Life Insurance Medical Information Bureau

MIB (Medical Information Bureau) and What Does It Mean To Me?

When a person applies for a car loan, the financing company routinely checks the applicant’s credit report. Similarly, when a person applies for any type of health, disability or life insurance, including a term life insurance policy, the insurance company will most likely check the available records regarding the applicant’s medical history and lifestyle, as compiled by the Medical Information Bureau or MIB.

According to its own website (www.mib.com), the MIB is a members-only organization of U.S. and Canadian insurance companies. In existence for over a century, the MIB’s main function is to collect information about people who have applied for insurance and then make this information available to member companies when they are reviewing new applications. For many life insurance companies, the MIB report is as critical to their underwriting decisions as credit reports are to the decision-making of other financial institutions.

Types of Information in the MIB Report

When applying for term life insurance, an applicant will be informed in writing whether the insurance company will be requesting an MIB report. According to the MIB’s consumer guide, the MIB does not maintain any specific “medical records” on an applicant, but does keep on file certain information regarding significant medical conditions and treatments as well as lifestyle indicators that have been reported by member companies. In the MIB report, the following information may be available:

• Reported medical conditions
• Results from medical tests
• Detrimental lifestyle issues, such as heavy drinking or smoking
• Hazardous hobbies and recreational activities