What Is Included In A Life Insurance Application

A life insurance application is the form you will fill out to apply for a life insurance policy, and it usually involves numerous parts. The first part of the life insurance application will include basic identifying information and other personal data. This includes your name, address, birth date, social security number, employment information, phone number, and other information about you and your situation. You may also be asked about any other life insurance policies in effect, as well as information about your spouse and children. An important part of the application is the beneficiary designation. This is the area where you will list who you want to receive your life insurance benefits. This will include your primary beneficiaries and any contingency beneficiaries, who will only receive the benefits if the primary beneficiaries are not still living. This section may also include a list of available riders or exemptions that you can choose from, as well as which type of life insurance you are applying for. The second part of the application may involve questions about your doctor, as well as the doctor for anyone else who will be covered by the policy, and the last time you were seen and why.

Medical questions which are usually listed in the second section of the life insurance application concern different types of diseases, conditions, and medical problems which you must answer honestly. Failing to answer any of the questions or lying when answering them will be found out, and this can cause your coverage to be canceled. You will probably be asked about any surgeries, diseases, illnesses, or other problems within a specified number of years. These questions will help the underwriter determine your risks. Your height and weight are also recorded, as well as any medications you are taking for any reason, both prescription, over the counter, and herbal supplements. You will also find questions about any tobacco, alcohol, and illegal drug use, because these habits have a big effect on your risks and your premium costs. You may also have to answer questions about your family history, any hobbies, and other risk factors. You will need to sign the application before returning it as well.

Part of the life insurance application process may include more than just a form or some paperwork. Many companies will require a medical exam, blood tests, urine tests, saliva tests, and possibly even a complete physical by the doctor chosen by the life insurance company. Unless you are considering a no medical exam policy which is usually a lot more, a medical exam is normally required. The exam and test results are combined with your life insurance application form, and this data pool is what the underwriter will use to determine just what risks you pose. The amount of coverage that you want to purchase will have an effect on the types of tests and exams you will be asked to undergo. The insurance company pays the costs for all of the required testing and exams, so you do not have to pay for it.