Life Insurance Underwriting ~ Health Problems
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Life Insurance Underwriting Problems re Medical History ~ Broker Help
People who have health pre existing medical conditions, health issues or personal or family medical history maybe considered a life insurance underwriting risk. As such they could be subject to either higher or "rated premiums" or exclusions. Also, the definitions can differ from one life insurance provider to another. The most common areas of concern for life insurance undewriting are usually:-
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What does a Life Insurance Company check for underwriting?
The Application form - is the starting point for any life insurance policy. Each Insurers application will ask you questions re your medical & personal history. The insurer will want to know your height/weight, what you do for a living & pastimes you may have. They will want to know how much existing protection cover you have & your income. Then, if you have "ever had" any major medical issues eg; cancer, heart attack or stroke. The next category of underwriting questions relates to "in the last 5 years" eg; asthma, back problems or current medication you may be on. The next section focuses on your health issues in the last year or two and whether that has had an impact on your wellbeing. Finally, the application form will concentrate on your immediate family health history only ie; Mother, Father, Brother or Sister re hereditary issues such as a family history of cancer or diabetes. The crucial factor in answering all these questions is the insurer is considering the risk, so it is important that your do not leave out any material facts, thus leading to possible non-disclosure. Once the application is submitted, you will receive a copy of the information so that you can carefully check what was disclosed & if relevant make any amendments. Many applications now are online, with automated life insurance underwriting decisions being made so that you can get on to risk immediately without a human being involved.
The Underwriter - their role is to assess the information on your application form & then decide if there is enough information to make a decision. Taking into account that many applications are now automated, the underwriter will usually only look an application if it does not meet the Insurance Companies usual criteria eg; Medical issues as disclosed, Level of cover being applied for, Ages of Applicants. The underwriter to approve the application may seek further information ie; to ask for a short or full GP report, a basic or full medical examination, a recorded tele-interview with a qualified professional or finally just to postpone or decline the application. If everything appears normal you will be accepted on standard terms. If there is information that doesn't meet standard requirements, there may well be a loading of the premium to reflect increased risk or exclusion to part of the cover.
Typical examples where our brokers have been able to obtain Underwriting Terms for Life Insurance cover
Where the customer was previously unable to get any cover, had postponed or was substantially rated include:
- A woman diagnosed with breast cancer 6 years previously requiring both chemotherapy & mastectomy
- A female age 35 with underactive thyroid controlled by thyroxine
- A 41 year old male overweight with type 2 diabetes, on medication
- A female in mid 30's with chrones & rated by previous insurers
- A obese male smoker with raised cholesterol, high blood pressure, and a family history of heart disease
- A 36 year old male with raised blood pressure & cholesterol levels controlled by medication
- A Male age 55 with a higher BMI, non-smoker gets standard terms offered where rated by previous insurer
- A 46 year old female type 1 diabetic controlled by medication
- A 49 year old male who had a heart attack now fully recovered over 15 years
- A 50 woman with mild depression, gets standard terms offered when rated terms with current insurer
- A man with mini stroke TIA & fully recovered over 10 years ago
- A 30 year old male who had attempted suicide over 5 years when declined by other insurers
NOTE: Please note that not all forms of Cancer, Heart Disease and Stroke maybe covered by a Critical Illness Policy
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