Do Life Insurance Companies Share Information? 
In a way , yes they share information . There is a information depository known as the MIB and no , it does not stand for `` Men in Black '' , it stands for Medical Information Bureau . What the MIB contains is information about paid insurance claims , past applications and other information that insurance companies can access -LRB- with your permission -RRB- to check your medical history . So if you apply with 3 different companies , all 3 companies will know it from the MIB . They will ask you about it and it may effect underwriting as the 3 companies look at the combined face amount and decide if they want to be a part of it . Also lets say you answer a question about heart problems as NONE . In checking the MIB the insurance company finds you have a double bypass in 2009 . Changes everything . Think of the MIB as similar to the Credit Bureau , except for medical stuff instead of credit use . Instead of credit history , the MIB contains your health history . 