Term Life Insurance Quotes
Every life insurance applicant is usually asked to share private details about his or her health, finances, and background. Underwriters use this information to calculate your risk classification and to verify your identity before offering you a policy.
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Certainly, it’s important to be vigilant about keeping your SSN safe, since it’s one of the fastest-growing crimes in America. Life insurance companies need both your SSN and driver’s license numbers for identification purposes, but giving out either of these can be alarming.
But you can feel confident that insurance companies and insurance brokers like LifeInsure will take extraordinary measures to protect the sensitive information provided by life insurance applicants.
Why Life Insurance Companies Need Your Social Security Number
There are various reasons that life insurance companies require an applicant’s social security number for identification and underwriting purposes:
To order a report about the named insured(s) from the MIB. The MIB is a national database that collects data from insurance companies that are members of the organization. The data collected helps underwriters confirm the information provided by the applicant.
To confirm your identity and the identities of other insureds on the application.
The post Why Do Insurance Companies Need Social Security Numbers? appeared first on Lifeinsure.com.
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