Most Common FAQ
What's the problem with a 'formal decline' on an application?
Your privacy is extremely important.
Having a formal decline on an application for Life insurance (or a life insurance product) is an important thing to avoid where possible.
- This is because, for any future insurance application, you would be legally bound to disclose the initial refusal.
- This is covered in the question that's similar to, 'Have you ever been refused insurance for any reason?'. Failing to declare this formal decline would give every insurance company grounds to attempt to void any future claims.
So how does this happen?
We see time and time again how people have made an application for life insurance either through a Superannuation fund or some form of questionable online comparison service promising the world. After providing all their personal information to a telemarketer or bank clerk and having to deal with all the disclosure issues that for many people with chronic health conditions is difficult, deeply sensitive and personal, they then are told, they are 'formally declined' and a formal decline record is applied to their insurance history.
They are left believing that 'the decline' was solely due to their health and they are left to deal with the uncertainty and associated feelings that come with being told you're not acceptable.
What they were not originally told, but should have been
What they were not told is that particular brand of insurance provider, bank or comparison websites was probably never able to cater to their particular situation in the first place.
- It’s like going to a fast-food shop and trying to buy a box of healthy fresh fruit – it’s the wrong shop to go to.
- They just don’t sell that solution, but they also didn't tell you that ahead of time.
The problem is not you, the shop never had the ability to ever provide what you wanted anyway. And they failed to tell you that ahead of time.
The bigger problem then is, how do you deal with a formal decline in your insurance, and what does that mean?
This is why people with chronic health issues need the service of a specialist like unusualrisks.com.au who know where to shop for their clients with unusual risks.
You can choose how you want us to work with you.
- Either way, we usually like to spend some time getting to understand your needs in detail and discuss the options available with you.
- We also appreciate many people have already carefully considered their situation and made up their mind on how much cover they want. These clients usually just want our help in putting a policy in place too.
Regardless of where you are in your decision-making process, we can walk with you through the process and help you get the result you want.
When do I need personal insurance cover?
It's all about feeling in control of your future, knowing your options and taking responsibility for how you want to live your life.
Most people particularly need life insurance when:
- they are in a long term relationship,
- have joint responsibilities such as a mortgage/rent with someone else,
- have children, (or nephews and nieces),
- have family,
- who are in business with others,
- who have frail aged or elderly parents,
- good friends
- or even charities that they wish to provide a legacy for.
The idea is a life insurance benefit payout will support a partner or family financially if the policyholder dies at a time when they are relying on their income. It could be used to cover things such as mortgage repayments, replace the deceased person’s salary, or pay childcare or education expenses. The options are endless when you have resources to help.
Who is the company behind unusualrisks.com.au ?
Who will be my adviser if I choose to be with unusualrisks.com.au?
Our Director and Senior Adviser Drew Browne works personally with every one of our specialty risk clients.
Here's a link to his Public LinkedIn professional profile if you would like to know more about him. He's a good guy to know and have in your corner as your advocate.
So why do people buy telemarketed insurance policies?
Usually, because they don’t know what you now know or they're really time poor and happy to take the view, 'something is better than nothing'.
Having a speciality Risk Adviser like unusualrisks.com.au looking out for you and your loved one's interests means you would never be exposed to such a risk.
- At unUsual Risks Insured, we're on record as boldly stating to all insurance companies, “Stop selling rubbish to good people!"
Those companies that continue to do so, cite commercial decisions. We believe, they find an advantage in hoping people will not read the fine print or have not got a professional adviser looking out for them.
Why does unusualrisks.com.au use pre-assessments?
By informally pre-assessing your situation upfront, we can determine ahead of time the likelihood of whether if you would qualify for cover using the current underwriting requirements. This means we can position you so you have the best chance of being offered fair and reasonable policy terms, should you decide to make a formal application. It's all about having absolute certainty before you make an application without any hidden exclusions or uncertainties.
If you are unsuccessful in your pre-
Life Insurance 101- Why is Life Insurance so important?
Life insurance is all about giving the people you care about most, financial security if you’re no longer alive to support them.
- With life insurance, when you die, (or become terminally ill), your nominated loved one(s) can receive a lump sum payment.
- They can use this to continue living the life you want them to. Mortgages can be paid out, children’s private education fees paid, people aren't forced to leave the home or area where they have been used to living and frail aged or special needs people in your life can be cared for.
If you’re in business, it can mean that if you unexpectedly pass away, your business debts are paid out and that the business doesn't have to be wound up or forced into a sale.
- It can also mean that you (or your business partners) are not forced into continuing business with the remaining family of business partners. The possibilities are as individual as your needs.
Why should I care about the difference between general and personal insurance?
Understanding this difference can save you tens of thousands of dollars over the life of a policy. You can have peace of mind that should you need to claim on your policy, you don't need to expect a company to look for a way to void the policy as its first response.
Will I need a blood test as part of the insurance application process?
More than likely yes. The majority of clients require blood tests now.
- We use a mobile pathology service to meet you when convenient (even after hours if that helps) to take the standard blood test sample.
- Alternatively, we can send you a form to take to your treating GP and have that completed with them. (Our experience is that the mobile services is the fastest options and that's what most people seem to be comfortable with). When and how is always your choice
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