When Applying for Life Insurance, Will I Need to Give Personal Information About My Health and Finances?
The answer is usually yes, you will have to give information regarding your medical state and finances.
You might have to take medical tests. These are to help determine how much of a risk you will be to the company if they decide to insure you. They will most likely ask for some other information about your medical history, that of your parents’ medical history, and that of your sibling’s/siblings’ medical history.
Information about your finances is also sometimes required for life insurance applications. This can be used to verify that there is an actual necessity for the insurance for which you are applying.
The financial information and determining an actual necessity for the insurance has risen from a certain set of somewhat disturbing facts. Sometimes, companies have learned, overly large amounts of life insurance have become associated with several, also disturbing circumstances. It can be associated with hidden health information, an increased risk of suicide, or even the possibility of the applicant being murdered.
So yes, you can be asked to reveal medical and financial information. The information is used to determine that you are applying for an appropriate amount of insurance and how much of a risk to the company you are or will be in the future.