Life Insurance Medical history increases the cost for 66% of applicants
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...
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