5 Common Questions Asked While Filling Term Life Insurance Form

In a world of uncertainty, it is vital to have term insurance coverage so your family can be financially protected with the claim amount, if something unfortunate happens to you. Being a pure risk protection plan, term insurance offers maximum risk coverage at low premiums. When you set out to buy a term insurance plan, you are required to fill out an application form that’s provided by the insurance company. All the answers you provide should be accurate and honest - so your loved ones face no hassles if a claim arises in the future.

This article helps at making the process easier for you by discussing 5 common questions that are asked in a term life insurance form.

Let’s begin!

5 Common Questions Asked While Filling Term Life Insurance Form

1. Questions About Your Basic Details -

When you set out to buy term insurance, the first thing you will be required to do is provide your basic details. These include your details, like your name, address for communication, date of birth, email ID, contact number, etc. You will also need to provide details about your income, educational qualification, and so on. These details will be used by the insurance company to calculate your premium for term insurance. Ensure that you disclose all information as per your identity proofs to avoid any problems in the future.

2. Questions About Your Personal and Family Medical History -

Details about your and your family’s medical history can help the insurer assess and evaluate the risk associated with your application. It is advised to provide all such information to the best of your knowledge to avoid any disputes while filing for claims. Your insurer might also verify the information furnished by you during the underwriting process.

In simplest terms, the healthier you are, the lesser the premiums. This is because the chances that you are susceptible to any disease/illness and its associated death risks are minimal when compared to an unhealthy person. You might have to declare the following information to your insurer:

➔ Any pre-existing medical conditions

➔ Any surgeries that you may have undergone

➔ Medications that you have taken or continue to take, etc.

3. Questions About Your Occupation -

You will need to answer a few questions about your occupation and the industry you work in. This will help your insurer evaluate any associated risks that you might be susceptible to.

For instance, if you work in hazardous work environments like the mining, chemical, or radiation industry, you will be at a higher risk of contracting medical conditions. If you work in a sedentary environment, the chances of contracting diseases may be low. Hence, your term insurance coverage will be decided based on the associated risk factors.

4. Question About Your Lifestyle -

Another important questionnaire section is about your lifestyle choices - to determine your current health condition and predict your future state.

The two most important questions will be about your smoking and drinking habits. Both these habits take a toll on your health and become primary causes of terminal illnesses like cancer, heart disease, liver failure, etc. Your insurer will tag your application as highly risky and charge higher premiums.

Providing such information truthfully while filling out the form is extremely important. Any misleading information can create hassles if and when your family files a claim.

5. Questions About Your Hobbies -

Questions regarding your hobbies and life interests are asked to check on the nature and extent of risk you accommodate in your life. For example, if you love adventure sports like bungee jumping, paragliding, etc., you put your life at a higher risk. Thus, your insurer may charge higher premiums for your application.

Now that we know about the questionnaire in filling term insurance forms, you might also want to know why you need to answer them genuinely.

To Conclude :

The first step in buying any insurance policy is filling out an application form. Answering these questions truthfully can avoid any complications in case your family files for a claim in the future. We hope that this article has given you better clarity on the questionnaire of filling out term insurance application forms and why you need to answer them sincerely.