What Documents do I Need to Submit to Get Term Life Insurance?

The process of buying life insurance on fixed income can seem complicated enough with all the choices available. It probably took enough of your time and effort to find a great rate from an agent who seemed knowledgeable and helpful. Even more time was likely to be spent determining all the details and options to purchase on the term life insurance plan.

For some consumers, purchasing term life may have involved a quick meeting with the family accountant or even the family attorney. For others, this may have been the appointment they went to right after visiting their physician for a health exam. When all the work is done, the plan itself will be well worth all the time, energy and research involved in finding the very best coverage for everything your family could possibly need in the event the insurance is needed for the exact purpose for which it was purchased.

Filling out Paperwork

After all this, the last thing you may feel like doing is filling out more paperwork. Or worse, you may dread digging through disorganized files to find age old documents and statements. Fortunately, applying and purchasing a term life insurance policy is a lot less confusing than this. For the most part, a term life insurance policy requires you submit just a few things.

The application is the first thing you need to submit. That may sound pretty obvious, but you may want to know that after shopping around and pricing various plans, you do not necessarily have to wait for an agent to mail you an application. In fact, once you have completed researching and comparing quotes for term life insurance, a bulk of the work has been completed.

You could have a hard copy application mailed to you, but many insurers offer you the convenience of simply filling out an application online. This is where you may find that your personal preferences determine just how quick you can get and submit that application. Just about any insurer will provide an online application that has been encrypted. This means that any information you fill out, and some of it will be very personal, is protected against being intercepted while in transit either via electronic mail or by way of the automated online form offered by your insurer.

Still, for some people they like the idea of doing things like this off line. In either case, submitting the application is basically the first and most important document you need to send in to get your term life insurance policy. It basically may also be the only document you need to submit. There may be a question on the application as to how you would like to pay for your premium.

If you select that you would like to have your premium be deducted from your bank account, then you need to furnish a voided check along with the application. As to health questions on the applications the way in which they are answered will determine whether any further documentation is required. For instance, if you confirm that you or your spouse has had heart disease, diabetes, or some other health issue your insurer may require additional documentation before processing the application.

This is where you would likely need a letter from your family physician regarding the current state of yours or your spouse's health. But, in many cases an insurer will only ask that you disclose on the application which, if any, health conditions are present. The documents needed for getting term life insurance are minimal, making obtaining coverage easier than you may have expected.

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