Life Insurance Coverage 101: Applying for a Policy
The process of applying for life insurance coverage can be surprisingly easy. By taking a few simple steps and avoiding common mistakes you’ll be purchasing a policy in no time.
Preparing for Your Exam and Your Interview
If you’re purchasing medically underwritten life insurance coverage you may be required to have a brief paramedical exam, the results of which will be a factor in determining your risk class and therefore your premiums. This is why it’s so important to prepare for both your exam and your medical interview. Talk to your insurance agent, he or she will set your expectations and give you specific preparation instructions.
Your Medical Interview:
- Provide a list of the names and dosages of all your current medications
- Provide a list of the doctors and clinics you’ve visited in the last 5 years
- Be prepared to provide a list of all medical conditions, diagnoses, treatments, results of those treatments and your treating doctors
For the Physical Exam:
- Have a picture ID on hand
- Fast for 4-8 hours prior to the exam or as otherwise advised
- Get a full night of sleep before your exam day
- 24 hours prior to the exam, avoid salty or high-cholesterol foods
- 12 hours prior to the exam, avoid strenuous exercise
- 12 hours prior to the exam, avoid alcohol consumption
- 1 hour prior to the exam, avoid caffeine and nicotine
- 1 hour prior to exam, drink at least 8 oz. of water
Completing Your Application
Now that you’re prepared to take your exam, it’s time to complete your life insurance coverage application. If you’re unsure how to answer certain questions, don’t hesitate to consult your life insurance agent.
Though it might be tempting to avoid disclosing certain information, particularly if you feel that it may lead to higher premiums, it’s important to be honest. Failure to do so can affect the amount of death benefit paid to your beneficiary. Providing misleading information on your life insurance application can be considered an act of fraud. If your provider ever determines that you falsified your application information, they can decrease coverage or reject paying the life insurance claim completely based on material misrepresentations. Keep in mind that medical issues, tobacco use, etc. will likely be discovered through your exam and/or blood work and review of your medical records.
By simply preparing for your medical interview and physical exam and disclosing accurate information in your life insurance coverage application, you can rest assured that the process will be quick and painless.
Interested in more tips and advice about securing life insurance coverage? Follow the IntelliQuote Life Insurance Blog for the news and information you’re looking for – while you’re here, check out these recent posts:
Term Life Insurance Explained
What are the Benefits of Leaving Your Life Insurance Proceeds to a Charity?
Ready to compare life insurance rates? Request a life insurance quote today!
A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, contact www.intelliquote.com, or 888.883.6855.