So you have gone through a life insurance policy to then be told that your life insurance has been referred. You will undoubtedly have initial questions that you will want to ask your consultant:
‘Does this mean that I am unhealthy or that I am going to be declined?’
‘Will the process be longwinded?’
‘What happens if something happens to me before I have any cover?’
‘Will I still need to pay premiums throughout the referral process?’
In this three part blog, the Cheapest Life Insurance aims to put your mind at ease when it comes to your life insurance policies being referred, as well as answer any questions that you may have, what requirements the insurer may need and what the outcome may be.
It is very common for life insurance to be referred and is nothing to worry about. There are many different reasons why your life insurance could refer:
- If you are waiting any upcoming investigations or results
- If you have lived or worked abroad in the past
- If you are unsure of some of your measurements and readings
- You could also be referred if you have requested a large amount of life insurance, as the insurer will need to assess whether or not you actually need the amount cover requested.
Although it may take a while to get a decision back for your life insurance policy, once you have been accepted you can be rest assured that your policy will include all of your medical details, so that if you need to make a claim in the future, you do not need to worry about your policy not paying out.
While your life insurance policy is referred most insurers will provide you with free accidental death benefit cover, which will be in place until you have a decision for your life insurance.
It is also common to not to pay for any reports or tests that you need. The referral process with most insurers is completely free and until you have a decision for your life insurance and have been accepted, you will not need to pay any premiums for your cover as it will not yet be in place.
Once your life insurance has been referred the insurer will then pass your policy details onto their underwriting team and who will decide what information they require from you/your doctor. Watch out for part two of this blog coming soon to find out the different information that the insurer could ask for before they will provide you with a decision for your policy.