
Don't stumble so close to the finish line!
The Most Common Mistakes When Submitting Life Insurance!
Proposed Insured (this information is incomplete on 32% of all cases received)
- Occupation and Duties
- Proposed Insured Earned Income
- US Citizen/Resident Alien
- Drivers License Number
- Subject to Back-up Withholding
EFT (incomplete on 25% of all cases)
- Account Owner Name and other EFT data
Beneficiary/Owner (incomplete on 23% of all cases)
- Owner SSN#/TIN
- Beneficiary Class
- Relationship of Beneficiary
- Type of Beneficiary Trust
Coverage (incomplete on 9% of all cases)
- Purpose of Insurance
- Existing Insurance Type and Amount
Replacement (incomplete on 5% of all cases)
- Do you have any information, other than stated in this application which indicates that any proposed insured may replace or change any current insurance or annuity in any company?
- Other Replacement Questions
Premiums (incomplete on 4% of all cases)
- Premium Payment Mode
- Source of initial/future premiums (incomplete on 1% of all cases)
Reinstatement
- Reinstatement Amount
- Reinstatement - Insurance company
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