Life insurance with no medical
In the past, life insurance and medical assessments went hand in hand. In fact many people do not want to take out a life insurance plan because they fear this may still be the case. Many life insurance policies are not adopted because people simply do not have the time to go for a medical or are concerned about what they may be told. In today’s insurance market many plans that are applied for are accepted straight away, with no in depth medical information needed at all and many more are accepted after a telephone interview, where the insurance company will ask for additional information from you over the phone. Many conditions such as blood pressure can be discussed over the phone as the client will know more about how controlled the blood pressure is than the GP who probably only sees them once a year. If the telephone interview cannot obtain the information that the insurer requires then the insurance company will need to write to your GP and gather information in that way by means of requesting a medical report. For the insurer to be able to do this you will need to sign a medical consent form that will be sent to you by Proadvice on behalf of the insurerwhich will grant the insurance company permission to access your medical records. All of this is completely free of charge to you and purely so the insurance provider can assess your medical health.
In rare cases medical assessments are required. This is normally down to factors such as the age of the client or if a large sum assured is being taken out. If you were to request a sum assured of one million pounds, the insurance company will certainly want to know more detailed information about your medical history and circumstances as it is a huge financial risk to the insurance company. The medical assessment will be arranged at your convenience and the insurance company will aim to get it done as quickly as possible. The trained medical professionals who organise the medical exams often work late in the evenings and weekends so you do not have to take time off work, so any inconvenience to yourself is kept to a minimum.
How to find the protection that is right for me?
You can spend your time comparing hundreds of different plans and terms as well as reading all of the Key Feature Documents for all of the products from all of the different providers or you can ease your pressure and speak to a Proadvice adviser. At Proadvice we have already done the majority of the work for you. We have worked through the manuals, read the Key Feature Documents and pride ourselves in our product knowledge, and where to go to get you the answers you need before choosing a plan. Proadvice can focus your attention on what you actually want from your cover for and make sure your plan protects you from all of your major concerns.
Are the premiums likely to change as I get older?
If you were to select guaranteed premiums, the cost of the monthly premium will never increase throughout the term of your policy. By having guaranteed premiums this allows you to budget for your monthly payments, safe in the knowledge that they will remain at the fixed price over the entire life of your policy so in other words the insurer guaranteesnot to change the premiums, however you will pay more for this privilege. There are cheaper premium options also available to you, such as reviewable and index life plans.
I have a pre-existing medical condition, what should I do?
In cases where you may have a pre-existing medical condition it is vital that you disclose all of the information to your Proadvice financial adviser. Your Proadvice financial adviser will be able to let you know which insurer will be most suitable for your personal circumstances.
If you are living with a medical condition you can be placed with an insurance company to suit your own particular requirements so there is no need to hide the condition away. Please note that not disclosing any pre-existing medical conditions may invalidate your insurance plan.
During your application you will be advised of the following;
“It is important that you provide truthful and accurate answers to the questions in this section as your answers form the basis of our determination of your eligibility for this coverage. Failure to provide complete and accurate information may result in the decline of your claim or the policy being cancelled.”
Review your family protection regularly
As your life changes over time your protection needs will also be ever changing. A new baby, moving house, marriage and even divorce are all cases where you should be reviewing your insurance plan. As your life changes your life insurance should be changing with it. We will not only find recommend the best policy for you but also try to find the most affordable premium too.