What is the possible outcome of an application for insurance?
What’s the possible outcome of an application for insurance?
There are usually 3 outcomes that an application for insurance can have.
Accepted– this is where an insurance policy is offered on standard terms for you to review and accept. (This is the best-case scenario).
Loadedor Excluded– where an insurance policy is offered on non-standard terms eg: premiums are increased due to risk or specified conditions are excluded eg: covering all issues except a re-occurrence of a pre-existing back I injury etc. (This is still a good case scenario as it means you can still get cover).
Declined- a decline decision can also mean that the life company doesn't have enough information at this stage to reach a decision. This might happen if your GP has recommended you see a Specialist about an issue, and you haven’t yet seen the Specialist ( so the usual information is not yet available). In this situation, your medical information is considered 'not yet complete' so a final underwriting decision cannot be made until the information is complete So the application is declined.
Insiders tip: Be aware all Insurance policies that are offered with non-standard or amended terms of cover or conditions usually have to be accepted within 21 days. (This is because a person's health can change over time).
What is the chance of needing to claim on a life insurance policy?
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The advisor to Unusual Risks Insured: Drew Browne is an Authorised Representative and Sapience Corporation Pty Ltd. ABN 29 086 679 718 is a Corporate Authorised Representative of an Australian Financial Services Licensee AFSL Shartru Wealth Management Pty Ltd #422409 ABN 46 158 536 871. Any information provided is General Advice Only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance. Unusual Risks is a Trauma Informed Organisation (TIO) and affirms the Darlington Statement on Intersex Human Rights Australia.
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