Application Question / Annual Income

[jeffdcar]

Do ins carriers verify what the applicant says on their gross annual income? I have a few good friends that want quotes, but i'm afraid when they see the question on the application about gross income they may not want to disclose it. They may just say "I've changed my mine, thanks anyway" Any ideas for a work around on that question? thanks!

 

[VolAgent]

If you ask it professionally, they probably won't care. But if you get all stressed and worried over asking, they'll notice.

Unless the income doesn't make sense in relation to the occupation or you are asking for a very high amount of coverage, it is mostly on the honor system.

 

[LGilmore]

The word ballpark is used often in life insurance when financials are asked for. They really only come into play on large face cases. They are on the app, just like many things you get to skip on the app because insurance companies don't want to pay a filing fee for each specific app. They would rather have a boiler plate app that you use some, little or all to fill out depending on the product.

 

[VolAgent]

The word ballpark is used often in life insurance when financials are asked for. They really only come into play on large face cases. They are on the app, just like many things you get to skip on the app because insurance companies don't want to pay a filing fee for each specific app. They would rather have a boiler plate app that you use some, little or all to fill out depending on the product.

Eh... I wouldn't say that.

I believe the underwriter does look at it. They just trust the agent will ask and get a ballpark figure and not inflate it to be able to justify the amount of insurance for which the insured applied. I bet apps that are near maximum get more scrutiny.

 

[WinoBlues]

Go through the rest of the applicant first. Then just ask. Or use a ez app. Like Onl or Cincinnati life. You just put in some basic information and the rep ask the question. Or you can do an ezlife through pinney.