Sunday, August 17, 2008

Questions for Life Insurance Applicants

These questions might be different depending on which Insurance Company you are requesting a Life Insurance Policy from.

Zipcode, date of birth, height, weight, gender, hazardous occupation in last two years.

This could be high risk professional sports, underground mining, high-rise construction work or explosive handling. If your job places you into dangerous situations the Insurance Companies will consider you a higher risk with your life expectancy lower.

Hazardous activities in last three years – mountain climbing, sky diving, racing, para-sailing, ultra light flying, scuba diving. Racing is auto, motorcycle or boats. These high risk recreational activities increase the risk of accidental death, with the premiums higher.

If you have flown an aircraft in the last three years – as either a pilot, co-pilot or crew member.

Are you an active member of the military or military reserve
? Is it as a commissioned officer or non-commissioned officer. If you are in the military you may get your insurance premiums deducted from your paycheck and qualify for a discount. If you are a test pilot your insurance premiums could be higher due to the risk of the job.

Moving violations in the last three years – if you have had three or more and convicted of Driving under the influence or had your license suspended for other reasons – chances are your premiums will be higher.

If you have been convicted of Driving under the influence or driving while intoxicated in the last ten years – here you have the option of yes within the last 5 years and yes in the last 6-10 years.

Yes or no to more than one conviction of DUI/DWI or reckless driving.

Have you lived outside of North America in the last three years? Medical records and underwriting information is easier to Obtain for those living in North America where the Insurance Companies are also located.

Yes or no on planning to travel extensively to developing countries or areas of political instability? Crime and disease are within developing countries and life threatening situations can arise in areas of political instability This will raise your insurance premiums.

Conditions you have been treated for

Kidney/liver disease
Ulcerative colitis
Kidney stones (last 2 yrs)
Gastric/Peptic Ulcers
Mental Illness
Neurogenic Bladder
Bowel Incontinence
Rheumatoid Arthritis
Diabetes Mellitus
Emphysema (chronic bronchitis)
Epilepsy (seizure disorder)
Coronary Artery Disease
Vascular Disease
Multiple Sclerosis
Alzheimer’s Disease
Alcohol /Drug Use

What is your blood pressure - Systolic (Top) level,
Diastolic (Bottom) level - you can check "I don’t know" and then you might get a higher premium when checked.

Have you ever taken blood pressure medication?

What is your cholesterol level – there is an "I don’t know" option with the mention that premium could be higher once checked.

Tobacco products in the last five years – pipe tobacco, nicotine substitutes, cigars, chewing tobacco, dip, snuff. In the last 12 months, 1-2 years, 3, 4, or 5 years

Has either your siblings or parents had cardiovascular disease before the age of 60?

Has cancer resulted in the death of either parent or siblings before the age of 60?

When I checked yes for asthma I was asked if I was under the care of a Physician and getting treatment.

When checked that I have sought treatment for either mental illness or depression the next screen asked if it had done so in the last two years.

The rate given for the quote when answering yes to a few questions turned out to be $489 per year with rate class of SNT. I also lowered my height and added 20 pounds and said that someone had died before 60.

When doing my regular data with asthma as the only yes for the same amount of 100,000 for 30 year term life the rate was $338 with the rate class P. When just stating that I had mental illness or depression the quote was still at $489.

When just checking that I had hypertension the quote was $338.00

When I checked that I had ulcers and alcohol use I was directed to call an agent. With just ulcers the rate class was at PE and the quote was at $308. I even checked off that I had two moving violations on these quotes.

So it looks like asthma and hypertension get treated the same with the quote amount, while ulcers will have a lower monthly premium. It turned out that if I had not checked off that I have asthma, my actual quote would be $308.

I have yet to figure out what the rate class codes mean.

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