Questions About the Speed of our Service
- Can life insurance be arranged quickly?
- What causes delay and can delays be reduced?
- What happens if I urgently need Life Insurance in order to complete my house purchase?
Can Life Insurance be Arranged Quickly?
The short answer is that the speed depends upon your personal details. But to give you guidance, we can tell you that about 3 in 10 are insured almost immediately; rising to 5 in 10 after three weeks and to 8 in 10 after 6 weeks. The remainder are largely completed within 10 weeks.
We are not happy with such delays any more than you are – but this is a realistic answer to the question.
The following Frequently Asked Questions are related to the above topic. Click here
if you wish to read them: -
What causes delay and can delays be reduced?
What happens if I urgently need Life
Insurance in order to complete my house purchase?
What causes delay and can delays be reduced?
The quotation you receive assumes you are in good health for your age, you have a generally healthy lifestyle and do not have an occupation or hobbies that represents a risk to your health.
Then, if you decide to proceed, you will have to complete an Application Form for the insurance provider. This Form is designed to collect more information about yourself to enable the insurance company to confirm whether the initial quotation can stand or whether they want more information before making a decision. (In a few extreme cases they may decline to insure someone purely on the basis of the information in the Application Form – but that would be unusual.)
Most brokers will send you the Application Form in the post for you to return. However, this process takes at least week or so.
In our experience, once the insurance company has an applicant’s Application, about 1 in 3 cases are accepted immediately.
Of course, if you want to arrange the insurance now but delay going “on risk” for a few weeks, or maybe a month or more, then that’s easily done. Better to get it sorted out now rather than wait and find out there’s going to be a delay.
If there is anything on your Application that needs to be referred to one of the life Insurance Company’s specialist Underwriters then, quite honestly, a delay is inevitable. If, having considered your Application, the Underwriter is happy to approve your Application, then the delay will typically be up to two weeks.
In perhaps 1 in 7 cases the Underwriter will decide that he/she needs more information about you. Health issues are the most common area of concern but your job or even hobbies can prompt the insurance company into wanting more information. If it’s a query about your job or hobbies etc, you will receive a supplementary questionnaire in the post.
If the query relates to your health, the Underwriter may decide to write to your Doctor for information or to ask you to have a very quick “mini-medical”. Alternatively, the underwriter may ask you to have a full medical. (Incidentally, the insurance company pick up all the costs of all these medical reports.) In our experience, the insurance companies ask for additional medical information for about 1 in 10 of applicants so don’t be alarmed it’s fairly common.
However, medical reports do slow down the application procedure. Doctors are particularly busy people and are not renowned for their speedy response to insurance company’s requests for information! Further delays of 6 to 8 weeks for medical reports are not unheard of.
The following Frequently Asked Questions are related to the above topic. Click here if
you wish to read them: -
What happens if I urgently need Life Insurance in order to complete
my house purchase?
Is the price I’m quoted, the price
I pay?
What happens if I urgently need Mortgage Life Insurance in order to complete my house purchase?
In our experience, the mortgage insurance companies accept about 1 in 3 applications immediately and you can be placed “on risk” within minutes.
If you are not immediately accepted and you are in a hurry, the alternatives depend upon the reason you were not immediately accepted.
In the majority of cases, the delay will relate to some query relating to your health. In these circumstances, the available options will depend on the nature of your problem. How the insurer proceeds will then depend upon your personal circumstances.
In the worst-case scenario, the broker can place your business with one of the few insurance
companies who will put you “on risk” whilst your case is being considered.
This may mean that they cannot place your business with the cheapest insurance provider
but you will get cover quickly. { mortgage trail }
The following Frequently Asked Question is related to the above topic. Click here if
you wish to read it: -
What causes delay and can delays be reduced?
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