3 Life Insurance Application Requirements You Should Know
Planning to apply? These life insurance application requirements cover the documents, the form and underwriting, plus the three possible decisions.
Life insurance is essential for protecting you and your family. If you have young children who are still in school, you need coverage that secures their future. Your children's future should not be left uncertain just because you, as the family breadwinner, can no longer earn a living. One way to secure it is to take out life insurance, which protects you and your heirs (beneficiaries) if something unexpected happens. Here are the life insurance application requirements to keep in mind:
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Administrative Requirements
The first requirement is knowing which paperwork to prepare. These documents establish the legal footing of the policy you apply for. The more complete your paperwork, the faster the insurer will process it. Here is what you need to prepare:
- A photocopy of your KTP (Indonesian national ID card), plus the original to show.
- A photocopy of your SIM (driver's license).
- Your marriage certificate, if you are married.
- The birth certificate of the child you plan to name as your heir.
Filling Out and Signing the Form
Next, you fill out the life insurance application form. Whether you apply for education, health or any other coverage, you must complete a form that serves as written proof that you want to become a policyholder. The form states which life insurance product you are taking, the name of your heir and more.
Passing the Selection Process
Life insurance, like other types of coverage, goes through underwriting. This step matters because it decides whether your application is accepted. The insurer will ask the policyholder's age, since the younger you apply, the better your chances of being accepted. It will also ask about your health history, occupation and more.
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Once you have met all of these life insurance application requirements, the insurer will make one of three decisions: accept the application, reject it, or accept it on the condition that you pay an extra premium.
