New Mexico NM Life Insurance Help

Reader’s Question:

I have a had a few doctor’s visits with my COBRA in New Mexico. If it runs out, I plan to convert to an individual insurance. Will it reduce my premium if I do not reveal my history of claims? Do I have to undergo the normal application procedure like filling out a questionnaire and get checked for medical history?

Hannah

Albuquerque, NM

Thanks for asking, Hannah.

It is really up to the carrier of the insurance in New Mexico. Your entire medical history will be the basis of your premium rates. From this medical history verification process, the underwriter will be able to determine how much will be spent on your medical expenses in the future. And if you leave out any information about your medical conditions, you might be committing misrepresentation or fraud. The entire policy might me cancelled if your health card finds out about your medical history. This will count for insurance fraud. Fraud is when one knowingly lies to obtain some benefit which they are not entitled or denial of something which someone is entitled. It is definitely a crime in all 50 states.

Besides, your medical history can be pulled up by any life or health insurance company from any of your doctors since this will support the veracity of your medical history which is the basis of your insurance rates.

By all means, you have to disclose all the pertinent information about your health if you are to undergo any underwriting process with an insurance company. It is a matter of being candor about your medical condition. You don’t want to lose more money by concealing the truth.