Is the price you’re quoted, the price you pay?

Not always. It depends upon the details you disclose in your full Application form.

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

If you’re asked to supply more information or go for a medical, will the premium increase?
No, not necessarily. If you’re asked for more information or to have a medical it does not automatically follow that your premium will increase. To put this in context, in our experience 88% of people who apply for life insurance qualify for the price first quoted.
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.)
Will your Mortgage Lender charge a fee if you buy your Life Insurance from someone else?
No! By law mortgage lenders are not allowed to charge a fee if you buy elsewhere.
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.)
What causes delays and can delays be reduced?
The most common cause of delay is enquiries about your health.
However, to put this in context, in our experience 88% of people who apply for life insurance qualify for the initial price quoted.

The quotation provided assumes that you are generally in good health for your age, you do not have a job that represents a risk to your health, your blood-line family does not have a history of hereditary ill-health, you do not follow dangerous pursuits or regularly visit countries with known health problems and you have a generally healthy lifestyle.

If any of these assumptions do not apply, then the insurance company will want more information. They may also ask for more information if you are asking for a large sum to be insured. We think that this is all fair enough as your insurer needs to know what level of risk they are taking on in order to decide whether their original quote can stand.

If the insurance company does ask you for more details, or even to have a medical, it doesn’t necessarily mean that they will want to charge you more.

To put things in context, in our experience 88% of people who apply for life insurance qualify for the initial quoted price.

Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -