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One of the main downfalls with the life insurance industry (in my opinion) is that there are not any forms that are standard across the entire industry.  Each life insurance company has their own application which asks different types of questions.  Most of the questions are similar, but since they all have different types of underwriting requirements, they all ask for slightly different answers.

After you apply online, the life insurance company with which you apply (hopefully Wholesale Insurance) will mail out a paper application to you.  (There are some companies that have electronic applications, but that’s not standard for the industry.  Although they are moving more and more in that direction, so maybe some day).  When you get it, chances are, some of the information will already be filled out for you.  Review it and fill out any missing information.  Then sign where indicated.  If you are like me, you will want to read through all of the fine print.  That is fine and you probably should.  However, most of it is just legal mumbo jumbo that each carrier’s compliance department requires that they include.  If you understand what type of life insurance you are applying for, then you understand what it is you are trying to purchase.

Once you have filled out, dated, and signed the application, mail it or give it back to the life insurance agent or agency with which you are working, and they will get it sent to the life insurance company with which you are applying.  Some people may think that if they have applied online then they have begun the life insurance application process, but really, the life insurance company will not begin to process your application until they get the paper copy.

This entry was posted on Monday, June 30th, 2008 at 5:13 pm and is filed under Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.