The only way to get a strong and safe policy is to be honest and thorough when answering questions asked by the insurance company.
Buying life insurance isn’t a difficult process, but there are some things about the process that can feel stressful and overwhelming. The interview questions asked when buying life insurance in some situations, for example, can feel invasive or hard to answer.
What are the most common life insurance interview questions, and how are insurance companies expecting you to answer?
Learn more about this aspect of the life insurance application process today so that you can apply for your next life insurance policy as clearly and simply as possible.
All About Life Insurance Interview Questions
Many people don’t realize that there are life insurance interview questions and that the information gathered in them plays a role in how life insurance works. The information collected through interview questions helps to create a profile for the insurance underwriter to assess. The questions typically come from four categories:
- Personal identification
- Lifestyle
- Medical
- Policy information
In the current digital age, most insurance companies have an online portal where you will fill out the questions and submit your medical exam results. Companies that don’t have this type of online application will have you talk to a representative and answer the questions over the phone.
Top Personal Identification Questions & Answers
These questions are asked about the individual who will be insured by the coverage. For example, a husband taking out a policy for their wife will answer the questions about their wife. If you are taking the policy out for yourself, you will answer about yourself.
The questions will collect the following information:
- Legal name and any aliases
- Home address
- Phone numbers (home, work, cell)
- Social Security information
- Income verification
- Employer information
- Job title
- Financial information
The best way to know how to answer these questions is to list them up and prepare your answers and documentation in advance. You can scan your Social Security card, prepare your income verification documents, and otherwise set yourself up for providing the information needed by the insurance underwriter.
Top Lifestyle Questions & Answers
Insurance companies base the prices and coverage offered to you on the risk you carry as a policyholder. This means that some of your lifestyle activities may affect what you are offered.
It is very common for insurance companies to ask about the following:
- Do you smoke?
- Do you hunt, fish, or boat regularly?
- Do you fly small planes?
- Do you have a pilot’s license?
- Is your job dangerous?
- Have you or do you plan to bungee jump?
- Do you partake in any dangerous hobbies regularly?
- What is your driving history like?
These questions and the information gathered from your answers allow the underwriter to develop a profile for you. From there, they will offer you rates that suit their policies.
Top Medical Questions & Answers
Most insurance companies will require you to have a medical exam, and your doctor will fill out some associate paperwork during that exam. However in addition to this exam, there will be several medical questions and answers that you need to answer.
Typically, you will need to answer the following questions:
- What type of medications are you taking? Include dosage, frequency, and why it is being taken.
- What medical questions do you have or have you previously been affected by? This is typically a long list that you need to answer “yes” or “no” to.
- If the answer to any of these questions is “yes,” you will need to include who diagnosed you, what the treatment was, and what the current status is.
- What surgeries have you had and why?
- What is your family medical history, particularly in your immediate family?
These questions can be difficult to answer if you don’t have a good memory of your medical history, so it can be helpful to reference any documentation that you have while answering these questions. You need to answer these questions honestly and accurately for your policy to be valid.
Top Policy Information Questions & Answers
Finally, remember that you can also ask questions about the company’s policies, what is covered, and any other aspect that you need to know more about.
It’s useful to ask what the price comparison is between different policies at one company and to know what you might want to get in advance.
40-year term life insurance, for example, should be bought earlier in life so that you can get the best value possible from the policy in question. In fact, it will even be cheaper if you get it earlier. If a company doesn’t immediately offer this type of policy to you, you can ask whether or not they offer a 40-year term policy.
Ask as many questions as you can during this period to ensure that you get all the information you need. You should feel like you have a good understanding of what is going to be part of your policy before you sign on.
Honesty Gains the Best Policy
The key thing to remember as you work through the interview questions asked of you is that you need to be honest. If you lie on your policy application and the insurance company finds out, your coverage will be revoked, and you will not be refunded. If you pass away and your lies are discovered, your beneficiary will not collect on any policy.
The only way to get a strong and safe policy is to be honest and thorough when answering questions asked by the insurance company. This will lead to a great policy outcome in the long run.
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