Your privacy is extremely important.
Having a formal decline on an application for Life insurance (or a life insurance product) is an important thing to avoid where possible.
So how does this happen?
We see time and time again how people have made an application for life insurance either through a Superannuation fund or some form of questionable online comparison service promising the world. After providing all their personal information to a telemarketer or bank clerk and having to deal with all the disclosure issues that for many people with chronic health conditions is difficult, deeply sensitive and personal, they then are told, they are 'formally declined' and a formal decline record is applied to their insurance history.
They are left believing that 'the decline' was solely due to their health and they are left to deal with the uncertainty and associated feelings that come with being told you're not acceptable.
What they were not originally told, but should have been
What they were not told is that particular brand of insurance provider, bank or comparison websites was probably never able to cater to their particular situation in the first place.
The problem is not you, the shop never had the ability to ever provide what you wanted anyway. And they failed to tell you that ahead of time.
The bigger problem then is, how do you deal with a formal decline in your insurance, and what does that mean?
This is why people with chronic health issues need the service of a specialist like unusualrisks.com.au who know where to shop for their clients with unusual risks.
Usually, those sold by telemarketers and other low grade insurance resellers. Some of the more common life insurance policies sold through telemarketers have the bulk of their underwriting assessment done at claim time. For the uninformed consumer, we say this is dangerous (probably bordering on crazy) because you never really know if you are insured until you have to claim.
Where is the peace of mind with this type of policy you ask? Yep, we’re still looking for that ourselves. Without the assistance of a speciality risk adviser from unusualrisks.com.au you’re totally on your own. And who will be there for you and your loved ones at claim time? A different telemarketer this time perhaps?
Peace of mind. The degree of risk is assessed and the application completed at the time you make the actual application, not when you need to make a claim. Having a professional policy that's fully underwritten upfront ensures all the assessments by the insurance company are completed so you (or your family) don't have nasty surprises at claim time.
Usually, because they don’t know what you now know or they're really time poor and happy to take the view, 'something is better than nothing'.
Having a speciality Risk Adviser like unusualrisks.com.au looking out for you and your loved one's interests means you would never be exposed to such a risk.
Those companies that continue to do so, cite commercial decisions. We believe, they find an advantage in hoping people will not read the fine print or have not got a professional adviser looking out for them.
The cautionary phrase, 'Let the buyer beware,' perhaps applies more than ever in this space.
Telemarketer directly sold insurance products are typically more expensive when compared to fully underwritten high-quality life insurance products. This is because direct products are designed with limited or no underwriting assessments so the insurance company is taking a greater risk, and charge you to cover it.
There are usually 3 outcomes that an application for insurance can have.
Insiders tip: Be aware all Insurance policies that are offered with non-standard or amended terms of cover or conditions usually have to be accepted within 21 days. (This is because a person's health can change over time).
When we provide an insurance quote, it's a projection, dependent upon the final underwriting process completing successfully.
After the formal underwriting process is completed, you might receive a revised quote depending upon your medical history.
It might take longer than expected, but the process delivers a fully underwritten policy that provides peace of mind that all assessments decisions have been completed and you know exactly where you stand.
Nothing. The cost of applying for life insurance is included in the policy premium.
You might be interested to know that it usually takes an insurance company three to seven years before they begin to make a profit from a policy. We use technology to make sure that the only people that start the application process are those with the very best chance of success.
A typical application is made up of two sections.
Today where possible we use online and over the phone options to complete Life insurance applications so the whole process becomes easier and more private.
About 20 – 30 minutes depending upon the level of detail needed. But you can help and collect the results of your blood work ahead of time, that will speed up the process. And by authorising us to use that information in a formal application, the application process becomes super fast.