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
 

Hot Topics

Why are the insurance prices on the Internet so low?
The Internet is undoubtedly the cheapest marketplace to buy insurance. There are two main reasons: -
Is the price you’re quoted, the price you pay?
Not always. It depends upon the details you disclose in your full Application form.
Is a medical absolutely necessary?
No. Most people do not require a medical. Normally an insurer will only ask for a medical if you have existing health issues that cannot be resolved by a report from your GP or if you have applied for an especially high sum of insurance.
Can life insurance be arranged quickly?
The short answer is that the speed depends upon your personal details.
When Does My Cover Start?
Once your insurer has accepted your Application, your insurance cover can start straight away.
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.
Click below if you wish to read them: -