Medical History Increases the Cost for 66% of Life Insurance Applicants

Saturday, October 16, 2010

Medical History Increases the Cost for 66% of Life Insurance Applicants

Companies keep their prices low initial life because they accept the conditions Choosey standard. After a formal application is two-thirds of candidates of a sentence. This article explains why and what the buyer can do about it - choose an online broker!

Fortunately for those that life insurance can be provided and the premium quotes within 48 hours - but 2 of 3 candidates have been delayed and the opportunity to have their sentences.

Who are the lucky ones? Basically, you have to fit as a flea with no family history of serious illness, less than 45 years in office-type work, and probably applying for less than £ 250,000 will be covered. For others, it will be some complaints.

If an insurance company provides an initial budget of the life insurance is all they know your age, sex and smoking. You use this data to a first estimate of how long you live and on that basis, which can make a first budget. They call it the "General Conditions".

If you want to progress your application, you must complete a multi-page application. It is not as intimidating as it sounds like most online operators take advantage of their data by telephone and send you a copy of the completed application to write for you. But the questions are very broad, and if you want something that turns out to be significant to lose your insurance could be invalidated. So be warned and beware!

Insurers use, make sure your application data, no signals about current or future health or fits your lifestyle. Besides the obvious questions reveal that health problems, but also on their weight, alcohol and nicotine, and all sorts of health problems in the families to assess. So if your father died of a heart attack or mother died of breast cancer will be affected.

Then there is lifestyle. If you pass in a sort of job where accidents, construction is a good example, or you are involved in a dangerous sport, or fly, your cousin is in line with the load. Also want to know if they travel regularly countries known to pose risks to the health of visitors. And while the law does not allow discrimination against same-sex couples, insurance companies are generally to medical examination for the candidate.

Insurance openly acknowledge that the number of questions that represent increases it. They say it reduces the number of applications rejected. Although it is true also for the part, coincided with an increase in the proportion of candidates who see their burden of premiums. A few years ago was closer to 40% - today some insurance companies, the level almost 66%.

How many may have to pay? It's like time is a piece of string. But you have to get an idea, a 40-year-old woman, the medical treatment for postpartum depression, recently presented a level of 50% were initially a budget of £ 7.60. A woman whose mother had breast cancer even before a charge of 50%. Obese people can expect loads of 50% to 100% or even negative.

Faced with a load of what you can do it is important to note that the insurance company providing the first estimate have more medical criteria Choosey particular. That's how they keep their prices low. So if you are in front of a load, the best advice is to shop around, try one of the more expensive providers such as Friends Provident, the award sometimes a bit more.

Although this seems too complicated, remember that over the years an additional £ 10 a month on a policy of 25 years is 3,000 pounds of their hard-earned money. If you do not have the know-how or the time to do this, and after a few of us live online to an insurance agent to speak.

The competition is high on the internet and online brokers usually reduce your premium by reducing their commissions. Their systems are very familiar with the search for alternative suppliers to mitigate the problems of load. So keep things simple. Let your fingers on the keyboard in the phone book and let the online broker do all the hard work!

No comments:

Post a Comment