Life Insurance Inspection Report
Sometimes life insurance companies, depending on your age and the face amount you are applying for, may request an Inspection report as part of the life insurance application. This typically entails a telephone interview for 10-20 minutes, or for multi-million dollar policies, you may have to be seen in person, with an independent investigating firm. The inspection organization will typically ask questions regarding but not limited to your; health, business, hobbies, habits, morals, and personal and financial information. Depending on the policy, the questions can get quite detailed. The reason why the life insurance company may require an inspection report is to help clearer define the risks that may not be so easily obtain just from the application. Also, it helps justify the amount of coverage that is being applied for. Typically, the inspections reports are confidential and only shared with the underwriter.
Again inspection reports are only required for certain applications, mainly for older applicants and or large policies, depending on the insurer. If you have any questions ask your agent or you can contact me and I can assist you as well on which life insurance policies will require an inspection report.
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