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When setting up a life insurance plan, part of the process is to complete a life insurance application form. This will ask for a range of personal details, part of which will be about your health – both current and past. The Underwriter (who is the person that assesses the life insurance application) will use this information to determine the final cost of your life insurance.

Often the Underwriter will review the initial information provided and require further details to complete their assessment. In this case, they might contact you for more detail or write to your Doctor. This could be for your full medical notes, or just to get some specific information about a particular issue.

This can take significant time, particularly if the Underwriter needs to write to your Doctor (as Doctors can take time to respond). This will delay your life insurance application, meaning that it takes longer for you to be fully protected by your life insurance plan.

For this reason, giving full information on the application form is important. We will look briefly at the type of information the Underwriter usually needs to complete their assessment. First, the life insurance Underwriter will be interested in the type of health issue that you have had and the location. For example if you have had a back problem specifying the part of the back that was affected (upper, middle, lower) is helpful. They will also be interested in when the issue occurred and whether it is ongoing, as this can impact on your life insurance. So clearly specifying dates and making it clear that resolved issues are no longer a problem is important. The life insurance underwriter will also be interested in any medications that were needed to treat the issue. Including details of these will help to create a clearer picture, which enables the Underwriter to complete their assessment of your life insurance application as quickly as possible.
Once the Health Insurance nz cover has been set up, it’s important to have the premium reviewed if you have an improvement in your situation. For example if, at the time you set up your life insurance, your cholesterol control is poor but this improves over time, make sure you tell the insurer. This kind of development can lead to a reduced cost. In the same way, if you had another issue (for example high blood pressure or were overweight) and there are improvements in these, tell the insurer too. Improvements in factors like this can result in a real reduction in the cost of your life insurance.

About the Author

Get insured to overcome the unexpected twists and turns of life by having life insurance by LifeDirect. You can have better way of living where you yourself can quote , compare and apply online life insurance nz and get the best company by your own.

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Written by Individual Health Insurance

August 23rd, 2011 at 6:34 pm

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