
If you’re curious whether a specific medical condition would disqualify you, call Securian Financial toll-free at (800) 872-2214.
Don’t let the need for EOI stop you from applying for the appropriate amount of life insurance your family needs to secure their financial wellness.

This article reflects the group term life insurance policy issued by Minnesota Life Insurance Company to ERS. Securian Financial is the marketing name for Securian Financial Group, Inc., and its affiliates. Minnesota Life Insurance Company is an affiliate of Securian Financial Group, Inc.