Prepare Yourself for Tele-Medical Interview Before Buying a Term Insurance
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The insurance industry in each state is regulated by a state insurance board, and while some boards don’t require a phone call to be part of the life insurance application, some do. So across the country, insurance companies currently require all applicants to have a phone interview as part of their application.
The phone interview guarantees that all your information is accurate, which means your rates will be accurate too. The interview questions help the insurer assess your risk and gather all the necessary information.
Misrepresentations of your health, hobbies, or lifestyle on your life insurance application could be considered insurance fraud. The phone interview adds an extra layer of protection for you, the insurance company, and your beneficiaries to ensure you’re purchasing the right type of policy.
How To Prepare For Your Term Insurance Phone Interview?
The easiest way to get through your phone screening quickly is to have all of the information you need at the ready.
Info needed for the life insurance interview:
1. Your driver’s license number and Social Security number
2. Information about other life insurance policies you have, including policy numbers if you have them handy (insurers want to verify you aren’t over-insured)
3. Financial information, including income and net worth (assets minus liabilities); rough figures are fine, and you don’t need to share account info
4. Citizenship documentation (read more about life insurance for visa and green card holders)
Info to help you answer questions about your health history
5. Dates of treatments, surgeries, diagnoses, and procedures, especially in the past 10 years
Prescription names and dosages for current medications
6. Name, addresses, and phone numbers for your current doctors
7. Info about your family’s health history, including major diagnoses and ages and causes of death, if applicable
8. Your current weight and a record of any major fluctuations (more than 10 pounds in the past year)
Info to help you answer questions about your habits and hobbies
1. Think ahead about how often you exercise and participate in sports activities, especially extreme sports like hang gliding, scuba diving, racing, flying, etc.
2. Be ready to answer questions about your smoking, drinking habits, and drug use; if you’ve quit smoking, make sure you know the date you quit.
Calendar (for confirmation of medical exam)
One final piece of the typical underwriting process is the paramedical exam, which you’ll schedule at the end of your phone interview.
The medical exam is like your standard physical: a technician takes body measurements like height, weight, and blood pressure, you’ll probably give a blood and urine sample, and you’re on your way. The exam is free (the insurance company covers it) and takes under 30 minutes. You can conveniently schedule it at your home or office.
Conclusion
Everything that’s said during the phone interview is confidential so there’s no need to fear your personal information being leaked or sold. And the call usually only takes between 15 and 30 minutes, so it won’t take up much of your day. Plus, if you know what to expect and come prepared, it’ll be even faster.
Also Read: Can a Housewife Buy a Term Insurance Plan?
