Welcome back to the final part of ‘what does it mean if your life insurance is referred’. In today’s blog the Cheapest Life Insurance will take a look at some of the decisions that life insurance companies could come back with, once they have received all of the information that they require in order to make a decision for your life insurance.
Below is a list of the different outcomes that can come from a referred policy.
- Standard Terms:
When a policy comes back with a standard terms decision, this means that no changes need to be made to the original policy that you applied for and everything that you originally requested that your policy has is included.
- Non-Standard Terms:
If your policy comes back with non-standard terms this normally means that because of the medical details the insurance company received and the medical underwriters have decided to either add exclusion on to your policy, or have raised the premium due to the policy being a higher risk for them. Often your premium may only go up a small amount which may still be within your budget, but if the new terms offered are not realistic for you, you could request over quotes to suit your budget or look for more affordable insurers.
Your life insurance could be postponed if you are still waiting for investigations or tests, which will not be back for a certain amount of time, or if the medical underwriters feel that they could not currently accept your policy, but potentially could in the future. Once the postponement period has ended, some insurers will offer you then review your policy again to see if they could now cover you, but others will require you to reapply.
If your life insurance policy has been declined this means that the insurer will not cover you. If you have been declined you can request a reasons why letter from them, which will explain the reasons for the decline. Being declined by a life insurance provider however is not the be all and all, as other insurers may still accept you, or if you realise there is a mistake on the medical details the insurer has you can then get this reviewed again.