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Two thirds of life insurance applicants are finding that their initial quote is a lot lower than the premiums quoted after filling out the application form. This article discusses why this is happening.
Life Insurance - why two thirds pay more than first quoted
Author: Anna Richardson
It's now a sad fact that if you apply for life insurance, you'll actually be lucky to get yourself insured without any delays, and at the price you were initially quoted. Just one third of people experience this - the other two thirds face numerous delays and a price far above what was initially quoted.
This is happening because life insurance companies advertise their lowest possible rates, which means they are based on someone who is under 45, in perfect health, has no serious illnesses in the family, works in a safe job (ie an office) and needs no more than £250,000 cover. If you don't fall into all these categories, then you will be inevitably have to pay more than initially quoted.
When you get a quote for the first time, you only have to ( best mortgages ) get them the bare facts - basically your age, sex, and if you smoke. Using that information the insurer makes a rough guess on how long you will live for, and comes up with a quotation based on that -this is called their "Standard Terms".
If the quote is good value and you decide to progress to application, you will then have to fill out a long form with a lot of detailed questions. It is often easier to talk through the form over the phone, many online insurance companies have a helpline for this reason. It is a ( bad credit loans ) speedier way of applying and it makes sure that no details are left out. This is particularly important because if you forget to mention something that later on is relevant to a claim, your claim could be invalidated. You will then receive the completed form in the post to be checked and signed.
The information on your application form will allow the insurance company to make a more accurate prediction of your lifespan. They look at your health and the way you live your life to see if there are any areas for possible future concern. For example, they look at ( car insurance ) your weight and alcohol intake, and of course smoking makes a huge difference. If your father died of cancer, or your mother from a heart attack, this will affect your premiums too.
Your work and hobbies will also affect your premiums. Office jobs are considered ( insurance ) safe but if you work in a more risky occupation, like construction or farming, or if you have a potentially life-threatening hobby like skydiving, your premiums will reflect that extra risk. They will also ask if you go to countries that have health risks for visitors, like Africa and South America. And if you have same sex relations, you will probably be asked to attend a full medical examination before they will accept you as a customer.