Procedure for taking life insurance in any insurance company.
Life insurance has since been a growing Insurance policy many people are seeking.
Life insurance is worth many individuals taking because incase of death of the insured, the family is compensated by the insurer making the family continue to be financially stable even after the death of the insured.
what is life insurance policy
This is simply an agreement in-between an individual and insurance company to compensate the individual’s family incase he/ she dies.
So as to obtain a life insurance policy in any insurance company, one needs to follow some procedures to be successful in the whole process.
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Below is a well detailed procedure one can follow so as to successfully obtain a life insurance policy with any insurance company anywhere;
1. Approaching a suitable insurance company.
Before taking life insurance by anyone, One has to first approach one or more insurance companies to know about their services, then take up choice on which one is convenient for them.
Take proper decisions meanwhile choosing the insurance company to use, know more about their services in detail then get into business with the chosen Insurance company.
2. Filling of the Proposal form by proposer
This form is issued by the insurance company to the individual (s) seeking to take up any insurance policy.
The insurance proposer fills this form which is a sign that they are interested in taking a particular insurance policy with a given Insurance company.
Some of the formation to be filled in the proposal form by the insurance proposer includes;
> ✓Name, address, occupation
> ✓ Date of birth
> ✓ Proposed insurance plan period
> ✓ Details of previous insurance if any
> ✓ Declarations of truthfulness on information provided and signatories.
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3. Personal information form
Involves health status of proposer, their family members, medical history
4. Medical examination.
This is required by the insurer for the individual seeking Insurance to take medical examination so as to assertain the health status of the individual. This mostly is done by medical personnel being hired the insurer.
In any case of health complications, the premiums are determined easily after medical examination of the individual seeking life insurance.
This involves the individual seeking life insurance availing documents like national ID, birth certificate.
This is key in determining the amount of premiums to be charged by the insurer. since older individuals are charged high premiums than younger individuals.
The above documents for age proof should be authentic and approved by your government.
6. proposal review
This happens after submission of proposal form, and other document as named above.
The insurer therefore reviews the proposal to assertain whether the information provided in the proposal form is correct or no.
7. Proposal acceptance/ declination
This normally happens Incase the information on proposal form is found satisfactory to the insurer, the proposer’s proposal is acceptable but if found unsatisfactory, then the proposal is declined and will be informed about the nature of your proposal.
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8. Calculation and payment of premiums
The insurance company actuaries calculate the premiums to be paid by the proposer.
The insurance proposer then sets off to start paying the premiums assigned to them.
9. Issuance of the life insurance policy.
The proposer and the insurer then get onboard to sign a written formal agreement called insurance policy.
This agreement consists of;
> ✓Name, address and occupation of the proposer
> ✓Age of the insurance proposer
> ✓Insurance premiums
> ✓Insurance policy ID number
> ✓Other terms and conditions of the insurance policy.
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✓ One can take up life insurance policy so as even after their death, family members can benefit from the insurance company inform of compensation.
✓ Let your family members not struggle financially after your death cause death is a must but how you prepare for your family before your death matters.
✓ For any assistance concerning insurance, our advisors are there to help you.
We only offer guidance on insurance on our website, we do not offer any insurance policies.
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