Life Insurance Companies and The Medical Information Bureau (or MIB)

What is the MIB?  (I've never heard of it!)

Did you know that virtually every time you apply for life insurance, you are agreeing to submit the contents of your application to the Medical Information Bureau?  You are also agreeing to let the life insurance company check your health record against information already on file about you at the MIB.  It' all in the paperwork you sign when you apply for life insurance!

This means that the information that the MIB collects will not only affect what kind of life insurance rates you qualify for at the time of application, but possibly the rates you will qualify for in the future.  For this reason, it is important to plan very carefully before applying for life insurance.

That said, without an agency like the MIB, it might not be possible for life insurance to exist as a product, and certainly not as an affordable product.  The MIB is kind of like a credit score for health.  Insurance companies of all kinds are always seeking to understand and quantify risk and the MIB allows them to do this effectively.

Can I review the information that the MIB has on file about me?

Yes, you can, and this is never a bad idea in fact since it is estimated that 3% of all medical records contain errors of one kind or another.  You can visit the MIB’s website online at, www.mib.com and you can call them at: (617) 426-3660.  You can also write them at:

MIB
P.O. Box 105, Essex Station
Boston, MA 02112

Can I dispute any of the information on record about me at the MIB?

Yes, it is possible to do this.

How long are records kept?

Records at the MIB are kept for a period of 7 years.

How long does it take to receive my MIB records once I make a request?

Most requests are processed within about 30 days.

Does the MIB have a record of everyone's health?

No.  The MIB does not have information on everyone.  They are essentially an organization that various life insurance and health insurance companies subscribe to.  In otherwords, they are a clearinghouse of medical information.  Not every life insurance of health insurance company necessarily subscribes to the MIB.  The MIB is likely to have some information about your health history and profile if you have completed an application for individual/family health insurance (health insurance which is not through one's place of employment), or life insurance within the last 7 years.