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I just got a life insurance application for the first time in my life and have been filling it out. It seems they are very interested in my health because there are dozens of health-related questions. I expect that on a health insurance policy but why on life insurance?
Hi there,
The life insurance industry profits off policyholders who do not die within insurance terms. For that reason, it is in insurers best interest to provide life insurnace to healthy individuals who are not likely to pass away in the foreseeable future.
A thorough survey of your physical health and medical history helps insurers to more clearly understand how much risk you pose before they provide you with life insurance.
When completing a life insurance application, it is in your best interest to provide accurate information and answer questions honestly and in full. The reason for this is that if you do die and an investigation determines that your death was caused by an undeclared medical condition, the insurer can declare the contract void and refuse to pay out the benefit.
In addition to simply filling in the questionaire, you should consider undergoing a series of medical examinations when you apply for life insurance. This furnishes you with clear, documented medical evidence of your health condition at the time of application. This evidence can be used to prove that you did not have undeclared pre-existing health issues and ensure that your beneficiaries receive the insurance benefit after you die.
Best regards from Moneyguru
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