Applying for two IP (PHI) policies at once

borborygmous

I'm applying for Income Protection (IP) insurance and would like to see (for example) what exclusions I end up with from a couple of different providers. I don't want to wait too long to apply -- one reason is that I will soon be a year older. I won't see exclusions in detail until I've applied, so I would like to apply for several at once and see what offers I get.

Of course, I intend to only take out one policy in the end.

Is that a reasonable thing to do, or is it unwise for some reason? I'm thinking that things sometimes work against you if you apply for multiple similar financial products at the same time -- credit checks are one example. I don't specifically expect credit checks are a relevant problem in this case, but maybe there are similar issues here?

dunstonh

If you get any rating or endorsement from any of them then you will be required to tell the one you go that these occurred. Plus, any future health or life assurance applications would need to declare them for life.

Is that a reasonable thing to do, or is it unwise for some reason?

its a very unusual thing to do. Most PHI providers only retail via IFAs or whole of market brokers. The Direct to consumer market is small. If you are using an IFA, then they can contact the underwriters directly without the need to submit an application. One assumes there is some medical or lifestyle issue that you think is a problem. So, get them to ask for you.

ACG

You (or your advisor) could call them before applying and discuss your health issues with an underwriter, it would save a lot of time.