Life insurance price increase for females? when?

evosy1978

Hello,

My partner applied for life insurance. We had the quote through Cavendish. We were directed straight through to the insurer that we choose (bright grey) and then filled in a more detailed application form on their website. We got the quote through the post within a FEW days and it had been verified and the price increased due to some of the medical details we had added when we filled in the more detailed application form.

But we needed to ammend it further and add something else. We then sent off the form which they have recieved already,. She phoned them yesterday and they said they would have it verified again and a new price on thursday but they quickly phoned back and said no sorry it would be NEXT mondaY. 7 days...

Im thinking why so long with this verification?? Are they hoping the prices will be going up for females at the weekend and so hoping to increase the quote further by delaying untill next monday.

So when do the prices go up and if they went up at the weekend and then they phoned us on monday with a new quote, would they have to tell us if it had increased becaused the extra medical details AND/OR because of the new EU equal pricing law...?

Thanks

ACG

No, your quote is valid for 30 days usually therefore any ratings that get applied will be based on the rates you were given on the original quote.

ie £10 quote today and a 50% rating makes it £15. If you quoted today (£10) and then on Tuesday it increases to £10.50, you wont get charged £15.75 (or whatever it would be).

I hope that makes sense.

dunstonh

Im thinking why so long with this verification??

May not be something that the automated underwriting can issue a quick price on but requires an underwriter needs to look at.

Are they hoping the prices will be going up for females at the weekend and so hoping to increase the quote further by delaying untill next monday.

Whilst the mechanisms exist for changes that quick, the actual pricing of life assurance moves much slower and the odds are unlikely.

because of the new EU equal pricing law...?

That is next year.