Information To Have Ready For Term Life Application
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So you have decided on a term life plan and rate that works for you. You want to go ahead and apply for your particular plan. What information should have ready before starting? This is an important consideration especially in light of our expedited application process. To take full advantage of our call-in process and the speed and ease-of-use it offers, there are certain pieces of information on your side that can help the process along. Let’s take a look at information needed for the term life application.
First, the best part of our service is the application. I know this sounds hard to believe since any type of insurance application is rarely a fun event. We can’t promise fun but we can bring some great tools to your advantage. What’s involved to start…some nasty, long legal form in triplicate with a lot of Latin words? No. All we need to start the process is a 10 minute phone interview. It’s not even in Latin! We can get the information we need to start the process over the phone and populate the application with this information. The great part about this is that there’s no guesswork. Term life insurance has very specific (and unfortunately) technical language that pertains to the world of life insurance. It can be a little intimidating when you’re reading through an application on your own. Term life beneficiaries, key person insurance, various term life riders…that can be overwhelming and what happens when a person runs into difficult applications? They tend to set it aside (where it sits for a long time if not forever) even though the person knows they need life insurance and has found the right term life rate and coverage. Let us help you avoid this pitfall. If questions come up as we walk through the application, you have a professional on the line to help you. Now, what information should you have ready during this process?
Life insurance does touch on medical history and status so it’s important to have that information ready. You should have a list of your medications and dosage as well. Ideally, if you have your accurate height and weight, that can help us with the process and most importantly, allow for a more accurate quote. Cholesterol and blood pressure is handy if it’s outside the normal range..again so we can provide a more accurate quote. Keep in mind that this information will be taken during the paramedical exam but it never hurts to have any medical information ready that you do have.
The term life beneficiary information is incredibly important. This is the person(s) or entity that will receive the benefits if the insured passes away so we don’t want any questions later on that can jeopardize the smooth transition and payment of benefit to your desired person/entity. You want to be as exact as possible. For example, “spouse” is not specific enough. Provide the full person’s name, address, and ideally SS# so there’s no question.
If the life insurance policy will be owned by a Trust or Corporation, make sure to provide their complete information as well.
You want to have your established reason for purchasing term life in the amounts you are requesting. For example, if you make $50K annually with no real liabilities and you are requesting $3M in benefits, that may be a tough sell. Ideally, have the reasons for your coverage spelled out…mortgage, income replacement, funeral costs, kids college, etc.
Checking account or credit card information for auto-deductions. You can always pay by check but the auto-payment function tends to be the safest way to avoid lapsing your life insurance policy.
These are the main pieces of information you need ready before applying for term life insurance. Feel free to run any questions by us. As your licensed life insurance broker and a specialist in expediting term life apps, we are here to help.
Dennis Jarvis is a licensed insurance agent concentrating on finding the best term life insurance rates. Shop, compare, and instantly quote multiple carriers with professional guidance and resources.
