Life insurance is an excellent way to ensure your loved ones are financially protected in the event of your death. While you can choose between a few types of coverage, term life policies are particularly beneficial because they're often accompanied by lower premiums. However, before you take out a policy, you need to apply for it through an insurance agent. Fortunately, you can ensure you're ready to go by gathering the following three pieces of information ahead of time.
3 Types of Information You'll Need to Apply for Term Life Insurance
1. Personal Information
As with every style of insurance, you'll be required to submit personal information. Such data includes your legal name, date of birth, and Social Security number. You will also be expected to share information regarding your employer and job title. In some cases, you may also need to provide financial documentation verifying your income and assets.
2. Health Information
One of the most important factors in determining life insurance premiums is your health information. This area of the paperwork consists of more basic health figures, like your weight and height, but it will also delve into lifestyle habits, such as smoking and level of exercise, as well as chronic diseases. Depending on the insurance company and level of coverage you choose, you may be required to undergo a medical exam to obtain up-to-date health information, as well.
3. Beneficiary Information
When applying for term life insurance, you'll also need to choose your beneficiaries, such as your spouse or children. Most insurance providers allow you to split the insurance payout between the individuals you select based on percentages. They will require legal names, dates of births, and Social Security numbers for each person you choose.
Finding the right term life insurance policy can feel like a chore, but it doesn't have to be if you turn to the right insurance agency. For more than 40 years, Jones Insurance Agency - Nationwide Insurance has proudly served the residents of Charles Town, WV, and the surrounding areas. The family-owned agency takes pride in their ability to offer a personalized experience that focuses on each client's unique needs. Request your insurance quote today online or by calling (304) 725-3434.