life insurance application

head_in_a_spin

Hi all,

I would appreciate some advice regarding life insurance application.
Basically i went ahead and applied for a policy.
I filled in the and the response has been that they wish to get my permission for a doctors report.
Fair enough, i have no problem with this as i have nothing to hide.
However, i have since read that it can be a real problem if you get rejected for life insurance as it acts as a black mark against you.
I also read that one way to avoid a rejection is to actually call a few underwriters first to discuss your situation and find one that
will probably insure you (perhaps because they specialise in certain things).
I would really like to do this so my questions are:

1. Can i respond to the insurer that i no longer wish to pursue their application.I cant see how this would be a problem as i wouldnt be refusing a doctors report, especially if i was able to respond saying thanks but i have been offered insurance already from another insurer.

2. Out of interest, if I ever landed myself with a rejection, i understand i have to declare this on subsequent applications when asked if you have ever been refused insurance.
However, you also get asked this question when you even apply for Car insurance, would you have to declare your life insurance rejection in this case as well?

Thanks in advance for all responses!

ACG

1. Can i respond to the insurer that i no longer wish to pursue their application.I cant see how this would be a problem as i wouldnt be refusing a doctors report, especially if i was able to respond saying thanks but i have been offered insurance already from another insurer.

Yes you can. Brokers will usually call round the underwriters and find out who will offer the most favourable terms.

2. Out of interest, if I ever landed myself with a rejection, i understand i have to declare this on subsequent applications when asked if you have ever been refused insurance.
However, you also get asked this question when you even apply for Car insurance, would you have to declare your life insurance rejection in this case as well?

You do that is correct but i dont think it relates to car insurance - however someone may be able to clarify that point.

I wouldnt worry, it takes a lot to be declined for life insurance. Even with a rating it is not that expensive.
It only pays out if you were to die within the term - (Sorry to be so blunt here) are you that ill that your not expecting to last the term of the policy? (Dont feel like you have to answer that, its more a point to make you think about)

If thats the case then they will obviously declined. If however youve had Cancer 3 years ago or high blood pressure then this is normal and they will just check to make sure everything is ok, if its not but you are still expected to live for the foreseable future then they may apply some sort of rating.

head_in_a_spin

Thanks for your reply!

No, thankfully i have no serious medical issues.
I guess though what i was really asking was that now that i have already applied to one insurer and they are now requesting a report can i now just tell them i want to withdraw my application without risking a rejection so i can then start ringing round underwriters to find one that will be most likely to insure me?

thanks again.

ACG

Yes.

But why not call their underwriters first, speak to them about what they want and why. Answer their questions theoretically with the correct answers to see what they would rate it at.

To be honest, it doesnt make the slightest difference, they only ask incase they have missed something. I have had to make ammendments to applications where the advisor said no previous apps but their had been on either rated terms or been declined. The advisor just presumed the answer was no.

Once the changes had been made, the same terms were offered.

They cant alter the way they underwrite a case based on how another company views your information.