Life Insurance Checklist
Track Your Essentials To Get Insured
Self-Assessment Questions – Tips to Help You Out Along the Way
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Why do I need it?
Answering this question is the first step to plan out your life insurance policy. You might want life insurance for a handful of reasons. Some are helping your family to pay out expenses, paying for your children’s expenses, or maybe paying out for your funeral expenses.
Depending on these reasons, you can choose to get the policy of your choice, whether it be term, whole, universal, or variable life policy. Knowing why you need insurance will also help you figure out how much coverage you need.
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Who do I choose as my beneficiary?
Usually, one chooses their spouse, parent, or child to be their beneficiary. However, if the situation arises, you can also choose your friends or your organization as a beneficiary. If necessary, you can also choose to have more than one beneficiary. But it’s best to inform them beforehand to avoid confusion later on.
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Do I have my finances managed?
This is probably one of the most critical questions you must ask yourself before applying for a life insurance policy. Getting insured, whether for a fixed period or a life-long, is quite expensive despite the discounts.
So, we recommend you assess and manage your finances to support your current lifestyle and pay for the upcoming policy premiums. If you think you will not be able to do so, you can reconsider applying for a life policy right away.
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Do I have enough information about the insurance company?
Getting life insurance is a crucial milestone. And for something as important as this, it’s best to choose one of the reputed life insurance firms to sign up for a policy. They will undoubtedly have greater credibility with regard to the policy you’re seeking.
Browse for companies with good ratings and reviews. Additionally, you can even ask for opinions from those who have bought policies from them prior to you. If you want to pursue a certain carrier for your coverage, then contact them to know their offerings in detail.
The best advice we can give you is to keep your options open. Shortlist some of the best companies based on their offerings, your requirements and coverage limit. Narrow down on the possible few before finalizing on one.
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Does the prospective insurance company offer renewals and conversion options?
Most insurance companies make their services transparent when they convey information to their clients. However, it’s best to ask yourself about renewals if you think you’ll be needing it.
On top of this, there might be instances when you might need to change your policy depending on the changing requirements. You should ask the carrier if they facilitate the same. If they don’t, then you might need to search for alternatives.
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Documents Required to Purchase Life Insurance Policy
Proof of Identity: You should show a document proving your identity, age, and citizenship. This can be any of the following: Social Security number, driver’s license, passport, birth certificate, permanent resident card, or an employment authorization card.
Proof of Income: Just as employment details, you’ll need one of the following documents: proof of income, such as a letter of employment, tax return, earnings statement, or an unemployment letter if you aren’t currently working.
Proof of Residency: Lastly, the insurance company will ask for a guarantee of residency from you. This can be a signed lease/rent receipt, mortgage bill, property tax statement, or utility bill.
Additionally, suppose you choose the standard insurance application process. In that case, you should schedule a free medical examination per the life insurance company’s offer, and submit the report. If you don’t follow this process, you should sign a HIPPA compliance waiver to allow the insurance company to access your health history.
| Claim Type | Coverage Amount | Proof of Death Document (Any one if multiple options available) |
|---|---|---|
| Natural Death | Less than or Equal to $15,000 | ,Obituary, Funeral Service Program/Funeral Home Bill , Certified Proof of Death |
| Natural Death | $15,001 to $50,000 | Certified Proof of Death |
| Natural Death or Suicide | $50,000 to $100,000 | Copy of Death Certificate |
| Natural Death or Suicide | $100,000 or more | Certified Copy of Death Certificate |
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| Type of Discounts | Description |
|---|---|
| Discounts for Non-Smokers | Smoking can be one of the biggest concerns of one’s health. Some carriers can offer you a discount based on your smoking history |
| Exercise Discount | Insurance carriers can sometimes ask about your exercise pattern to know your fitness level. You may inform them of the same to get any possible discount |
| Lifestyle Discount | If you lead a leisurely lifestyle without involvement in high-risk sports and hobbies, you can ask your agent for discounts in your policy |
| Married Couple Discount | You can potentially get lower rates if you’re married, so you need to inform your agent of the same |
| Family Health Discount | If your family does not have a history of illnesses, some carriers might be able to offer you a certain level of discount |
| Professional/Organizational Discount | You can get a specific discount if you are a part of group insurance planned out by your employer or organization |
| Military Service Discount | Military members, especially active ones, can get discounts from most carriers in the states |
| Educator/Student Discount | Those working in the education sector can secure limited discounts from insurance carriers |
| Discounts according to Gender and/or Location | People living in less-risky areas and female individuals can secure life insurance discounts from some carriers |
| Multi-Product Discount | When you have purchased more than one type of policy from a life insurance company, you can qualify for a discounted price |
| Loyalty Discount | Your insurance company might offer you discounted prices if you stick with them over multiple years |
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