The Disability Insurance Application Process
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UPDATED: Jul 15, 2021
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When you have found the right policy, you will need to fill out a disability insurance application to see if you qualify, and help the company determine your premium payment. The disability insurance application will ask you for personal information such as your social security number, your health history, and occupation and salary info. The insurance underwriters will then review your application against their underwriting standards to determine your eligibility for the disability policy.
What to Know About Your Disability Insurance Application
When you fill out a disability insurance application, there are some things you should know to help you prepare for the process:
- During the disability application process, an agent may request medical records, driving records, credit reports, and medical index bureau reports (MIB) to assess your eligibility for the disability policy you have selected. You cannot refuse this information if you intend to get the policy you want.
- The application will ask if you have more than one disability insurance application pending. It is a bad idea to fill out multiple applications! You should always pick the best disability quote and submit an application for that quote only. If you have multiple applications, you can be rejected for coverage or see your premiums increase dramatically.
- Make sure the disability benefits are the amount that you need. It is possible to increase your income benefits by purchasing an endorsement that will allow you to raise your benefits later if you choose.
- A disability medical exam could be required depending on the amount of coverage you request and what they find in your application. This could range from a full blown disability insurance exam to only giving a blood sample, mouth swab or urine test. The requirements vary somewhat from one company to another.
If you are required to take a disability insurance medical exam, and the results negatively affect your premium rate, ask your agent if the concerns that caused your high premium are correctable and if you can have another exam at some point in the future. If you are able to get another disability insurance medical exam in the future, you can devote some time to making sure your health or physical condition improves.
Make Sure the Disability Insurance Application is Accurate!
Make sure that you answer all the questions on your disability insurance application truthfully. If, while reviewing a claim, the insurance company discovers misleading information on the disability insurance application, such as medical history not mentioned, then your claim can be denied.
TIP: The disability insurance application is considered to be part of your policy contract. The information you include on your disability insurance application will be reviewed if you ever file a claim, so do not think a lie or a mistake will simply be forgotten about!
Check your disability insurance application carefully to be sure the information is complete and accurate and that the agent made no errors in transferring your information onto the application. Agents have been known to fudge some answers to get applications approved in order to make the sale and receive a commission. Read the final disability insurance application carefully, and ask for a copy!
Receiving Your Disability Insurance Policy
Once your disability insurance application has been approved, your policy will be delivered to you by mail or by your agent. Once received, you are on the clock for your free look period! All policies provide a 10-day free look period. In some states, it is a requirement by law that insurance companies provide a 20-day or 30-day free look period. If you decide you do not like your policy, you may cancel it at any time during the free look period without consequence. You do not have to give a reason for returning the policy in order to get your money back. If by chance your free look period expires, you can still cancel the policy, but the premium due would be prorated (meaning you will owe for the days your coverage was in effect).
TIP: During this free look period you should read the entire policy! Make sure it contains everything you were promised by your agent.
When you are ready to find a disability insurance policy that works for you, get a free quote by clicking here to visit the Free Advice quote center today!