Life Insurance For Those With Medical Conditions
October 25th, 2006
Torquil Clark Life Insurance has been breaking new ground in the area of getting cost effective life insurance for consumers with an adverse medical history. We have received considerable interest from our clients as well as the wider industry.
To understand what our Special Risks team can do you have to understand how life insurance has changed in the last decade. All life insurance applications go through a process called underwriting, this is where the insurance company assesses the risk on insuring an individual and decides whether to accept the application on standard terms, with a higher (rated) premium or whether to decline to provide cover altogether.
Over the last 5 years the number of our applicants who had their application rated has doubled as insurers have adopted a stricter approach to underwriting. Ideally most insurers would prefer to cover only the healthiest of individuals and not those that smoke heavily, are seriously overweight or have diabetes, high blood pressure, heart problems etc or a family history of such illnesses.
However insurers treatment of such conditions can vary greatly, so whilst Insurer A might not like, say, diabetes and apply a heavy loading to the premium, Insurer B will have a more sympathetic approach to this particular condition and be more likely to accept at standard rates. This is where our knowledge and expertise comes in.
We run through a simple set of health questions and use this to research our panel of insurers to find out who will provide the best value cover taking into account that person’s specific medical history.
This way we can make sure that our clients’ experience of buying life insurance is as simple and transparent as possible.
We’ll write more about the conditions we have had success with another time…
Author: Jason King
October 25th, 2006
Category: Life Insurance.
