1.  Will I have to have a medical for insurance?

Not necessarily, in fact many proposals for insurance are resolved without medical examinations or tests. Requests for further evidence be it blood tests or medical examinations or other tests usually are the result of the quantity of insurance applied for, previous history or answers to questions in a proposal.

2.   Do I have to detail all relevant information medically in my application?

You do if you want to be assured of having a claim paid.

3.   I am a smoker....do I have to pay more and what do I have to do to be treated as a non smoker?

Smoker’s rates apply for term life and other risk policies.  Smoking increases the potential for health problems and as such is rated at a higher premium than for non smokers of the same age.  If you are rated as a smoker but subsequently cease smoking, you are eligible to be rerated as a non smoker.  The period of non smoking is twelve months.  Reducing smoking during the period, or just having the occasional cigarette socially, is not sufficient. A person has to abstain from smoking for a period of 12 months.

4.  There has been a history of heart disease or some other condition in my family.  Am I therefore automatically excluded from obtaining insurance?

No not at all.  Each case is always assessed on its merits and whilst underwriters need to know about your own and family history, it doesn’t mean rejection at all!

5.   What is meant by the terms stepped and level premium insurance?

When taking out policies for insurance you are normally given two alternatives in terms of premium structure.  Stepped premiums rise each year with age whereas level premiums do not.  Stepped premiums are cheaper at the outset and take some years to catch up to the level premium equivalent. 

But points to remember, CPI increases in level premium policies can be at a higher rate equivalent to a person’s acquired age.  Also, even level premiums can increase if there is a rerating by the underwriter. When considering level or stepped premium policies, it is important to ask yourself how long you would require the cover.  Level premium insurance may be less beneficial if the need for the cover is only short to medium term.

6.   I have had a heart attack some time after taking out the policy for life insurance.  Am I going to be penalized because of my changed health circumstances?

Answer….

7. What is a Risk Consultant and what do they do?

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