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How to Apply for Life Insurance

By Compuquotes Team on March 26th, 2008

There are several ways in which you can apply for life insurance. However, it is important that before you agree to any policy, you understand exactly what you are covered for, and that the policy adequately covers you and your family. While you can ask to speak to an insurance agent regarding this, you are better off talking to a financial advisor or planner, as they do not have a vested interest in you taking out a particular product or policy.

Most insurance companies have �product packs' on their website, which includes all the fine print terms and conditions for each insurance policy. It is vital that you read this information before applying, or you might find that in the event of your death, your family is not covered, as you did not meet the criteria. If you cannot find a product pack on the insurance company's website, phone them on their contact number, and ask for a product pack to be sent to you.

Be sure to shop around before deciding which insurance company you will use for your life insurance policy. Nearly every insurance website has an online quote facility that you can use to determine what sort of premium you will have to pay. This does not then mean that you have to go through with purchasing a policy through that company, it simply lets you know the annual cost for the policy coverage you have chosen.

Once you have chosen an insurance company and established that you meet their criteria, there are two main ways that you can apply for life insurance. Nearly every insurance website includes an online application form that you fill in, and then either print out to send in, or send through to the company electronically.

Many companies will ask for documentation, along with the application form. These documents (certified if requested) should be sent to the address provided during the application process. Failure to send in any supporting documentation will likely exclude you from taking a policy out.

The other most common way to apply is over the phone. You will be asked a series of questions regarding your age, health, working conditions and family history, which helps to determine the premium you will have to pay. You may still be required to send in supporting documentation, and should send it as soon as possible to the address supplied, as the policy won't come into affect until all the required supporting information is received.

Also, if you are taking out a Term Life Insurance Policy, rather than a Permanent Life Insurance Policy, find out whether the term policy has a renewable option, and if so, if you are sent a reminder before the policy term is up so that your coverage doesn't lapse without you being aware.

Whether you apply online, or over the phone, it is important that you answer all the questions honestly. If you provide false information, the insurance company is released from its requirement to pay your beneficiary upon your death. This can mean hundreds or thousands of dollars have been wasted in premiums, simply because you weren't truthful during the application process.

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