Who makes up the medical information bureau?


Today, we’ll address some frequently asked questions concerning the Medical Information Bureau. This is an issue that may perplex life insurance buyers. These inquiries frequently include the following:

  • What exactly is the MIB?
  • The Medical Information Bureau is made up of who?
  • What is the database of the Medical Information Bureau?
  • Is there a MIB file in my possession?

One of the most baffling aspects of the life insurance application and underwriting procedure is the Medical Information Bureau. If you’ve ever applied for insurance before, you’re very certainly already in the MIB database.

When you apply for life insurance, you’ll give the life insurance company permission to get specific information about you from various sources. Whether you buy from the top life insurance companies or not, this happens. One of these groups is the MIB. Without your permission, your health information is not transferred to MIB. Let’s start with defining the MIB, and then we’ll look at why it’s necessary.

Medical Information Bureau

What is the Medical Information Bureau, and what does it do? What exactly is MIB? The Medical Information Bureau is merely an abbreviation for MIB; therefore, they’re the same.

The MIB was established in 1902 to assist consumers and insurers. The Medical Information Bureau was established to safeguard the life insurance business and assist it in combating fraud. In today’s world, the MIB is a computer database and information clearinghouse that examines records for mistakes, misrepresentations, or omissions on life insurance applications.

What Does The Medical Information Bureau (MIB) Identify?

What is the purpose of the medical information bureau? What is the medical information bureau’s goal?

In the insurance industry, the MIB aids in the detection and identification of fraud. Not just for life insurance firms but also for consumers, this is a crucial duty. The Medical Information Bureau assists everyone by detecting fraud and lowering life insurance prices. Claim expenses soar when insurance fraud happens. Anyone who pays life insurance premiums is burdened by these claims.

Database of the Medical Information Bureau

For underwriting and processing life insurance cases, the MIB database contains information gathered from hundreds of life insurance firms.

Who Makes Up The Medical Information Bureau?

So, who are the members of the MIB? The insurance firms own the MIB Group, Inc. The Medical Information Bureau is a member-owned business that works as a nonprofit in Canada and the United States. The MIB is made up of around 500 insurance firms.

The MIB and Life Insurance Applications

Let’s look at how a standard life insurance application and the MIB interact.

  • You submit an application for life insurance with a MIB member business.
  • Your life insurance company will inform you that your information will be shared with the Medical Information Bureau. This notice also warns that these facts will be available to another MIB member if you request insurance in the future.
  • The insurance provider will issue you with an authorization document that allows the MIB and the carriers to exchange your information.
  • Your personal data is encoded and forwarded to the MIB. These codes are private and are only used in the underwriting of life insurance policies.
  • In the future, if you submit a new life insurance application with a different MIB member business, that company will be able to request your information from the MIB.
  • The MIB report is used by life insurance firms to ensure that your application matches your previous report (s). If anything isn’t quite right, the carrier may ask for further information.

Is My MIB Information Confidential?

Yes, your MIB data is secure! When life insurance buyers learn that the MIB has access to all of this information, they are frequently concerned. Your medical records are not stored by the Medical Information Bureau. The MIB safeguards your information using highly private and proprietary coding mechanisms to keep your information safe, so you may shop with confidence.

Do I Have An MIB Consumer File?

A MIB consumer file is not available to everyone. If you haven’t applied for eligible insurance in the last seven years, you won’t have a file. Here are several scenarios in which you might not need a MIB consumer file:

  • Over seven years ago, you applied for an eligible insurance type.
  • You applied to an insurance company that was not a member of MIB.
  • You applied for a policy that the MIB does not deal with, such as non-underwritten policies, GI policies, or Group policies.

Just keep in mind that you must have applied for an eligible policy in the last seven years to have a MIB file. These would include the following:

  • A life insurance policy that has been underwritten
  • A health insurance policy that has been underwritten
  • Long-term care insurance
  • Policy on Disability Income
  • Policy on Critical Illness

What Happens If The MIB Is Incorrect?

It’s quite improbable that the MIB report’s data is wrong. That isn’t to say it can’t happen because there is a 1-2 percent chance. According to the MIB, this small proportion happens and has to be corrected due to missing or erroneous data.

You can dispute your MIB report without being penalized if you believe something is incorrect with it. Because the MIB is governed by the federal Fair Credit Reporting Act or FCRA, customers have the right to a free copy of their MIB insurance file. Simply request your free MIB inquiry by detailing anything you believe is missing or incorrect.

Obtaining a copy of your MIB report

If you want a copy of your MIB report, there is no fee. Once a year, you can acquire a free copy. The following is the information you’ll need to request your MIB consumer report:

Your whole name is: This includes your middle initial as well as any suffixes such as Jr., Sr., or other letters that distinguish you from another person or family member.

  • Date of Birth
  • Your full postal address
  • Your Social Security number’s last four digits
  • Make a list of anything you think is inaccurate or missing from your MIB Consumer File.

Keep in mind that the inquiry might take up to 45 days to complete. Your findings will be sent to you through the mail.

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