This may not be the most exciting topic, but only 54% of Americans have life insurance — and many don’t know how it works. Think of it this way: You paid all those years for something believing your family would benefit from when in reality they will not. If you know what to do (and equally importantly, what not to do), you can avoid the most common pitfalls and make sure your loved ones are protected.

Life insurance forms are important in facilitating the application, management, and claiming of life insurance policies. The forms effectively aid insurance companies in communicating with their clients about everything from accurate documentation to the specifications of how policyholders and insurers should handle a policy. Understanding the various types of life insurance and how to create one simply is key to ensuring a seamless process for applying for and getting a life insurance plan.

In this article, we are going to define life insurance forms, discuss their types, and walk you through creating them. The next section covers key components to include. We also give you a free template to make the process of creating the form that much easier.

What is a Life Insurance Form?

Life insurance forms are standardized documents that both insurance companies and policyholders alike use to facilitate several aspects of life insurance policy. Their primary purpose is the standardization of information provided, with all legal and procedural requirements being adhered to therein. These forms provide individuals an easy way of applying for policies, effecting changes, or filing claims clearly and in order.

Purpose:

Life insurance forms serve several key purposes:

• Apply for the cover: submission of personal, financial, and medical data to calculate the mortality risk.
• File claims: The information supplied will be used by the firm to settle claims when a policyholder dies.
• Policy amendment: The system will permit the policyholders to change beneficiaries or contacts.
• Record keeping: The updated records will be required by the insurance and the policyholder for their records due to legal and administrative reasons.

Types of Life Insurance Forms

There are different types of forms needed to get a life insurance cover. The following outline describes the more commonly used applications:

1. Application Forms: These are the door openers to life insurance coverage. Application forms collect, among other things, a person’s data, and financial, and medical history to delineate eligibility and premium rate.
2. Death Claim Forms: The death claim forms are utilized by the beneficiaries to demand death benefits in case of the death of the policyholder. They require information such as the number of policies, proof of death, and the relationship of the claimant to the dead.
3. The Beneficiary Assignment/Change of Beneficiary Form: Used to designate the beneficiaries or change such beneficiaries regarding the benefits accruing from the insurance policy. Using this form, the policyholder may assign beneficiaries or change beneficiaries.
4.  Medical History and Health Declaration Forms: Most life insurance policies call for applicants to declare their medical history in detail for assessment purposes. Such forms may ask about pre-existing conditions, surgeries, and even habits like smoking.

Creating Life Insurance Forms

A life insurance form should be designed carefully, with an understanding of the user’s requirements. Here’s how you could go about making an effective form:

• Identify the Purpose:

Identify what this form is supposed to serve. Do you want users to apply for a new policy, file a claim, or make changes to the policy? Its purpose will make sure it addresses all requirements.

• Requirements Research:

Research about the form requirement legally as legal requirements on information collection and handling vary in countries and companies.

• Form Drafting:

Arrange the form in a clear format, classifying it under specific headings: personal data, policy information, declarations, etcetera. Make sure the language is concise and simple, allowing for no ambiguity in interpretation.

• Review and Revise:

Review the details of the form for clarity and accuracy. Remove the unnecessary questions or sections. Fill in the required fields.

• Finalize and Test:

Once the form is complete, do a usability test. Make sure the form logically flows, is easy to fill out, and the mandatory fields are marked. Test digital and paper versions, if applicable, to ensure the format functions correctly.

Components of Life Insurance Forms

Though different forms of life insurance may require varied sections, the following components are shared in most of the forms:

1. Personal Information:

This section calls for information relating to the basic details of the applicant or policyholder, such as:

• Full name
• Address
• Date of birth
• Contact information, including phone number and email

2. Policy Information:

In this regard, the form captures specific details of the life insurance policy, including:

• Policy number
• Type of insurance-term, whole, universal
• Name of the insurance company
• Names of beneficiaries

3. Medical History:

In the case of application and health-related forms, this might require the following:

• Existing medical conditions
• Lifestyle habits (such as smoking, drinking, etc.)
• Family history of diseases
• Previous surgeries/hospitalization

4. Declarations and Signatures:

A very important feature of the form where the policyholder or applicant testifies to all the information provided being true to his/her knowledge. In this section, space should also be provided for the following:

• Signature of applicant/claimant
• Date of submission

5. Additional Sections:

Depending on the type of form, you can also include:

• Payment details, if renewing the policy
• Terms and conditions
• In case of emergency, who to contact
• Witness/notary signatures, if applicable
• Free Life Insurance Form Template

To get you started, we have included a free template that you can use to create your customized insurance form. This template, incorporating the discussed basic skeleton and essential components, will produce an easy-to-use, comprehensive, and professional insurance form that meets best practices within the field.

How to Create A Life Insurance Form with Formplus

Formplus is a versatile form-building platform that provides users with access to a wide variety of form templates, allowing extensive customization to fit individual use cases. Here’s a step-by-step guide to creating a Life Insurance form with Formplus:

Sign Up and Login: Begin by signing up for a free account on the Formplus website. Once you’ve created your account, log in to access the form templates library.

Customize Your Form Search for the insurance forms, then use the Kanban-style drag-and-drop form builder to add or include fields, and change layout, and font colors. You can even add images your brand logo and elements and any other details you want.

Smart Notifications: This feature notifies you in real-time once your form is accessed and filled. This way you can analyze results promptly using the advanced analytics and report feature.

Publish and Share: Formplus features an advanced sharing option that lets you share via QR codes emending your website or via an email link Formplus also allows you to configure access controls protecting data collected from unauthorized personnel.

Analyze Results: Formplus offers intuitive analytics tools to help you interpret the results. You can view responses in real time and generate reports to share with your stakeholders in all real-time.

[Download Template Here] 

Conclusion

Life insurance forms are some of the important things that will help in having everything run smoothly and legally, either in an application, claiming, or making any changes regarding life insurance. Download our free template to get started with a professional, ready-to-use form that best suits your needs.