by: Michael Challiner
Lucky applicants for life insurance can be insured within 48 hours and at the premium quoted - but 2 in 3 applicants are faced with delays plus the prospect of having their premium loaded.
So who are the lucky ones? Basically, you?ll have to be as fit as a flea with no family history of serious illness, under 45, in an office type job and probably applying for less than ?250,000 cover. For everyone else there is going to be some hassle.
When an insurer provides an initial quote for life insurance, all they know is your age, sex and smoking status. They use these details to make an initial prediction of how long you are likely to live and on that basis they give you an initial quotation. They call it their ?Standard Terms?.
If you want to progress your application you?ll have a multi-page application to complete. This isn?t as daunting as it may seem, as most online operators take your details over the phone and send you a copy of the completed application for you to check over. But the questions are extensive and if you miss out anything that later turns out to be significant, your insurance may well be invalidated. So be warned and take care!
The insurers use your application details to look out for anything that signals current or future concerns about your health or life style. Besides the obvious questions that reveal health problems, they also evaluate your weight, alcohol and nicotine intake, and any potentially inherited health problems. So if your father died of a heart attack or mother died from breast cancer, they?ll be concerned.
Then there?s your life style. If you?re in a type of job where accidents do happen, construction jobs are a good example, or you are involved in any form of dangerous sport or flying, your premium is in line for loading. They?ll even want to know whether you regularly travel to countries that are known to represent health risks for visitors. And whilst the law doesn?t allow discrimination against same sex relationships, the insurance companies will almost always insist on a medical for these applicants.
Insurers freely admit that the number of questions they ask is increasing. They claim it?s to reduce the number of claims they refuse. Whilst that may be partly true, the trend has also coincided with an increase in the proportion of applicants who are seeing their premiums loaded. Some years ago it was nearer 40% - today?s for some insurers the level is virtually 66%.
How much extra might you be asked to pay? That?s a bit like how long is a piece of string. But to give you a feel, a woman aged 40 receiving medical treatment for post-natal depression was recently faced with a 50% loading on an initial quotation of ?7.60. A woman whose mother had breast cancer similarly faced a 50 % loading. Seriously overweight people can also expect loadings of 50% to 100% or even refusal.
Faced with a loading what can you do? It?s important to appreciate that the insurance companies giving the cheapest initial quote are also likely to have particularly choosey medical criteria. That?s how they keep their quoted prices low. So if you?re faced with a loading, the best advice is shop around, Try one of the more expensive providers like Friends Provident who are sometimes a bit more lenient.
Whilst this may sound overly complicated, remember that over the years, an extra ?10 a month on a 25 year policy represents ?3,000 of your hard earned money. If you don?t have the experience or time to do this, and after few of us do, speak to an online life insurance broker.
Competition is high on the Internet and online brokers will normally reduce your premium by cutting their commission. Their systems are also well versed in finding alternative providers to alleviate loading problems. So keep things simple. Let your keyboard fingers do the walking and let the online broker do all the hard work!
About The Author
Michael Challiner has 15 years experience in financial services marketing at senior level. Michael now works as the editor of http://www.express-life-insurance.co.uk Futher reading http://www.express-life-insurance.co.uk/can-i-get-a-quote.htm Futher reading http://www.life-assurance-bureau.co.uk/life-insurance/faqs/life-insurance-faq-home.htm.
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Critical Illness Insurance Is Critical
Critical Illness Insurance Is Critical
by: Ivon T. Hughes
A difficult time in life can teach you what's really important. Just ask anyone whose life took a sharp turn when a medical problem was discovered.
First off there are expenses, a difficulty for any family but which are a special challenge for any family who are covered by a limited medical insurance policy or have no insurance at all.
If you have limited medical insurance, there is sometimes just not enough to pay the bills. You could have costs of staying near a clinic while hoping and praying that you will get well.
Some people have family members and friends who have started get well funds to help pay expsenses. But all of this doesn't answer why there was no critical illness insurance.
This Is Why Critical Illness Insurance Is Important
Critical illness insurance is important as what you are doing is insuring your income , just like you insure your house....
Critical Illness Insurance Is Critical
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Investments, irrespective of financial class of a human are mainly divided into three categories, which are
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Short Term Investments
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7...
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Save Money On Young Driver Car Insurance
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Even if you manage to avoid damaging yourself in all nine accidents, the likelihood is that your car will come off slightly less healthily. And that?s why there?s such a need for proper car insurance cover.
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Save Money By Getting A Term Life Insurance Quote Online
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Save Money By Getting A Term Life Insurance Quote Online
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How To Decide Which Health Insurance Is Best!
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Why You Should Consider Pet Insurance For Your Family Pet
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1 in every 3 family pets will visit a vet this year for treatment
40 percent of all vet fees are caused by ?unforeseen? illnesses or accidents
less than 15 percent of family pets in the UK are covered by pet insurance
the average vet bill for care and attention needed following a road accident involving a cat or dog last year was circa. ?750 - ?1,000
2 out of every 3 pet owners in the UK have admitted to having gone overdrawn at some time during their lives in order to pay for their pet?s vet bills.
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Term life insurance > Why You Should Consider Pet Insurance For Your Family Pet
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Life Insurance ? Medical History Increases The Cost For 66% Of Applicants Term life insurance
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One can get great prices online for a car or home but what if you want to buy a computer, television or just a school uniform? Provident loans are made to measure against fulfilling such requirements. Provident loans basically came up against various pawn shops that had emerged and charged exorbitantly high interest rates for short term loans. And now they have grown to become...
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