When must every applicant for a life insurance policy receive the disclosure statement?

The requirement for an applicant to receive a disclosure statement when applying for a life insurance policy is linked to the point in the process when the application is signed. By providing the disclosure statement at this stage, the applicant is informed about critical aspects of the policy, including coverage details, terms, conditions, and any exclusions that may apply. This timing is crucial because it allows the applicant to fully understand the implications of their choices before they finalize their application and commit to the policy.

This method ensures that the applicant is equipped with all necessary information to make an informed decision, ultimately fostering transparency and trust between the insurance provider and the applicant. Being informed at the time of application signing helps prevent misunderstandings and supports the applicant's rights to have clear, comprehensive details regarding their potential policy.