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Spring 2018  Volume 11, Number 1        
 

How Life Insurance Companies Get to the Truth

Life insurance companies need honest answers to questions about your health to determine appropriate premiums and coverage levels. Some applicants are tempted to leave out or misstate information they don’t see as important — or think will adversely affect their benefits.

Some of the areas people “fudge” on are:

  • tobacco or drug use;
  • depression;
  • tickets for driving under the influence and moving traffic violations;
  • cancer history;
  • travel to dangerous locations; and
  • income

But insurers do their homework. To verify health and life insurance information, they can access the Medical Information Bureau (https://www.mib.com/facts_about_mib.html). (You can get a free copy of your record upon request.) They may also order a medical exam. Discrepancies between your application and their research could lead to a claim denial, higher premiums or policy cancellation.

Also, if an autopsy reveals application misinformation, the insurer could deny the beneficiaries’ claim.

Fortunately, most applicants tell the truth!

If you’re interested in getting life insurance coverage and are wondering if you’ll qualify for a great premium and great coverage, contact your agent.

 

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In this issue:

This Just In...

Watch for Health Insurance Premium Increases

Haven’t Saved Enough for Retirement? Here’s a Few Ideas

Life Insurance: When Free isn’t Enough

How Life Insurance Companies Get to the Truth

 


The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher’s permission. All rights reserved. ©2018 The Insurance 411. www.theinsurance411.com Tel. 877-762-7877.