All You Have To Go Through To Get Life Insurance

The process that you have to go through to acquire life insurance takes a while and wouldn't be considered fun by anyone. You will be working on this in some way or other for usually over a month. There is a whole pile of paperwork for you to do and the insurance company to fill out. If you had any medical or lifestyle skeletons in your closet they will be coming out now.

The questions begin with your entire medical history. Hopefully you have records or at least remember all of your doctors names. It is important to give them everything. They will grill you about inheritable conditions that may be present in close family members. You will have to tell them if you will be going out of the country for any reason and if it is something that you do on occasion. They will probably ask more questions about your lifestyle than you wish to answer as well.

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.

They will keep this info in storage for a minimum of 7 years. If you neglected to add something important about your health or history it could mean your family being denied their benefits if this comes to light after your death. Remember that if you are tempted to give false information for a cheaper premium.

This process is known as underwriting and for most people it is not something they want to do willingly. It is the only way you can get either whole or term life. There are other ways to get insurance but they all cost more money and give less benefits too. You can get guaranteed issue life insurance without answering any questions or seeing a doctor. You can try to get simplified life insurance but if you have had any medical issues at all they will turn you down.