“The most important thing to be aware of when shopping for life insurance coverage is this: Lying on your application to get a cheaper rate may sound like a good idea now, but it won’t pay off in the end if something devastating were to happen.”
Wheeling, IL (PRWEB) December 7, 2009
AccuQuote, a leader in providing term life insurance quotes to people across the United States, explains the importance of disclosing all personal health and lifestyle information to life insurance underwriters when applying for a life insurance policy. Leaving out important details on a life insurance application puts a consumer’s family at risk of not being able to receive the death benefit when the insured dies.
“Don’t be afraid to tell the truth on your life insurance application,” says Byron Udell, founder and CEO of AccuQuote. “Even if you only smoke an occasional cigar or think you might want to skydive at least once in your lifetime, disclosing these facts during the application process will ensure that your family will collect the death benefit when you die. Otherwise, you risk leaving your family financially unprotected.”
When submitting an application for life insurance, following are some of the more common health and lifestyle questions that people often lie about but should be answered truthfully:
- Date of birth
- Prescription medications taken
- Past health conditions
- Current health conditions
- Family’s health history
- Engagement in hazardous activities
- Driving record
- Felony convictions
- Financial history
Keep in mind that underwriting guidelines vary among the different life insurance companies. So don’t assume that you can’t get an affordable rate based on your health and lifestyle, says Udell. “For example, if you use tobacco occasionally, one life insurance company may give you a non-smoker rate, while another may charge a significantly higher premium.”
The key to finding inexpensive life insurance based on your health and lifestyle is to compare life insurance rates. Udell suggests getting a life insurance quote from an online multi-carrier brokerage firm that has access to the specific underwriting guidelines at various life insurance companies.
“The most important thing to be aware of when shopping for life insurance coverage is this: Lying on your application to get a cheaper rate may sound like a good idea now, but it won’t pay off in the end if something devastating were to happen,” says Udell.
AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance quotes with the personal service of unbiased life insurance professionals that can help answer questions, identify important issues, and make meaningful recommendations. The company offers consumers an extensive selection of life insurance options, including term life, whole life, and universal life, as well as selected annuities. The website has many handy insurance tools, including a life insurance needs calculator to help you figure out how much to buy, a glossary that explains industry terminology, a collection of articles that cover the basics about life insurance, and a blog which answer many questions about life insurance. For additional information or to get quotes for cheap term life insurance, please call 1-888-314-4455.