What Does Mib Stand For In Life Insurance?
The MIB is a database that was founded in 1902 to help life insurance companies fight fraud. It collects and compiles information from previous life insurance applications, including medical history, and shares this information with underwriters. The MIB is made up of over 800 life insurance companies in the United States and Canada and helps underwriters verify that the information provided on an application is consistent with previous applications. This ensures that the premiums set for the policy are accurate.
What Information is Included in an MIB Report?
An MIB report includes information about your previous life insurance applications from the past three to five years, including:
| Information | Details |
|---|---|
| Date of previous life insurance applications | |
| Date of diagnosis or treatment for an illness | |
| Known medical conditions | |
| Types of treatment | |
| Where the medical history came from |
The MIB report only includes information significant to the underwriting process and does not contain personal identifiers that could be used in identity theft. The information is coded for privacy and is protected under HIPAA guidelines.
How to Obtain Your MIB Report
If you have previously applied for life insurance, you can request a copy of your MIB report online or by phone. The MIB Consumer File includes medical and personal information requested, which insurance company requested it, and when. It also includes the name of any insurance company that made an inquiry or received a copy of your file. If you feel that any information in your MIB report is inaccurate or incomplete, you have the right to dispute it under the FCRA. The MIB will investigate and make any necessary corrections.
Checking your application against MIB records helps insurance companies combat fraud and ensure that premiums are set appropriately based on the risk of the policyholder. While independent life insurance brokers do not have direct access to your MIB file, they can work with multiple insurance companies to help you get the best rates possible when applying for life insurance.
Our carriers beat Colonial Penn, Globe Life, and AARP 96% of the time*
* Based on website quote requests, through 5/31/23.
(Check your rate to see their rates vs. ours)
