These questions are all part of financial underwriting. In addition to Bowtie, many insurance companies (including online and traditional insurance companies) also conduct financial underwriting. As the death benefit of life insurance is intended to compensate for the loss of income due to the death of the insured, the insurance company will consider the insured's existing life insurance coverage, work income (including monthly salary, bonus, commission) and age to determine the maximum sum assured.
As for self-employed, unemployed or unemployed persons, Bowtie may request more relevant information during the underwriting process, and even review the protection and income of relatives (spouse, siblings, or parents), such as applications from housewives. , may need to make appropriate underwriting decisions based on the income and protection information of their spouse.
Other income sources (such as dividends and rental income) are not considered in the underwriting process as they are not affected by the insured person's death.
During the application process, Bowtie will ask you 2 to 3 questions in the online underwriting system:
- Does the insured person hold or have any pending applications for life insurance policies with companies other than Bowtie? (This includes all life insurance products, such as term life, whole life, or universal life insurance.)
- Please provide the total sum assured of life insurance coverage the insured person has applied for with insurance companies other than Bowtie (including approved and pending policies).
- Please provide the insured person's total income earned in the past 12 months (including commissions and bonuses).
If you are not the insured person, please obtain this information from them before proceeding!