Life Insurance - Get your Life Insurance Here
Life Insurance…..get your life insurance here! Purchasing life insurance seems like a circus sometimes, doesn’t it? You fill out the application, next act: your insurance medical exam. Then waiting for the insurance company to review your application, next act: medical records. It seems to takes forever!
Oh wait….now the life insurance company is asking for information they received from a ‘confidential source’. What’s that about? More than likely it’s coming from an internal report they’ve run with MIB (Medical Information Bureau), or MVR (Motor Vehicle Report), prescription database check or perhaps from your medical records.
Whether I’m talking with an insurance agent or a potential client, to me, it’s all about being upfront and full disclosure – which can save time (and possibly some frustration) for both you and the life insurance company. Let your PivotCare Team member know if you’ve been ‘shopping’ or have applied for life insurance recently and how that application ended. It’s okay that you’re looking around – shopping is a smart thing to do.
So who are these ‘confidential sources’? Here’s a brief introduction:
MIB: If you’ve applied for individual life, health, disability, long term care or critical illness insurance recently (within the last seven years) and want to see what’s in your file, you can request the information through www.mib.com. MIB uses codes which tell the insurance company about recently applied for life insurance and any adverse underwriting decision (decline/postpone), and if so, a code will be there for the insurance carriers use.
MVR: Insurance companies ask about your driving habits on their applications i.e.; any violations, license suspensions, or accidents. Depending on the infraction, the number of tickets you’ve had, etc., your insurance rating can be impacted.
Prescription (RX) Database: Insurance companies have access to database(s) that will show any prescriptions you’ve been given or have had filled. You might have been given a prescription for back pain five years ago, but forgot about it during the application process.
So to keep the circus atmosphere at a minimum, it is best to to be upfront and disclose anything that could affect your life insurance application process. Contact one of our PivotCare Team members to discuss any questions you have about getting a life insurance policy. Remember, you can get a free life insurance quote too. It’s simple and a great way to get you started.
About the author: Melanie Tretheway has been in the life insurance business for over 30 years. She is a mother of two who loves baking, reading, gardening, and taking care of her family. Melanie takes great pride in making sure you are informed, especially when it comes to choosing the right life insurance policy for your family. You can contact Melanie at 1-800-651-1953 or MTretheway@Pivot.com.