Life assurance + home based medical?

Noiz

Hi all.

I'm 25 and currently looking into buying a house with a friend to get away from renting. We've had an offer accepted and right now all the wheels are turning to get this place bought, with the mortgage going through HSBC... However, when we had our mortgage consultation we were advised to take out life assurance (or insurance, is there a difference?) so we filled out all the gubbins and forgot about it.

Today though I get a call from this woman (cant remember her position) from the bank asking when she can come round and give me a medical at home, including an HIV test. Now a few things have got me wondering what this is all about... First off we had a mortgage and life insurance arranged a few months ago when there were 3 of us buying a house (one pulled out in the end) and I had the final confirmation papers for the insurance here ready to sign and send back. They since expired but I didn't need a medical to get those.. Also my friend hasn't had a similar phone call at all.. And finally my neither of my parents have needed medicals for their life insurance at all.

So what gives? None of my questionairre answers were out of the ordinary. Do they just give medicals to random people or is this quite strange? It also confuses me why she wants to do it in my home rather than at a clinic or something.

And in case you're wondering, the questions stem purely from my fear of needles, being as the HIV test requires a blood sample.

Any info you can give on this will be much appreciated!

dunstonh

So what gives? None of my questionairre answers were out of the ordinary. Do they just give medicals to random people or is this quite strange?

Different insurers have different views on risk. They review the risk based on how you answer the questions. This insurer considers you to be in a higher risk group. Single men wanting a larger sum assured are often treated as higher risk. Men living together are also likely to get this sort of outcome from an insurer, although normally the insurer would only be aware of that on joint applications. If you are in either of those catagories, then you have your answer.

It also confuses me why she wants to do it in my home rather than at a clinic or something.

Rarely done in clinics. The companies that are employed to do these tests have to travel all round the country and its cheaper to come to you then it is to set up a clinic in every town. They cant just waltz into your local surgery and say they want to use the facilities.

Getting your life assurance with a bank is the most expensive method. Their premiums can often be as much as double what is available through independents. Their processing and underwriting methods are often out of date and slow as well.

You now have a slight problem. If you change the life assurance provider at this stage, you have to declare that this insurer wanted these things and that you chose not to give them. If you wait until its completed, meaning you do the tests, then you can always change then without the need to let the new insurer know, providing of course, they do not alter the premium/terms in any way.

Noiz

Thanks for that. Very informative.

stanmoresaver

If you explain your fear of needles- depending on the provider- they may do a saliva swab test instead.