What Questions are Asked on a Life Insurance Application?

2021-12-01

885 Views

Locate branch

Resume journey

Pay Premium

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

If you decide to buy a life insurance policy, no matter what type of life insurance you choose and from which insurance provider you buy it, one part remains the same. This part is the application.

The application is the first and most important part of the life insurance policy. The application for life insurance includes a whole range of detailed questions that you must answer truthfully. Mistakes made in the application can have serious consequences. Not stating accurate facts in an application can lead to your insurance getting cancelled.

Key Takeaways

Always fill out your life insurance application honestly to avoid claim rejections in the future.
Understand the detailed questions about your health, occupation, lifestyle and family history, as they directly affect your premium.
Carefully choose your beneficiaries and decide the right payment frequency to suit your financial situation.
Be prepared for the underwriting process and possible medical checks before your policy is issued.
Taking time to review your application and provide accurate information gives your family the financial protection you planned for them.

Why Is the Life Insurance Application Important?

Your life insurance application plays a crucial role in deciding how secure your family will be in the future. It forms the basis for how much cover you receive, what premium you pay, and whether your claim will be honoured when it matters most.

Insurers use your answers to assess the level of risk involved in providing you with cover. If your application does not match your actual health, lifestyle, or income, it can cause delays or rejections at the time of claim settlement, putting your family’s financial safety at risk.

Being accurate and thorough now can save your loved ones from unnecessary stress and unexpected financial burden later. Take time to check every detail, keep medical records handy if needed, and clarify anything you do not understand with your insurance advisor.

Begin securing your future

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

...Read more Consent is required

Questions in the Life Insurance Application

Life insurance form aims to capture all the relevant information that affects your health and life. These details include, but may go beyond, the following factors:

Basic Details: These are the general questions that appear first in the application, just to get you started.

Your basic information you may be asked for includes:
1. Name
2. Age
3. Address
4. Date of birth
Medical History: Self & Family: Your medical history can tell the insurance company a great deal about your overall life expectancy.

The healthier you are, the less the company will charge you. You may be asked for the following information regarding your health:
1. Any diseases you are suffering from
2. Surgeries you have undergone
3. Medications you take/have taken
4. You should disclose fully if you are suffering from any disease. The medical records you provide are also verified by the insurance provider later.
Occupational Details: The work you do for a living is also asked while filling an application for a life insurance policy.

Occupation is asked in the application to ascertain the risks involved in the work you do. The type of job you have can affect the price you pay as a premium.

If you have a safe desk job that involves little to no risk, then it will not increase your premium. Jobs such as teaching or normal office jobs are considered safe.

Whereas jobs involving huge risks will cause you to pay higher premiums since there is a greater chance that the insurer may need to pay out claims. Examples of these jobs are working in a mine, chemical factory, etc.
Hobbies: These are the activities you do that interest you and give you pleasure. You are asked about them, as certain hobbies are considered risky by the insurance companies. These can increase your premiums, or in extreme cases, cancel your policy.

Hobbies like scuba diving, sky diving, racing, mountaineering, etc., all carry risks and can increase your chances of death. So, you are asked if you will take part in these activities in the application.
5. Lifestyle: The way you lead your life has a direct bearing on the amount you would pay for life insurance. Following an unhealthy and risky lifestyle can have a profound effect on your insurance.

Though the lifestyle parameter is very broad, generally these factors appear in your application:
1. Smoking Habit: Smoking has a lot of ill effects associated with it. It can cause diseases such as lung cancer, mouth cancer, and breathing problems. If you smoke, you are placed in a high-risk category by the insurer. High risk will lead to higher premiums.
2. Drinking: Regular intake of alcohol is harmful to health and thus increases your chances of facing health issues such as liver problems. This also puts you in the high-risk category. Heavy drinking can shoot up your premiums.
3. General Health: If you don’t eat well, don’t exercise, and live an unhealthy lifestyle, chances are you can have high cholesterol or blood pressure, etc. Problems like obesity and blood-related conditions directly affect and deteriorate your health if not taken care of.
4. By making certain changes in your lifestyle, you not only have a chance to reduce premiums but also can improve your health and well-being as well.
- Click here to Use - Online BMI Calculator
Family’s Medical History: The insurance provider is not only interested in your medical reports, but your family’s as well. This is because there are certain hereditary diseases that can be passed on to the coming generations. These diseases can curb your life expectancy.

This is why life insurers want to know any diseases that your parents or siblings suffer from, which are life-threatening and can be passed on, such as cancer, diabetes, etc.

Questions related to the above-stated topics are asked as they help the insurer assess the risk of an early claim. These questions also have a significant impact on premium and the overall cost of insurance.

Learn how your family history affect your life insurance premiums.

What Is the Process After Application?

After you fill in all these details and submit your application, the next step is the verification of the details. After the application is complete, you need to submit the supporting documents and pay the standard premium estimated for you at the beginning.

Once your application is submitted for underwriting, you may need to go through a medical assessment if needed. After the underwriting, one of the following may happen:

Your application for the proposed cover is accepted at the standard premium, and a policy document is sent to you.
The insurer finds your proposal high and wants to offer a lower life cover amount. If you accept the policy, it will be issued for the lower life cover, and any excess premium will also be returned.
The insurer finds you to have a higher risk, for example, you are diabetic. The insurer will ask for an additional premium, which is nominally higher than normal. After depositing the extra amount, the policy is issued to you.

Life insurance applications are seldom rejected, as the insurer will contact you for any confusion or information mismatch. So, make sure to reveal all the information to the best of your knowledge and available documents.

After these are successful, the insurer goes ahead with your policy.

Conclusion

Applying for a life insurance policy may feel overwhelming at first, but taking the time to understand the questions and answer them honestly can make all the difference. A carefully completed application ensures that your family will receive the financial protection you planned for them, without any unexpected hurdles later.

Before submitting your form, double-check every detail, gather the necessary documents, and do not hesitate to clarify anything with your advisor. The right insurer can guide you through every step, from application to claim, giving you the confidence that your loved ones are truly protected.

If you are looking for trusted life cover solutions, Canara HSBC Life Insurance offer a range of plans to help you safeguard your family’s future with ease and transparency.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

What Is Wealth And How Can You Build Wealth with Life Insurance?

What Special Riders are Provided by Life Insurance Companies?

Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.