The application process for applying for life insurance can be quite draining. It is paper-intensive, can take weeks and fairly intrusive. You will be required to take a face-to-face paramedical examination if you are applying for a policy in excess of $100,000. Your blood and urine will be tested. You will be questions in detail over your lifestyle, foreign travel habits, family health history and personal health history.

You may answer these questions several times. This is to verify and confirm your information. Regardless of the type of life insurance, all policies require you to meet certain acceptance guidelines in regards to your lifestyle and health history. However, there are life insurers out there that will allow coverage up to $250,000 without a medical exam.

The insurance industry is plagued by fraud and misrepresentation problems. In order to combat this, you will be required to disclose your Social Security Number and give permission for the search of your prescription drug usage and Medical Information Bureau file. If you have an abnormal health history, your doctor records and medical files may be scrutinized prior to acceptance or rejection.

If may seem tempting to misrepresent an answer or withhold information. Don't do it. It is a crime to lie or conceal information on a life insurance application. Your policy will be voided due to fraud.

All standard life insurance policies generally provide benefits for death at any time in any place by any cause, except by suicide within the first one or two policy years.

When you name your beneficiary, keep in mind that the insurance company expects you to pick someone who is actually financially dependent upon you in some way. A friend or relative, absent of a financial relationship, will not work. People that you support or owe money to will work. You can name a charity if you like.

For a term life policy, ask the following questions:

" What is the A.M. Best, Fitch Moody's and Weiss Ratings for the insurance company?
" What is the initial rate guarantee period?

" Is this policy guaranteed renewable without a physical exam? What are the subsequent premiums like?

" Is the policy convertible to a permanent insurance policy without a physical exam? How long do I have to convert the policy?

For a cash value policy, ask the following questions

" What is the A.M. Best, Fitch, Moody's and Weiss Ratings of this insurance company?
" Can you provide me with a written explanation of why you are recommending cash value life insurance for me?

" Why should I combine my life insurance with my investments?

" Can you provide an analysis for me that shows the true cost of this policy over five, 10, 15, 20, 25 and 30 years versus term life and investing the different in a separate investment account?

" How much is your first-year commission on the cash value policy versus the commission on an equivalent term life policy?

" Are the premiums within my budget?

" How much will I receive if I surrender the policy?

Cash value life insurance is for a long amount of time. If you don't plan to keep the policy for life, you might want to consider a term policy.