28 Things You Need for a Life Insurance Quote
Buying some life insurance is a nice thing to do for your family. But you better like questions because there are a lot of questions that you’ll be asked when you are being priced for a life insurance policy. It’s important to be honest when you answer these questions because a fraudulent application may result in your benefit not being awarded to your beneficiaries.
Here are the 28 things you need for a life insurance quote.
1. Name, Address and Phone
You will be asked for each of these items from a life insurance agent. That’s straightforward enough.
2. Date of Birth
A life insurance agent will want to know the day, month and year that you were born.
3. Country and State of Birth
If you were born in the United States of America, which state were you born in? If you were born in another country, please give those details as well.
Are you a U.S. citizen? What is your citizenship? Let the agent know your citizenship.
5. Marital Status
Are you married or single? Or you divorced or widowed? Be honest about your marital status.
What do you do for a living? What’s your job? What are your job duties? Give details about your current job.
7. Net Worth
What is the net value of your assets minus your debts? Share this number with the insurance agent.
8. Driver’s License Number
What is the number that is across the top of your driver's license? The insurance company will use this number to look up your motor vehicle records.
9. Social Security Number
What is your 9-digit Social Security number? Let your insurance agent know this number.
A life insurance agent will ask how old you are.
An insurance agent will ask how tall you are.
An insurance agent will ask just how much you weigh.
13. Tobacco Use
Do you smoke or use tobacco? A life insurance agent wants to know.
How much do you make in a year? What is your annual income? Share your income information with an insurance agent.
15. Do You Already Own Some Life Insurance?
An agent will ask you about the life insurance you already have.
16. Alcohol Consumption
A life insurance agent will ask if and how often you consume alcohol.
17. Bankruptcy History
Have you ever filed for bankruptcy? If yes, when? The life insurance agent wants to know this part of your financial history.
18. Felonies and Misdemeanors
Do you have a criminal record? Were they felonies or misdemeanors? An agent will ask if you have a criminal record.
19. High Risk Hobbies
Do you pilot a plane or do you enjoy mountain climbing? An insurance company considers these types of hobbies high risk and will want to know if you are partaking in them.
20. Name and Address of Primary Care Doctor
The insurance company wants to reach your primary care doctor so they will ask for this information.
21. The Last Time You Saw a Doctor
When was your last doctor’s appointment? What was it for? Share the details of your doctor’s visit with the life insurance agent.
22. Family Medical History
Have any of your family members passed away from cancer or heart disease? Share your family’s medical history with the life insurance agent.
What prescriptions do you take and how often? A life insurance agent will want to know.
24. Your Medical Condition
Have you been diagnosed with any diseases or disorders? Share your medical details with the life insurance agent.
25. Type of Life Insurance
A life insurance agent will ask for the type of life insurance policy you are applying for and the length and amount of coverage.
Who will you be naming as beneficiaries for your life insurance policy? This is an important decision. Choose your beneficiaries carefully. Share the beneficiary information with the life insurance agent.
27. High Risk Travel
This is another lifestyle question. Do you travel to parts of the world that could be considered dangerous? Share your travel plans with an insurance agent.
28. Recent Driving Record
Do you have any speeding tickets, DUIs or moving violations on your recent driving record? An insurance company uses this information to determine your risk classification when underwriting your life insurance policy.
Those are a lot of questions and when it is all said and done you shared a lot of personal, financial and medical information with a life insurance company. And there’s even more to do.
Once the interview section of the policy application is complete, you will move on to a medical exam.
But don’t worry there’s no need to head to the hospital or to a doctor’s office. You will take this paramedical exam in your home and the requirements of the exam will depend on the size of the policy you’re interested in getting. Bigger policies mean bigger exams. Once your interview application is completed and reviewed by the life insurance company, and your paramedical exam is completed and the results reviewed, you will know what kind of life insurance policy that you qualify for. Then it is just a matter of paying for your policy. Once you do, you will have an active life insurance policy in your name And you can rest easy knowing your family will be well taken care of should you pass away. To get the best rate for the best life insurance policy, enter your zip code below.
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Are you a beneficiary of a life insurance policy and wondering if you’ll eventually be taxed on the death benefits? Are you a business owner providing group life insurance for your employees, and wondering if that expense is deductible?
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Insurers will commonly deny claims if they can argue that the accidental injury was not the cause of death of the insured because the death occurred too long after the injury was sustained.
If divorce makes you a single parent, you may need adequate life insurance on yourself to protect your children, whether your ex-spouse is consistent in making alimony and/or child support payments or not.
In order to prevent fraud and abuse, when and how the benefit can be paid out is highly regulated. For example, a term life insurance policy will include clauses called exclusions.
There may be a handful of people who will be directly affected by your passing so it’s good to know that you don’t have to pick one over all the others. You can choose a few people easily. You don’t have to pick only your spouse.
Never turn down a matching 401K plan unless you will starve to death because of the deduction from your paychecks. How often do you have people paying you to put money away for the future while getting a tax break on that amount? Any match is free money so don’t pass it up!
Once you make the decision to buy life insurance, selecting the right life insurance company and plan is extremely important. Here are some things to remember.