Life insurance is both a savings product and a provident product. It is a product that is essential to everyone's life. It is often misunderstood by some and others.
In order to better understand it, we will expose you the main questions that you will be asked when establishing and signing your next life insurance contract.
We remind you that a policy is an agreement between one or more persons (the parties) to create one or more legal obligations. It is also the legal relationship that results from this agreement. (https://fr.wikipedia.org/).
In life insurance, to establish a policy, the insurance company signs an insurance proposal for the chosen product. Then, it is based on the information provided by the contracting party, often completed by health declarations.
To obtain this information, the sales representative will ask you the following questions.
Who is the subscriber ?
The Underwriteris the person who signs the contract and agrees to pay the premiums. He is also, in most cases, the Insured (policyholder).
In fact, you are the contract's holder, the one who will honor the financial commitments of this contract.
Questions related to the underwriter typically consider:
- His name;
- His/her first name(s);
- His/her date of birth/age;
- Place of Birth, Country and Citizenship;
- His gender;
- Marital status: (single, married, divorced or widowed) ;
- His/her professional situation (profession and sector of activity);
- His/her contact information (home address, phone number, email address).
Who do you choose as the person to be insured (the Insured)?
TheInsured is the person on whose life the contract is based, and whose survival or death results in the payment of benefits under the contract.
The questions relating to the Insured are generally the same as those asked of the contract holder. They serve to identify the Insured and, if necessary, to differentiate him/her from the contract holder.
If the contract holder is the insured, the sales representative will fill in the fields for the insured by writing ''himself’’.
What is the beneficiary information for the contract?
The Beneficiary is a natural or legal person who is designated at the discretion of the contracting party, provided that he or she has a legal existence at the time the insured amounts are due.
The Policyholder may choose as many beneficiaries as he/she wishes. The beneficiary may be the Policyholder at the same time; he or she may also be a relative or a child. The spouse is therefore eligible to be a beneficiary as long as it suits the policyholder.
The informations you will be asked about them are :
- Their contact information and relationship to the insured;
- Their status as revocable or irrevocable beneficiaries and their relationship to the policyholder.
Health questions
To get an idea of the potential risks that may be associated with your insurance contract, you may be subjected to a health questionnaire submitted to your attention.
Depending on the type of policy, the premium amount requires a medical report from a physician.
This is the time when the sales representative will ask you if you have or have had any illness or disease.
How would you like to pay the premiums for this policy?
Once the contract is signed, the last step is to indicate how you intend to pay the indicated premium.
The premium may be paid monthly, quarterly, semi-annually or annually by:
- A direct debit authorization on your bank account;
- A payroll deduction request to be sent to your employer.
Required documents
To finalize the subscription, the insurer needs some of your documents.
- Your ID card or passport;
- Bank details (RIB) according to the method of payment.
Here is the essential informations to set up your life insurance contract. We hope that this article has helped you understand a little more about how a life insurance product works.
Nevertheless if you have any opinion or any other question don't hesitate to tell us in the comments.
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