The Ultimate Insurance Application Checklist
At Camlife Financial Corp, we understand that the process of applying for insurance can be quite a challenge. Insuring yourself can seem like a complex process, but with some preparation, you can complete the process quickly and easily.
As financial experts, we’ve created a handy checklist to help you complete your insurance application with as little stress as possible. Follow our checklist accurately so that you can get back to the other important things in life.
1. Medical history
Be ready to provide details on any medical history. Underwriting is thorough.
2. Clinic or family doctor contact details
Have your clinic or family doctor’s contact info ready in case an insurance company needs to pull medical records
Avoid consuming tobacco as any tobacco use in the prior year, and you will be given smoker rates. Vaping tobacco is considered smoking!
4. Past insurance applications
There is a centralized database where insurers can see if you’ve applied elsewhere before. Anything you may have said on a prior application is on record.
5. Medical records
Anything that you’ve ever talked to your doctor about is on file. Make sure you disclose anything you’ve ever talked to your doctor about.
Be as transparent as possible with your agent/advisor. It’s their job to find you the best insurer, and they can only do that with full disclosure and transparency.
Have you thought about who your secondary beneficiary (s) would be? It’s important to name a beneficiary when you’re applying for insurance. If you don’t, your insurer will assume by default the beneficiary.
Do you have a will? It’s often wise to do your will and life insurance concurrently.
9. Ask to see more than one insurer
Make sure you get the right insurer to meet your needs. For this, your advisor should be showing you options.
Do you want to pay annually or monthly? We recommend monthly as many insurers only send out annual payment notices by mail. Yes, snail mail. Payments can get missed!
11. Family history
Any known hereditary diseases, i.e., some cancers, heart or disease of your parents or siblings, must be disclosed.
12. Other insurance policies
You will need to disclose any other insurance policies that you carry.
13. Hazardous sports
If you engage in hazardous sports, these activities may be excluded from coverage
14. Foreign travel
Traveling to dangerous locales may affect your insurability. If you have a history or plans to travel, dangerous locales may be excluded.
15. Driving record
Too many or excessive speeding tickets can affect your insurability. Recent impaired driving will likely result in a decline.
16. Medical tests
Will a blood test be required? It depends on your age and the amount of insurance.
17 Cannabis use
Generally, recreational use a couple of times a week or less is OK. Anymore and insurers may view use as habitual and charge you more.
18. Financial underwriting
If applying for disability insurance, the insurer may want to see at least your last tax return
19. Type of insurance
Are you only looking for life insurance? Or have you also explored living benefits, critical illness, and disability insurance
20. Term length
And finally, how long do you need the insurance? You will need to consider deciding on the term insurance coverage by assessing your future needs.
No matter what type of insurance you’re applying for, be sure to answer all questions on your application completely and honestly!
If you have any concerns about filing your insurance or you’re looking for a life insurance broker to help simplify the process, reach out to the financial experts at Camlife Financial Corp, serving in Vancouver, BC. We help people with their financial planning and investment requirements. We know that everyone’s situation is different; therefore, we take the time to learn about our clients before pitching insurance products. Once we define specific needs, we devise a plan and go to the market to see which insurer and investment company will be the best fit for them.
We serve clients across Vancouver, Richmond, West Vancouver, North Vancouver, Burnaby, Surrey, White Rock, Langley, Coquitlam, Maple Ridge, and New Westminster, BC.
Get in touch with us today!