Will I Need A Medical For Key Man Insurance?

Whether you’ll need a medical examination for key man insurance depends on the insurance company and the specific policy you’re applying for. Here’s how it typically works:

  1. Medical Examination: Many insurance companies require a medical examination as part of the underwriting process for key man insurance, especially for larger coverage amounts. The purpose of the medical examination is to assess the key person’s health and determine their risk profile. It may involve a physical exam, blood tests, urine tests, and sometimes even additional medical tests like an ECG (electrocardiogram).

  2. Health Questionnaire: In addition to a medical exam, the key person may be required to complete a detailed health questionnaire. This questionnaire typically asks about medical history, current health conditions, medications, lifestyle habits (such as smoking or alcohol consumption), and family medical history.

  3. Underwriting: The insurance company’s underwriters will review the results of the medical examination, health questionnaire, and any other relevant medical records. They use this information to assess the key person’s overall health and determine the premium rate.

  4. Premium Adjustment: The outcome of the medical underwriting process can affect the premium amount. If the key person is in good health, the premiums are likely to be lower. However, if there are health issues or higher risk factors, the premiums may be higher.

  5. No-Medical Exam Policies: Some insurance companies offer key man insurance policies that do not require a medical examination. These policies may have simplified underwriting processes and may be suitable for businesses looking for coverage without extensive medical assessments. However, they may come with limitations on coverage amounts.

  6. Policy Issuance: Once the underwriting process is complete and the application is approved, the insurance company issues the key man insurance policy, specifying the coverage amount, premium amount, and any other terms and conditions.

Can a medical be carried out at home?

Yes, some insurance companies offer the option to have a medical examination for key man insurance carried out at the applicant’s home or office for added convenience. This type of examination is often referred to as a “mobile paramedical exam” or a “home visit.”

Here’s how it typically works:

  1. Scheduling: After you apply for key man insurance and the insurance company determines that a medical examination is required, they will typically arrange for a licensed paramedical professional or nurse to visit the applicant at a convenient location, which could be their home or office.

  2. Appointment Confirmation: The paramedical professional will contact the applicant to schedule an appointment for the examination. They will coordinate a time that works for both parties.

  3. Examination: During the home visit, the paramedical professional will conduct the required medical tests and assessments. This may include a physical examination, blood pressure measurement, blood and urine samples, and other relevant tests based on the insurance company’s requirements.

  4. Sample Collection: The paramedical professional will collect the necessary samples and documentation, which will be sent to a laboratory for analysis and evaluation.

  5. Submission to the Insurance Company: Once the examination is completed and the samples are analyzed, the results are submitted to the insurance company for underwriting.

  6. Underwriting and Policy Issuance: The insurance company’s underwriters will review the results of the examination and other relevant information to determine the applicant’s risk profile and premium rate. Upon approval, the key man insurance policy will be issued.

The option for a mobile paramedical exam can vary among insurance providers and may depend on factors such as the coverage amount, the age of the applicant, and the specific policy requirements. It is designed to make the application process more convenient for both the applicant and the insurance company.


If you or your key person prefer this option, you can discuss it with the insurance company or your insurance agent during the application process to determine if it’s available and suitable for your needs.


It’s important to note that the requirements for medical exams and underwriting can vary among insurance providers and policies. Smaller coverage amounts or policies for younger individuals may have less stringent medical requirements. Consulting with an insurance agent or broker can help you navigate the application process and find a policy that suits your specific needs.


Keep in mind that the results of the medical examination and underwriting process can affect the cost of the premiums, so it’s a good idea to encourage the key person to maintain good health habits to potentially secure more favourable rates.