Are you considering taking out life insurance but worried about completing the life insurance application. It might not be pleasant to think about, but it’s reassuring to know that your loved ones will have financial support when you pass away – especially if you have children or a partner who depends on you and all we are asking you to do is complete the life insurance application form.
It’s easy to feel overwhelmed by the personal questions lots of providers ask, but we’re here to help. In this post, we’ll explain how life insurance works and guide you through the information you’ll need to include when applying for a policy.
How does life insurance work?
You may have heard the saying ‘prepare for the worst and hope for the best.’ When it comes to your family’s finances, life insurance enables you to do just that.
By taking out a policy, you’ll arrange for your insurance provider to pay out money – either as a lump sum or monthly payments – to your loved ones after your death. Your beneficiaries can use these funds to pay for your funeral, cover mortgage bills, or supplement them as a form of income protection.
What information will I need to apply?
The information you’ll need will depend on the provider you choose. For example, guaranteed issue life insurance policies won’t ask you to disclose your medical history, which can make them an attractive choice for some people with serious illnesses. In general, though, most protection policies and insurers will require the following information.
Medical history and lifestyle habits
Unless you are opting for guaranteed issue life insurance, these are the most critical details you’ll have to supply. Remember to be as accurate as possible – some providers will ask you to take medical tests after your application to confirm your information is correct.
The medical history and habits portion of the application will include questions about:
- Any serious past or current illnesses you’ve had, as well as those of your immediate family members
- Any medications that you are taking or for which you have had a prescription within the last five years
- The name and address of your doctor; the provider may ask the doctor to corroborate your medical records.
- Your height and weight measurements
- Whether you smoke and how heavily you drink
Existing policy information
If you’re switching from a previous policy, you’ll need to provide details, including:
- The name of the policy provider
- The number of your policy and the amount of money it assured
- The coverage period of your policy
Your beneficiaries are the people you want your money to go to in the event of your death. As part of your application, you’ll have to provide:
- The names and details of your beneficiaries.
- The percentage of the money you’d like to go to each beneficiary, if you’re naming more than one (for example, 30% to your child and 70% to your spouse).
Do you need life insurance?
At Yes Insurance Services, we’re committed to providing you with the best insurance advice – and will never charge a broker fee. If you’re looking to take out life insurance, book a call with Kelly, our specialist advisor.
YES Insurance Services
Our team can help you, irrespective of whether you are looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health or looking to buy a new home, re-mortgage an existing property.
We are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.
We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.