Hi, we’ve been thinking about getting term life insurance and finally decided to move ahead with it. I talked with the agent (not affiliated with any one insurance company but deals with policies from a few companies), who, over the phone completed most of the application and arranged the medical exam. He emailed the pdf of the application and also the medical examiner brought paper copies for us to sign. We went through the medical exam, but wanted to look through the application paperwork more (it was a big packet!) so decided to mail it instead of signing and handing it to the medical examiner. Now we have second thoughts about going through with the insurance. Are we obligated to purchase the insurance although we haven’t submitted the actual application?
We signed some papers with the examiner, one was for testing for HIV, another form that had two choices, one that said we gave the application to the examiner, second box that said that we didn’t hand it to the examiner and will send it in separately (checked the second box, signed, and gave the form to the examiner); not sure if we signed anything else (was very chaotic with our baby son fussing etc.).
Also, if we decide to cancel at this point without applying, would any info that we provided to the examiner go into the MIB?
Thank you!
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Can We Decide Not To Get Life Insurance After Going Through Medical Exam But Not Submitted Application?
Posted on April 2, 2011.
You should be able to cancel or stop the process. They can’t make you buy insurance. They may act like you have to move on, but that’s the way pushy sales people are. Just say no. Don’t send them any money and don’t send in the application.
You dont have to purchase, even if you did purchase there is always a free look period where you can get your money back if you decline to accept the policy, but yea make sure you call the insurance company and tell them you want to withdraw the app. Hopefully you will be able to get intouch with them before they report any new info to the MIB
If you haven’t submitted the app, then there’s no MIB record created or changed.
You can always change your mind, even after the policy is issued. Most states have what is called a “Free Look” period, usually 10 to 30 days after you sign a delivery receipt. As long as you return the policy during that time, then the company will refund any premium you submitted.
Unless they have a gun pointed at your head you’re under no obligation. If you’re not feeling comfortable then just find a broker you ARE comfortable with. A few is good, but deal with one who has hundreds of companies.