5 Steps to Ensure Your Life Insurance Application is Approved

The most common mistake is incomplete or incorrect information. For example, a Canadian LIC client named Alex underestimated his income, and it further resulted in a variance with recommended coverage; therefore, it had to be reviewed. Always cross-check your data and seek consultation from a Canadian LIC-licensed Life Insurance Agent to fill in all the information correctly and completely.

This may, however, vary significantly depending on the complexity of your situation and how fast you can respond with the documentation required. Another is the underwriting requirements of your insurer. For example, a Canadian LIC client named Priya had a delay because she was travelling and could not promptly answer follow-up questions to her Life Insurance application. Typically, it takes a few weeks to a couple of months. We encourage you to file as early as possible and remain very responsive to avoid delays in the process.

Your Life Insurance application questions will be on all subjects, from your health history to your lifestyle choices like smoking or alcohol consumption, your financial status, and the medical history of your family. Another client of Canadian LIC, Mark, was surprised at the kind of detail required but found that thorough preparation really makes things smoother. Be prepared to be detailed in your responses to make sure you are accurately covered.

Yes, sometimes applications can be declined due to risk assessment variables, such as serious health conditions or high-risk jobs. This was the case with one of Canadian LIC’s clients named, Lisa, who had a history of serious medical conditions. If your application gets declined, do not lose hope. Consulting Canadian LIC advisors will help you clearly understand alternative options involving an application to other insurers or buying various insurance products that may be more suitable to your situation.

Errors must be corrected as soon as possible; the process might complicate things later, more so in the case of a claim. Call your Canadian LIC advisor immediately to help you make the necessary amendments. There’s a classic case of a client called Jeff. He mistakenly provided the wrong date of birth. Quick correction ensured his coverage terms were retained.

Organize all your documents in advance to speed up the procedure, respond to additional information requests, and make sure you’re regularly in touch with your Canadian LIC advisor. This organized approach can help significantly cut down on the processing time, as happened with the case of Nora, who had prepared all her paperwork in advance and immediately responded to follow-up questions.

The right level of coverage will depend upon your financial responsibilities, your lifestyle, and your long-term goals. Talk to one of our Canadian LIC advisors, who will prepare a personal analysis for you. For example, Robert, of Canadian LIC, had the ability to receive an in-depth evaluation that accounted for his debt, his income, and his family’s needs so that he is adequately insured and not overpaying.

Having a pre-existing condition does not exclude one from buying a Life Insurance Policy. The important thing is to declare this when filling out the Life Insurance form. One of our clients at Canadian LIC, Helen, was afraid that because of her condition, she would not be insured. Our consultants at Canadian LIC helped her get the right plan for her. Be honest and provide full details of your medical records to enable insurance companies to make a proper assessment of your application.

Yes, the application process for Life Insurance Coverage normally raises questions related to smoking, alcohol consumption, and extreme sports. All this affects your risk factor and, hence, the premiums to be paid. Canadian LIC had a client, Derek, who didn’t initially disclose his skydiving hobby. Advising honesty, Canadian LIC helped him revise his application, which slightly increased his premium but properly covered his activities.

You should update your insurer for some of life’s important milestones: getting married, having a child, buying a new home, and developing health problems. These changes may impact the required cover. Canadian LIC regularly advises clients through this process. When one of their clients, Emily, got married, she wanted to add her spouse to the policy. It is vital to keep the insurer up-to-date.

Preparing for the Life Insurance medical exam can help ensure your results reflect your health accurately. Twenty-four hours before the test, the client should not use alcohol, cigarettes, and caffeine. It will be good to have some sleep at night before the test. Canadian LIC advised a client, Tom, to follow these guidelines, which helped him secure a favourable assessment. Make sure to follow any additional instructions provided by your insurer.

The financial evaluation usually includes reviewing your income, assets, debts, and overall financial stability. The whole process forms the basis of the correct insurance you should enroll in. Canadian LIC client Sarah found the first financial disclosure daunting but got it cleared by her advisor. Accurate financial information helps to guarantee that you purchase enough coverage.

Bringing down the cost of your Life Insurance premium is quite easy. All you need to do is maintain a healthy lifestyle, get an appropriate policy term, and shop around various insurers for the best rates available. More often than not, Canadian LIC helps people like George get cheap options. He obtained lower premiums by going for a long-term policy with a healthy lifestyle.

It is in regard to these very important concerns that a Life Insurance broker proves most valuable:

Comparing various policies

Answering all those confusing application questions

Taking your case before the insurance companies

Canadian LIC has helped many clients like Lara get through the intricacies of the insurance application process and ensured that they had the best policy they needed. Their professional advice is invaluable to finding a policy that matches your specific circumstances.