How long are new (life) policies taking to set up now?

izoomzoom

Everything is slow because of covid-19, but has anyone taken on new life insurance in recent months?
How long did it take to set up? I'm talking about getting medicals etc.
(Back story, existing provider says we need new quotes. Had I known, I would have started process a few weeks back).

dunstonh

Clean applications within minutes.   Health issues can be anything from days to weeks depending on the issues.
New quotes being required suggests that cover was not in force within the required timescale.   Are they also requesting a declaration confirming no change in health?

izoomzoom

dunstonh said:

Clean applications within minutes.   Health issues can be anything from days to weeks depending on the issues.
New quotes being required suggests that cover was not in force within the required timescale.   Are they also requesting a declaration confirming no change in health?

Haven't got that far yet. Someone is going to call me within 48 hours. No extra health issues, although we are 14 years older now!

Weighty1

Is there a reason why you're talking to your existing provider?  It's rare that they'd be the most cost-effective option.  Also, the main issues surrounding Covid are over now.  Clean applications will be accepted immediately, those requiring nurse screening can be arranged in a few days and those requiring GP reports, well, it's entirely dependent on how long the GP takes to complete it but in reality it's no worse than when Covid had never been heard of.

dunstonh

I actually misread the post.   I thought you meant you had applied with a provider and the application had expired and wanted new quotes.    However, weighty is spot on.

izoomzoom

@Weighty1 - policy notes state that you can make changes to policy, so I was hoping to do a quick change and be done with it, but in hindsight, new quotes needed all round. Just got panicky, because I want to do exchange ASAP.
@dunstonh - explains why I didn't quite understand your reply, but thanks all the same.

Weighty1

It would probably be quicker with a different company.  If you are taking out more cover then the existing insurer will add the new amount to any currently held cover and it could trigger their underwriting limits, meaning things like the nurse screening or a GP report are needed.  If you applied to a different insurer then the existing cover is £0 meaning you would be able to have more insurance before triggering these requirements.