How much health information does a Life Insurance Agent need to really need to know........
when making a whole life policy?
Hi Lady G,
It depends on how much life insurance you are applying for. For smaller amounts you can get it without an exam.
For larger amounts they will take blood, ask about your health history, how much you smoke/drink. Etc.
They also will ask questions about dangerous activities that you might participate in. Such as do you hang-glide? Do you rock climb?
So, as you can see they may probe pretty deep into your life.
They need to know this because their team of statistics Phds and mathematicians have figured out how long you are expected to live based on all their probing questions.
I do have a follow up question, though. Why whole life instead of term?
Most agents will ask you many questions , take a saliva sample (checks for aids, smoking, etc.), also family medical history.
I also agree to the follow up question. why whole life. Life insurance is meant to cover your debts and support your family in the unfortunate event someone passes away. It is meant to be a temporary solution When your debts are high and equity is low. As people age they usually get the debts paid off, have equity in their house, 401k, ect. At that point in life most people would no longer need the insurance. The Idea of a whole life policy is it will build cash value over many years. The problem with whole life is it gives you a very bad return on your money (if any). Once you reach 100 years old you get the cash value. It can be borrowed against before that (wierd you have to borrow your own money). I woul recomend a term policy they are significantly cheaper for higher amounts of coverage. It would also be wise to invest what you would save over the whole life policy on your own, whole life policies are really a bad investment.
Best advice is just make sure what the agent is pushing on you is the right choice for you and your family.
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