Making the decision to get Paycheck Protection Insurance is great one. You are setting yourself up to be protected financially if you ever find yourself in a situation where you can’t work and earn a paycheck. Even though you wouldn’t be working, you would still be receiving money to continue paying for things that you want and need. Meanwhile, you can concentrate on focusing on your health in order to get better and get back to work, if you are able to. Getting insured begins with an application. During this process, there is one thing you should absolutely not do on your application: LIE!
Honesty Is The Best Policy
Everyone hates a liar including insurance companies. They are there to protect you when you need it, but they need to know exactly who they will be insuring with Paycheck Protection Insurance. To issue you coverage you will need to fill out an application that will ask you many different types of questions. It will want to know about your finances, health, lifestyle, and other miscellaneous things.
It can be tempting to lie on your application about things you may be struggling with or not proud of, etc., but it is best to be honest about everything. For example, some people may lie and say that they don’t smoke, when they do. Also, people may lie about their lifestyle habits or income. They may do this to look more desirable and less “risky” to the insurance company.
“What If I Lie?”
When you submit your completed application, it gets turned in to a special department called: Underwriting. This department is in charge of reviewing what you put down on your application. You may be asked to turn in supporting documents such as pay stubs, a medical history, and/or tax documents. Part of applying also includes submitting a blood and urinalysis. They will review the results of that too. This process takes about a month to complete.
If you lie:
- You will delay the whole process. You may have to wait for more than a month to hear back from the insurance company.
- You may be completely denied coverage.
- You may be only offered partial coverage under special terms.
- If denied, you may not be able to reapply with that same company.
- If the insurance company finds out you lied after they issue you coverage, your policy will be canceled.
Just Be Upfront
If there are somethings you are tempted to lie about, it is best to be honest with your Paycheck Protection advisor and the application. Your advisor can guide you and help you manage the situation with the insurance company.
By being upfront, insurance companies are more likely to offer partial coverage versus none at all. They can also work with you to cover you under certain terms.
This is better than being denied all together and not being protected financially.
Connect With Us For Paycheck Protection Insurance
Our advisors are prepared to help you with your specific situation to get protected with this type of insurance. We can guide you through the application process and answer all of your questions. Call us at (800) 788-8921 or fill out our Contact Form to be connected with an advisor.