Applying for life insurance is about securing your loved ones’ future, but what if the unexpected occurs while you’re in the application process? If you were to pass away during this time, here’s what could happen.
Insurance companies usually gather initial information about your health and lifestyle during the application process. If you were to pass away during this approval process, the company would review the available information to make a decision. Some insurance companies offer a Temporary Insurance Agreement, or TIA, if you meet certain health and age requirements. Under the TIA, you would be covered throughout the application process.
If a medical checkup is required and you were to pass away before taking it, the insurer would consider your earlier medical records and any conversations you had with doctors.
In either case, it’s crucial for your family to inform your agent and/or insurance company promptly. While the outcome varies based on the stage of the application, your family’s communication ensures that the process is handled appropriately. Even in unfortunate circumstances, insurance companies have protocols to navigate such situations and provide support to your family during this challenging time.
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