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How to Fill Out a Life Insurance Application

Understanding Your Life Insurance Application

When you first look at a life insurance application, it may seem complex. There is a lot of information that gets asked for, so having a general idea of what you will need makes the process go a lot faster. For a smooth process, General Insurance can help. We have a dedicated team that can walk you through everything and helps get you the best life insurance policy at a premium that fits your budget. There are a few things you will want to have handy when you talk to an agent about your policy and are ready to apply.

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Your Beneficiaries

If you are purchasing life insurance coverage, you will want to know who your beneficiaries are. The death benefits you receive will go to your designated beneficiaries. As a policyholder, you can decide to have one or more beneficiaries. If there are more than one, you will be able to sign percentages of the benefits to each person you have listed. An example would be 60% to your spouse, 20% to one child, and 20% to another child. In addition, you will want to have a second beneficiary listed in case the primary beneficiary (or beneficiaries) is already deceased at the time of your death. You will need the names, Social Security numbers, and birth dates for each beneficiary.

Which Payment Frequency You Want

When you start your life insurance application, you will want to know how many payments you want to make a year. The insurance company will bill you based on your needs. Options can include a single payment (one large lump sum), or annual, semi-annual, quarterly, or monthly. Think about which one will best fit your needs so you can let the insurance agent know.

Whether You Have Other Insurance Applications Pending

If you have applications for life insurance companies that are pending, the insurance company you are applying for will want to know. You are likely to be asked about how much insurance you are applying to with the other companies. If it seems that you are applying for more insurance than your situation needs, the company will likely ask why during the application process. In addition, you will also be asked how much life insurance you already have in place.

Over the process of applying, you will be asked about things that are not always directly related to your health. These can include your driving record (license suspensions, DUI, moving violations, etc.) and criminal convictions. Most often, the insurance company will only look at these things for a specific period, such as four or five years.

Your Medical History And Your Families Too

Your family medical history can impact your own life expectancy, and the insurance company may ask about what your parents and siblings have been diagnosed with or treated for. These things can include things like cancer, diabetes, stroke, heart disease and other conditions.

In addition, your medical history will be asked about. Your life insurance company will ask for a lot of the same information you gave them when they gave you a quote. The insurance company will verify this information using your medical records and likely a company called the MIB Group. Because they will be verifying everything anyway, there is no reason to withhold or fudge information here. The MIB Group maintains a database of health conditions reported on applications made within the past seven years for a variety of insurances that people apply for. Discrepancies can raise red flags for the insurance company, which will then investigate further.

Medication And Other Drug Use

The insurance company will ask about medications you take, illegal drug use, and alcohol use. They will also ask if you have ever been advised to seek treatment for addiction. These can have an impact on your policy premium.

Final Notes

After filling your life insurance application, you sign your name and the application is submitted. It is important to be honest in your application. We are happy to assist you in filling out your application and answer any questions you have when you come across them. Picking a great life insurance company is important, we look forward to your call.

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