If my premium is “Rated”, what does that mean?

If your premium is “Rated” it means that the insurance company will only agree to insure you if you pay a higher premium than the one they originally quoted. This happens because, following receipt of your Application and any follow-up information they required, the insurance company believes you to represent an above average risk. (In extreme situations they will simply decline to insure you.)

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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Do I have to pay the Life Insurance Broker a fee?
Absolutely not! ClickLife, our Partners for Life Insurance, purely work on commission.
Does your age affect your premium?
Yes, your age is one of the most important aspects that determines your premium. (Other important aspects include the level of cover you want, whether you are male or female, whether you are a smoker, your occupation and health record.)
Will you need a medical?
The answer really depends upon your medical history.
What correspondence can you expect to receive after your Application has been submitted?
It all depends upon what complications arise from the details on your Application.
How do you go about making a claim under your policy?
Claims are made directly to the Insurance Company who issued your policy. Details of how to claim will be found within the booklet they provide with your Application form and policy.
To put this in context, only around 12% of cases insured are “Rated”. The remaining 88% of customers pay exactly the same as they were first quoted.

The quotation provided for you by LifeSearch, our Product Partner for Life Insurance, assumes that you are in good health for your age, you do not have an occupation that can represent a risk to your health, your family does not have a history of ill-health that could be inherited, you do not follow dangerous pursuits and you don’t regularly visit countries with known health problems. The insurance company includes questions about all these aspects on their Application form which you will receive from us if you decide to go ahead having received your online quotation.

If you do not have any of the above additional risks then your online quotation will almost certainly stand.

However, if you do have any of the above additional risks, the insurance company will start off by asking for more information. They may also ask for additional information if you want insurance for a large sum. We think that this is fair enough as the insurers need to be sure the level of risk they are potentially accepting.

If the life insurance company does ask for more information, then this information is passed to one of their Underwriters. It is their job it is to assess the level of risk they think you represent and calculate an appropriate premium.

But don’t worry too much if the insurance company asks for further information, or even a medical - it is not necessarily as bad as it may sound. Many people who are asked for additional information or who have a medical (which by the way, the insurance company pays for) still qualify for the price quoted online.

Frequently Asked Questions related to the above topic.
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