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Personal Finances (Read 2047 times)
norcalgal
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Personal Finances
10/23/07 at 16:04:10  
The application I received asks for my income, assets and liabilities... Why is that necessary. I only find that being necessary if I am applying for a huge amount. Can't I just submit the application without this?
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Boyd99
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Re: Personal Finances
Reply #1 - 11/01/07 at 14:48:29  
You are only going to slow down the process, I left a few things out when I applied and they kept calling until I gave them the info.
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Grumpy
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Re: Personal Finances
Reply #2 - 11/02/07 at 12:26:46  
Boyd99 is right. If you don't answer all of the questions, the insurance company is not going to just forget about them.  They need your financial information to help determine how much insurance you can qualify for.  The more complete your application is when you send it in, the faster the whole process is likely to go.
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norcalgal
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Re: Personal Finances
Reply #3 - 11/02/07 at 17:13:49  
Well that makes sense.

Thanks!
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Thunderbug
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Re: Personal Finances
Reply #4 - 03/12/08 at 15:59:10  
The application that I got asks for Total Net Worth. I am not sure how to figure out what my net worth is. Can I just leave that off and provide my income only?
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Winston
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Re: Personal Finances
Reply #5 - 04/07/08 at 15:45:12  
Thunderbug don't leave it blank. That is just going to delay your application. Your net worth is all of your assets-all of your liabilites. So add up everything you have of value(like your car, savings, jewelry, etc.) then subtract any debts you have like student loans or a mortgage(if you have one.) That will give you an approximate number for your net worth. Hope this helps!
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Isabel9
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Re: Personal Finances
Reply #6 - 05/31/08 at 09:20:23  
Well….I think if you wait for some more time… you can get a lot better suggestions that this…I am out of any ideas for this!!!!
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Solutions
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Re: Personal Finances
Reply #7 - 06/05/08 at 13:47:54  
norcalgal wrote on 10/23/07 at 16:04:10:
The application I received asks for my income, assets and liabilities... Why is that necessary. I only find that being necessary if I am applying for a huge amount. Can't I just submit the application without this?



Agents would usually inquire about your budgeting in order to determine the amount you as insured can afford to invest into your policy. We ask this to determine appropriate premium payments and amount of insurance to present to you, also to make sure the premium payments you will be making will not tighten your budget.

Eugene Goldberg
www.nmfn.com/eugenegoldberg
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Hadley
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Re: Personal Finances
Reply #8 - 06/09/08 at 05:55:35  
Not only is it important for the insurance company to understand if you can afford the coverage today, and whether you are purchasing more than you really need, but that you can continue the coverage once it's purchased.

The life insurance policy won't be of use to you or your beneficiaries if you have to cancel it in the near future because you can't afford to continue paying the premiums.

Many times people cancel their life insurance policies because they can't afford the premiums or they need to cut back on their monthly expenses.
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anthony333
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Re: Personal Finances
Reply #9 - 06/28/08 at 01:20:27  
Hi
I don’t have so much idea regarding this subject. Just I suggest you to take steps accordingly.

(URL REMOVED)
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« Last Edit: 03/07/09 at 06:48:39 by Spam Moderator »  
 
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uratool
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Re: Personal Finances
Reply #10 - 07/03/08 at 15:30:38  
Thanks for nothing anthony333  .. you moron.
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katrina
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Re: Personal Finances
Reply #11 - 11/03/09 at 22:06:27  
Thunderbug wrote on 03/12/08 at 15:59:10:
The application that I got asks for Total Net Worth. I am not sure how to figure out what my net worth is. Can I just leave that off and provide my income only?


I am not really sure about how to compute the net worth.  The best thing to do is to call your insurance agent and then let him help with the computations.  Tell him your income and let him do the math.  Every agent should know this.
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kevin1010
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Re: Personal Finances
Reply #12 - 11/28/09 at 21:19:40  
You can double check it by asking your agent. But most of the time it's better to fill them up for quicker processing.
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