In an effort to save our clients time, we frequently email questionnaire below to them.
Once we receive the answers, here’s what happens:
- Your agent transfers over the answers to a 1-page application seen on the right
- An application division rep calls you to set up your medical exam (if needed)
- The rep confirms info submitted on 1 page app
- The rep sends your completed application for signature
Frequently Asked Questions about the Questionnaire
Our questions are in bold, and additional notes about the question are below in red.
You may also want to see our page on “Questions Life Insurance Companies Ask and Why”.
1. Full legal name, home address, best contact phone #, email address
We will not share your personal information with any third party. Your contact info will go on the application and will be seen by the life insurance carrier only.
3. Driver’s license # and state of issue
This is necessary because the insurance company will run your motor vehicle report for tickets, license suspensions, DUI’s, etc.
4. Social Security #
Why do they need this? Every life insurance carrier will require your SSN. It is needed to order your medical records, and ultimately, would be needed to verify the identity of a decedent and pay the life insurance proceeds.
6. Annual income. Total Assets. Total Liabilities,
Please use your gross income. You can include earned income (such as from working) as well as unearned income (social security, pension, stock dividends, interest, rent, etc.)
What are assets? Please list the market value of anything you own, such as house, vehicle/s, cash, investments, retirement accounts, business or real estate holdings, etc. You should list the “market value” of the asset here, not including any debt you may owe on the asset. For example, if you own a home that’s worth $250,000 but it has a $200,000 mortgage on it, you will use $250,000 as the value of the asset. The mortgage will be listed in liabilities.
What are liabilities? Any type of debts such as mortgage, credit card or student loans, or notes payable.
Why do they ask about my finances? Two reasons. They want to be sure you can afford the premium and they want to be sure the amount of coverage you are asking for is financially justified.
7. Existing Life Insurance? If yes need a) Company name b) Year of Issue c) coverage amount d) policy # e) will coverage be replaced?
If you are thinking of stopping payment on another policy, you must answer that this is a replacement. Every state requires that the new company you are applying to must send your old company notification that you may be replacing their policy. This does not affect your old policy in any way, but you may get a letter from your old insurance company telling you all the reasons you shouldn’t cancel their policy.
8. Beneficiary…Full name, gender, relationship to insured, date of birth, social security #. Same info for secondary beneficiary(ies). If more than one beneficiary or secondary beneficiary, list percentage the beneficiary should receive.
What is a Secondary Beneficiary? – Also known as a contingent beneficiary, this is the person/s that would receive the funds if your primary beneficiary were to pre-decease you.
If you have any further questions, call us at 877-443-9467. Thank you.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.