We heard you! Military Spouse polled our Facebook followers about their aches, pains, concerns, questions, and suggestions about life insurance. Together with USBA, we bring you the “Inside Scoop” in this Life Insurance Q&A.
Q: Natalie Friend Wilson says, “They want to know the name and address of every doctor you’ve ever seen! And they don’t seem to understand a system where — even though you’re assigned a PCM — you may have never seen that person (I’ve never once seen my actual PCM in almost 10 years) or where you don’t remember the name of whoever you did see because you don’t get to pick your doctors. Also, I got denied Long Term Disability Insurance because there was a remote possibility of getting overseas orders.”
A: Life insurance companies assume the risk of loss due to an event which (unfortunately) we know will occur at some point. So obtaining all the available medical information for a thorough and comprehensive health evaluation is very important. The underwriting process is a critical part of helping ensure financial integrity for the life insurance company AND offering peace-of-mind to the insureds that their claims will be paid.
USBA understands the challenges military families face. However, taking the time to be sure the medical details on your application are accurate and complete to the best of your knowledge makes the underwriting process much more efficient. And be sure to read the question thoroughly. It may ask you to provide health information only from a specific period of time (e.g., if you’ve seen a doctor or been treated for a condition in the past 5 years).