Each life insurance provider has different requirements and different ways of evaluating the insurability of its applicants. While some providers will require medical and blood tests, others will just ask a series of questions over the phone to determine whether they will insure you or not.
When you apply for life insurance, the insurer will look at a number of factors to decide if you are insurable, and how much to charge in premiums if they decide to insure you.
Insurance is all about risk. The insurer wants to find out how much of a risk you are before they decide whether to insure you. In order to find out how much of a risk you are, most insurers will conduct a medical exam over the phone.
Different insurers will ask different questions, however, most will cover the following:
- Your age, gender, and marital status,
- Your height and weight,
- Your medical history,
- Your family’s medical history,
- How to contact your doctor,
- Your lifestyle habits, such as smoking, drinking, drug-taking, and exercise,
- Your income and occupation,
- Any dangerous hobbies,
- How much life insurance you want.
Once you have answered these questions, the insurance provider may then contact your doctor to obtain a copy of your medical records, and they may ask you to attend a clinic to check up on any answers you gave, or to undergo blood or urine tests.
However, many insurers offer life insurance without the need for a physical medical exam. While you may think this is the perfect way to sneak things past the insurer, it’s never a good idea to lie when applying for insurance.
It’s best to shop around & get quotes from different providers, for instance, you can visit Suncorp by clicking here and speak with an industry leading professional, who can help you make an educated decision.
If a life insurance provider finds out that you lied – or even held back certain information – on your application, any claims you make in the future could be denied.
Once the insurer has all the information they need, they will look at the numbers, evaluate your risk, and then let you know whether they will insure you, and if so, how much your premiums will be.
It’s worth remembering that different insurers have different guidelines on risk, and different ways of evaluating your application. If your application is denied with one insurer, spend some time researching other possibilities, and if you find a suitable provider, put in an application. You might find they can offer what another insurer cannot.
source: financialhighway.com
