Friday, November 22, 2013

The Process of Buying Life Insurance

Whenever you are going to buy a life insurance policy for your family; you must be aware of the process involved in buying them. There may be requirements of various documents, proof of identity, proof of income and bank statements. In order to work out with an agent for buying life insurance, you must understand all of these factors and act accordingly.

The process of buying insurance involves intensive paper work and it may take weeks to get the policy at your doorstep. At many companies, face-to-face paramedical tests and examinations are required. In order to carry out the test, urine and blood samples are submitted at the mentioned labs.

There are numerous questions which will be asked during the assessment such as: health condition of family members, reasons for buying the policy, intended travel destinations, and heart and cancer history of family members. You will also be asked if you have been taking medicine for anxiety and depression.

Sometimes, the information you provide in the documents are also verified such as: your permanent address, contact details, birth date details, account details such as bank account number and name of you bank. The information is verified to check if the person is who they say they are.

The agency which you will buy the policy from will likely give your medical reports to the Medical Information Bureau which is responsible for keeping the details of the person who have applied for the insurance policies. This is the way they can track the medical details of the insured persons. The main aim of the bureau is to minimize scams and frauds. There are a lot of agents available around you and you can talk to them about various procedures and documents involved into buying life insurance. You have to be patient to get your policy.

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