Evidence of Insurability

What is the meaning of Evidence of Insurability? 

Evidence of Insurability, also known as EOI, refers to documentation of an individual’s health condition that is submitted to health and life insurance providers. In simpler terms, think of EOI as proof of good health that a person submits as part of the insurance application process. 

Examples of evidence of insurability documents are the medical history and health questionnaires which most insurance providers use. However, insurance carriers can also request for more forms or documents to be accomplished in verifying more specific health concerns. 

Why is Evidence of Insurability important? 

Evidence of insurability is important because it is needed for individuals and their dependents to obtain certain types of insurance. Evidence of insurability documents is significant in benefits eligibility. EOI provides insurance providers with the necessary information so they can study the potential risk and benefits of giving additional insurance coverage for applicants. Because insurance provision is considered a calculated risk, internal underwriters study policies and exceptions to determine whether the insurance carrier can provide the requested insurance coverage. 

What are the requirements to prove Evidence of Insurability? 

The requirement for Evidence of Insurability may vary depending on the type of insurance requested as well as the insurance provider. The most common requirements are a general medical questionnaire and a health history form. While this is the usual EOI used by carriers, other EOI requirements may be more extensive such as additional exams or tests by a licensed medical doctor or professional. 

What are examples of insurance requests that are likely to require Evidence of Insurability? 

Evidence of insurability is typically required to obtain health coverage beyond basic plans. Examples of insurance policy requests that would most likely require additional EOI are: 

• Excess coverage. This is in excess or beyond the standard amount offered by a policy. Excess coverage can also refer to a specific type of coverage like accidents or dreaded diseases. 
• Additional policy members. The request to add a dependent who is not included in the original policy. 
• Late application for reinstatement of insurance coverage. 
• When an individual has been declined insurance but wants to re-apply.