All You Have To Go Through To Get Life Insurance
Article by William Patricks
The only reason that anyone would willingly go through the life insurance process is because they feel that it is very important to have. It is an uncomfortable and even annoying process because of all the multitude of questions and prodding. They will ask and find out about every medical and lifestyle issue imaginable.
Initially the company will start with many different questions. Any history at all to do with your health will be looked into. If you got treated they want to know. There are certain conditions that your parents could have dealt with that will go on their list too. Some illnesses run in families and those will be asked about too. You are going to have to spill your guts about certain aspect of the way you life and if there is the possibility of any foreign travel soon.
Next comes the interviews. They call it multiple interviews, because you will have to answer the same questions to several different people. All of these answers will be kept and put into the MIB database. They have this system in place to make sure that people are telling the truth. If you tried to get life insurance before and were turned down, they have all the answers to the questions that you were asked then and they will match them up. If they are different they consider this possible fraud and you will get a red flag on your record.
The information in the MIB database is kept for 7 years. So, although some people will be tempted to fudge on the application it can all come back to you. They may not figure it out while you are alive and paying your policy, but they do more investigating in the case of your death. If they then find out that you knowingly didn’t tell the whole story then your family will be denied those benefits.
Underwriting is the name of the whole annoying process. This is how they determine how much you will pay for you insurance and it you can get it at all. It is pretty personal. The only other options for life insurance don’t give nearly the benefits and are expensive too. Anyone can qualify for guaranteed issue life insurance. That is the choice for people that have no other choice. Simplified life insurance doesn’t require any physicals and you only have to answer a few questions. they won’t take people with any medical issues whatsoever though.
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Life insurance rates can be extremely competitive so always shop around first. After doing that you can compare life insurance plans to get a good idea of what you like.