25
WHAT HAPPENS WHEN YOU APPLY
This is a non-profit association, with a membership of about 750 life insurance
companies, formed almost 100 years ago for the confidential exchange among its
members of factual underwriting information. Its sole purpose is to serve as an
alert against fraud or misrepresentation. When you sign an application, you
authorize the insurance company to contact the MIB.
Where the applicant has a condition significant to health or longevity, the insurance
company provides the MIB with a brief, coded report. These reports are mostly of a
medical nature, but other factors such as an adverse driving record or participation
in hazardous sports are also taken into account. This information will only be
disclosed to another MIB member to which the individual has applied for insurance.
An insurance company may not decline an applicant because of the information
obtained from the MIB but can use the report as a basis to request further
information.
Confidentiality is closely safeguarded.
Medical Information Bureau (MIB)
TIP: Keep your insurance policy with your financial papers. It's a good idea to keep a
photocopy of the front page of the policy, along with your agent's name and number, in
your safety deposit box, if you have one. Give your beneficiary(ies) a photocopy, too, and
let them know where you keep your policy.
