Life insurance is an important tool to help ensure financial stability for your family and loved ones. It is something that most adults should have in place. However, many people enter the application process unprepared. Understanding the qualifications for life insurance can help you get your information in order so can get the right policy at the best possible rate.
Steps in the Application Process
The exact steps you take will depend on the company you ultimately choose; however, many insurance underwriters have similar qualifications that can help you prepare for the process. As a general rule, you should expect to:
- Complete an application form
- Verify provided information
- Undergo a medical exam and blood/urine testing
Information You Will Need To Provide
You will need to provide quite a bit of information during the application process. You should be prepared to provide basic information, such as:
- Your name, address, and contact information
- Your occupation
- A medical history, including any current or previous conditions, the names and addresses of your doctors and a list of medications
- Family history of certain medical conditions
- If you engage in any high-risk activities, such as sky diving or rock climbing
It is critical that you provide complete and honest answers to application questions. Some of the items — like hobbies or your occupation — may seem unrelated but directly impact life expectancy.
Being prepared makes applying for life insurance go quickly and smoothly, and knowing what information will be expected is a big part of preparation.