If you are reading this then you are probably worried because you
entered false information on a life insurance application, or you are
contemplating it because you are concerned about health issues, a DUI,
height, weight, etc. This article will go over some of the possibilities
and ramifications of doing this and why you should not lie on a life
insurance application.
When you apply for life insurance, there is always an application involved. Sometimes it can be as simple as 3 to 4 pages or as long as 20 to 30 pages. The length of the application and the amount of information that a life insurance company wants all depends on the life insurance company and their underwriting requirements, the amount and type of insurance, and a host of other variables.
Each life insurance company has their own set of underwriting requirements. As a basis, most insurance companies will want to know the following information about you in order to make a decision on whether or not to give you life insurance coverage:
o Your health history (diabetes, cancer, heart attack, stroke, kidney problems sleep apnea, etc.)
o Prescriptions you currently take
o Your family's health history (because of genetic factors)
o Your driving history (any DUI? Speeding tickets?)
o Alcohol and substance abuse history
o Smoking history
o Hazardous occupation or sports (flying, parachuting, rock climbing, etc.)
o Intent to travel outside the United States
o Criminal history (specifically felony convictions)
Do They Check?
After you've answered the questions and submit your application, it will go into underwriting. If you are wondering if the life insurance company will just take your word for it, the answer is no. They check your history through available databases to verify the information that you submitted.
What If I Get Away With It?
Is it possible for a life insurance company to not find out about something you lie about? Anything is possible, but it can definitely come back to haunt you. Let's say that you lie on your life insurance application and say you do not have a history of heart disease when, in fact, you do and you are taking prescription medication for it. If the life insurance company does not find out when they check your medical records (it's possible), then they will approve you (assuming everything else is ok). If you die from heart disease then the life insurance company will investigate. If they find out that you had heart disease at the time of your application, they will not pay your death benefit and you will have to go to court and fight tooth and nail. Your family probably won't have much room to argue about because you lied. So it's not worth it to lie just to save a few dollars because your loved ones could suffer later down the line.
If you are worried about being declined or "rated up" on your life insurance application, then you should speak with an experienced licensed agent. Do not lie on your application! An experienced life insurance agent will work with multiple companies and they will know which companies will have the highest likelihood of approving you, and the lowest rates for your situation. There are options for you no matter what your situation, so speak with a licensed agent today.
When you apply for life insurance, there is always an application involved. Sometimes it can be as simple as 3 to 4 pages or as long as 20 to 30 pages. The length of the application and the amount of information that a life insurance company wants all depends on the life insurance company and their underwriting requirements, the amount and type of insurance, and a host of other variables.
Each life insurance company has their own set of underwriting requirements. As a basis, most insurance companies will want to know the following information about you in order to make a decision on whether or not to give you life insurance coverage:
o Your health history (diabetes, cancer, heart attack, stroke, kidney problems sleep apnea, etc.)
o Prescriptions you currently take
o Your family's health history (because of genetic factors)
o Your driving history (any DUI? Speeding tickets?)
o Alcohol and substance abuse history
o Smoking history
o Hazardous occupation or sports (flying, parachuting, rock climbing, etc.)
o Intent to travel outside the United States
o Criminal history (specifically felony convictions)
Do They Check?
After you've answered the questions and submit your application, it will go into underwriting. If you are wondering if the life insurance company will just take your word for it, the answer is no. They check your history through available databases to verify the information that you submitted.
What If I Get Away With It?
Is it possible for a life insurance company to not find out about something you lie about? Anything is possible, but it can definitely come back to haunt you. Let's say that you lie on your life insurance application and say you do not have a history of heart disease when, in fact, you do and you are taking prescription medication for it. If the life insurance company does not find out when they check your medical records (it's possible), then they will approve you (assuming everything else is ok). If you die from heart disease then the life insurance company will investigate. If they find out that you had heart disease at the time of your application, they will not pay your death benefit and you will have to go to court and fight tooth and nail. Your family probably won't have much room to argue about because you lied. So it's not worth it to lie just to save a few dollars because your loved ones could suffer later down the line.
If you are worried about being declined or "rated up" on your life insurance application, then you should speak with an experienced licensed agent. Do not lie on your application! An experienced life insurance agent will work with multiple companies and they will know which companies will have the highest likelihood of approving you, and the lowest rates for your situation. There are options for you no matter what your situation, so speak with a licensed agent today.
For a free quote from multiple companies, or for some advice on what your options are, please visit us at QuotesForTermLife.com.
Article Source:
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