Picture this: a mom and two little kids cozily sitting on a couch. But what data will an insurance company dig into to insure their lives? Let’s break it down!
Once you’ve figured out how much insurance you need and which type of life coverage suits you, the next step is submitting an application to the insurance company. But what will they check to decide if they’ll cover you and how much it’ll cost?
Once you’ve figured out how much insurance you need and which type of life coverage suits you, the next step is submitting an application to the insurance company. But what will they check to decide if they’ll cover you and how much it’ll cost?
To get an offer from an insurance company, they’ll need (sometimes not all, just some of it):
- Application
- Medical Information Bureau (MIB) Report
- Prescription Drug Database Check
- Driving History Report
- Medical Records from Your Doctor
- Medical Exam
- Credit History
At first glance, it might seem like a lot, but it’s not that tricky! All you need to do is fill out and sign the application, and if required, take a medical exam. The rest—insurance folks will gather and check on their own, no extra effort from you. Thanks to modern tech, you can even fill out the application over the phone or via video call at a time that works for you.
Medical Information Bureau Report
This report might include details about your medical tests and procedures. Insurers use it to get a read on your health.
This report might include details about your medical tests and procedures. Insurers use it to get a read on your health.
Prescription Drug Database
This tracks all the meds you’ve been prescribed. Based on that, the company might guess if you have any conditions. Since the same drugs can treat different illnesses—and that affects insurance differently—it’s key to provide accurate and full info in your application.
This tracks all the meds you’ve been prescribed. Based on that, the company might guess if you have any conditions. Since the same drugs can treat different illnesses—and that affects insurance differently—it’s key to provide accurate and full info in your application.
Driving History
Violations and accidents aren’t just about car insurance; they can impact life insurance too. Insurers will dig deep into how you drive. A major red flag is driving under the influence (DUI)—if it’s recent, they might say no or jack up the price. Three or more traffic violations in the last 3-5 years (like speeding or running a red light) can also bump up the cost big time.
Violations and accidents aren’t just about car insurance; they can impact life insurance too. Insurers will dig deep into how you drive. A major red flag is driving under the influence (DUI)—if it’s recent, they might say no or jack up the price. Three or more traffic violations in the last 3-5 years (like speeding or running a red light) can also bump up the cost big time.
Medical Records from Your Doctor
With your permission, the company can request records from your doctor to figure out how long and how serious your health issues might be.
With your permission, the company can request records from your doctor to figure out how long and how serious your health issues might be.
Medical Exam
Lots of modern insurers let you skip the exam—it depends on the company and policy amount. If one’s needed, it’s free, and a medic will come to your home at a scheduled time. The process is usually quick and easy.
Lots of modern insurers let you skip the exam—it depends on the company and policy amount. If one’s needed, it’s free, and a medic will come to your home at a scheduled time. The process is usually quick and easy.
Credit History
Big debts, late payments, or bankruptcy can also sway the policy’s price or even whether you get coverage at all.
In this article, we’ve covered what an insurance company might check when you apply for a life policy. The big focus is on health, but credit and driving habits matter too. Got questions? Give us a call or drop a message—we’re here to help!
Big debts, late payments, or bankruptcy can also sway the policy’s price or even whether you get coverage at all.
In this article, we’ve covered what an insurance company might check when you apply for a life policy. The big focus is on health, but credit and driving habits matter too. Got questions? Give us a call or drop a message—we’re here to help!