What type of life insurance policies don’t complete underwriting upfront?
So what type of life insurance policies don’t do underwriting upfront?
Usually, those sold by telemarketers and other low grade insurance resellers. Some of the more common life insurance policies sold through telemarketers have the bulk of their underwriting assessment done at claim time. For the uninformed consumer, we say this is dangerous (probably bordering on crazy) because you never really know if you are insured until you have to claim.
This means that for the first 5 years you may not be covered for what you expect. (Have a look at the fine print of these policies and see for yourself)
It also means that at claim time, if an insurance company were to decide that you were never really eligible for the policy in the first place, they simply won’t pay out the claim and might simply refund the premiums paid to that date.
The risk to you of not understanding the fine print is particularly significant.
Where is the peace of mind with this type of policy you ask? Yep, we’re still looking for that ourselves. Without the assistance of a speciality risk adviser from unusualrisks.com.au you’re totally on your own. And who will be there for you and your loved ones at claim time? A
Unusualrisks.com.au provides support to those people who insurance companies leave behind. We believe in giving every person the power to use life insurance products to protect & provide for their loved ones, their businesses and their legacy — free from barriers of stigma and discrimination.
We know that, as an LGBTQIA+ person (or someone who goes without labels entirely), you have specific financial advice, life insurance and privacy needs.
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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.
Unusual Risks Insured acknowledges the Traditional Custodians of Country throughout Australia and their continuing connection to land, waters and community. We pay our respect to them and their cultures, and Elders, past, present and future.
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