What Questions Do Life Insurance Companies Ask?

Before you can get a life insurance policy, every insurance company will require certain information in order to evaluate the risk associated with issuing the policy. For example, it is a bad idea for an insurance company to issue a $500,000 policy on the life of a 98-year-old man with end stage lung cancer because it is highly likely that the insured person will die before any substantial amount of premiums are paid on the policy. That is why it is in the insurance company’s best interest to collect as much relevant medical and financial information as possible to determine whether they can make money on the policy in question.

Types of Life Insurance Questions Asked

With that being said, there are a number of questions asked, in one way or another, by each and every life insurance company that you can be prepared for ahead of time falling into one of three categories: (1) General and Demographics; (2) Financial; or (3) Medical.

In the first category (General and Demographics), the insurance company is collecting the basics, such as contact information, height, weight, and race. In the second category (Financial), the insurance company asks for the applicant’s employer, job title, and annual income. The responses to these questions will let the insurance company know whether the applicant is financially stable, and whether the amount of insurance requested is reasonable. The third category (medical), is the most involved. Here, insurance companies almost always ask whether the applicant has been diagnosed or tested for any health condition within a specified period of time, and whether the applicant was ever diagnosed with or treated for a medical condition in the past 5-10 years. These questions may be divided into sub-parts, and usually specify a long list of serious medical conditions they are inquiring about. In addition, a life insurance application will almost certainly require a list of the applicant’s doctors and treatment facilities, and information relating to their most recent visit (reason for visit, and treatment plan/diagnosis/outcome).

Beyond the Questions

Depending on the insurance company and the amount of insurance being applied for, an insurance company may also require a medical evaluation by one of their paramedical examiners. This exam usually entails a blood and urine sample, a blood pressure reading, and height and weight. These medical examinations add another layer of protection for the insurance company to ensure that the applicant is in a relatively healthy condition prior to issuing the policy.

As a life insurance lawyer, I would be remiss to write this article without mentioning the perils of providing inaccurate, false, or misleading information on an application for life insurance. After all, these situations form the basis of a denied life insurance claim for a majority of my clients. As tempting as it is to skip over that diagnosis for high blood pressure, that outstanding diagnostic test, or to knock a few pounds off your weight on your application, those little white lies may very well be the cause of a denied life insurance claim in the future.

If you or someone you know has a delayed or denied life insurance claim, is the victim of bad faith insurance practices, or needs assistance navigating a life insurance claim, contact Life Legal Services for a free consultation with the best life insurance lawyers around.