Advice on life insurance underwriting guidelines!
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Written on: 15.11.2009 [10:41]
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Elizabeth
Elizabeth
Topic creator
Posts: 2
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Hello there, can anyone offer me a little advice on life insurance underwriting guidelines? My insurer said that these would dictate the cost of my policy and I'm wondering what they're based on? |
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Written on: 21.11.2009 [12:17]
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fynn
Fynn
Posts: 1
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Hello, I think your insurer is referring to the set of guidelines which dictate the cost of underwriting someone for life insurance. These guidelines differ between companies which is why one company will offer you a lower quote than another. The guidelines tell them what risk is involved if they insure you: how likely is it that they will have to pay out a hefty sum, and when? Everyone dies at some point, but if their guidelines indicate that someone with your family health record / current personal health problems will die in just a few years, they won't insure you, or they'll charge you a lot for the cover! It's important for the insurer to know that you'll be paying your premiums for a long time before they have to make a payout: otherwise it's not worth their while! |
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