There are tons of ads about cheap and easy life insurance. The reality is that most policies have a whole set of questions you’ll be asked and the answers can change the price dramatically.
Jeremy and JC Matthews from Simply Insurance get you prepared by explaining 4 important sets of questions you’ll need to be ready to answer.
They include:
1. BASIC POLICY MEMBERS:
- The Owner: This is the person who sets up the policy and has the ability to change things about it. This isn’t always the person who the insurance policy actually covers.
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- The Insured: The person who’s life the policy is connected with. The “death benefit: would only pay out if s/he was to pass away.
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- The Beneficiary: The person who goes the money if the insured passes away.
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- The Contingent Beneficiary: The person who gets the money if both the insured and the beneficiary pass away.
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2. THE LIFESTYLE QUESTIONS:
You’ll be asked about things that are part of your life. This can include questions about:
- Smoking
- Travel
- Bungee Jumping
- Skydiving
- Race Car Driving
- Your Job
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3. HEALTH QUESTIONS
The bottom line is that they’ll ask a ton of health questions. Really…. a TON!!! Be ready and be honest and just tell it like it is.
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4. PAYMENT
How to set up payment:
- The best way to do it is automatic withdrawal from a bank account. This way you can set it and forget it. —
- You don’t HAVE to share payment information at the beginning if you don’t want to. You only have to share it once the underwriting process is complete.
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