Procuring quotes for life insurance can be quite complicated. For instance, what information do you need to provide? To ensure your next quote is accurate and efficient, we want to present a list of items you’ll want to have prepared.
Quotes for Life Insurance require Personal Information
To receive a life insurance quote, similar to most applications, you will need to provide at least some basic personal information. These facts can include your name, maiden name (if applicable), date of birth, current residential address, age, gender, etc. You will also need to prove you are who you say you are. Be sure to have proof of your identity. You can use a government-assigned ID such as your driver’s license, passport booklet, or Permanent Account Number (PAN) Card. It would be best to verify the ID is up-to-date and that all the information is accurate.
Lifestyle
A major influence on how much you can be quoted for is your lifestyle. If you have a history of activities such as smoking, excessive alcohol consumption, reckless driving, etc., then you may be given options that are either not great or if you want a high-quality plan you will have high rates. If you commonly find yourself experiencing injuries or high risks of injuries, then insurance may be more expensive since the company will most likely think you are in danger and will need to pay more than the average person. It’s best to maintain a healthy and safe lifestyle to ensure you get the best deals. As a bonus, you will also improve your chances of living a longer life.
Medical History
Be sure to bring medical reports from your doctor(s) to confirm your medical history. Most of the time, agencies or brokers will underwrite you to make their decision. Your medical history and needs will incredibly affect your life insurance quotes. If you have a relatively healthy life and do not visit medical offices often, you may have access to fairly cheaper plans. However, if you are in poor health, your insurance may cost more. For situations like obesity, they may see how you live and assume you will have a higher chance of a possible fatal medical emergency. If you are diagnosed with a chronic illness, that may also influence the quotes provided to you.
Financial History
When applying for a quote, it is best to provide evidence of your financial history, including bank statements, credit reports, and job salary slips. Not every insurance company may check this, but it is good to have it prepared as a precaution. For example, if you have a history of poor or reckless spending, life insurance agencies may be more hesitant around you and assume the worst. On the other hand, if you are financially well off, responsible with paying dues and bills on time, and managing your finances diligently, these agencies may be more welcoming toward you.
Life Insurance Questions?
We hope that this information about what you need to provide to get a life insurance quote is useful to you.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment below.
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