When comparing your term life insurance policy options and applying for coverage, it’s important for you to understand the insurance contract, and the application process required to buy coverage.
To make sure you get the best plan for your personal needs at affordable prices, take a few minutes to become familiar with the application process and the wording of your life insurance plan.
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The Application Process
The application form is the form you fill out when you apply for your life insurance. The answers you give help the insurance company determine the risk you present. If they decide you will probably live a long time, the risk of you dying, and them paying your beneficiary is lower. The lower your risk, the lower your life insurance premiums.
Each life insurance company has their own set of questions they ask people applying for a policy. There are some standard questions and rules that apply in most cases.
Policy Riders, Clauses and Exclusions
Life insurance policy riders are "endorsements" that are added to a life insurance policy. They change, add or restrict the life insurance coverage from what is normally provided by the insurance company.
Life insurance terms and exclusions explain the insured's specific rights and the rights of the life insurance company, as they apply to the policy.
The Physical Exam
The life insurance company usually requires a life insurance medical exam before offering you a life insurance policy. The results of the physical exam help the insurer to understand your health and how long they can expect you to live. This helps them to determine how much of a risk they are taking by insuring your life.
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