Cost & Coverage
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The phone call is easy, as long as you’re prepared.
You can apply for life insurance online, but eventually, no matter where you buy life insurance, you still have to jump on a phone call to answer some additional questions in order to complete your life insurance application and move on to the underwriting process.
It’s called the life insurance phone interview, and the good news is that the phone call is easy, quick, and basically just confirms the information from your application. It’s much easier than a job interview, don’t worry. And when you apply for life insurance through a non-commission-based insurance broker like Policygenius, you don’t have to worry about being upsold during the phone interview. In fact, the phone interview can be a great opportunity to get some of your questions about life insurance answered, and to talk about how much coverage you need.
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If you’re applying for life insurance online, it can be disheartening to learn that you’ll eventually have to get on the phone. But for now, you have to — the carriers require it. 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, and so the insurance carriers, for now, require all applicants to have a phone interview as part of their application.
So while sites like Policygenius can get enough information from you upfront to give you an accurate estimate of what your life insurance premiums will be, you’ll still need to go through the phone interview (and a medical exam) before you can get your final rates from the insurance company.
The phone interview is a necessary part of the life insurance application process. The life insurance interview questions are a way for the carriers to get a more accurate read on your risk, and make sure they have all of the identifiable data they’ll need about you.
They’ll also be able to clarify any of the information you’ve provided up to this point so everyone is on the same page. Ultimately, the phone interview is a way to ensure your quotes are accurate.
Your life insurance phone interview will start with some basic personal and financial information (your Social Security number, your net worth). The insurance agent will ask questions about your job, assets, and financial obligations to get an idea of why you’re applying for life insurance, and whether the amount you’re applying for makes sense with your financial situation. (For example, if you are applying for a $1 million death benefit, but you’re unemployed and have no assets, the life insurance company is going to have some more questions.)
The rest of the questions are about your health and habits. This part of the interview process helps the insurance company weigh out how risky you are to insure so they can complete the underwriting process and set your premium rates. That’s why, during your phone interview, you’ll be asked about your health history, your family’s health history, and any dangerous hobbies you partake in, including things like racing, scuba diving, mountain climbing, skydiving, or hang gliding. You’ll also be specifically asked about aviation hobbies.
The questions about your health history includes
Everything that’s said during this phone interview is confidential (you can read up on HIPAA laws for more detail) so there’s no need to fear your personal information being leaked or sold. And the phone call usually only takes between 15 and 30 minutes, so it’s easy to get out of the way and won’t take up much of your day. Plus, if you do a little prep work beforehand, it goes even faster.
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The easiest way to get through your phone screening is to have all of the information you need at the ready so you can answer the questions quickly and accurately. Some of the questions you’ll be able to answer off the top of your head, while questions you may want to dig up the answers to before the call.
One final piece of the underwriting process is the paramedical exam, and you’ll schedule the exam at the end of your phone interview.
The medical exam is like your standard physical: A technician takes some 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 and takes under 30 minutes; you can schedule it at your home or office at your convenience.
The life insurance interview questions might seem like a pain at first, but once you realize what’s involved, it’s obvious that it’s a pretty quick process. If you schedule your call as soon as possible and have all the information you’ll need at the ready, you’ll be one step closer to signing your policy.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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