Most Common FAQ faq about hiv faq about PrEP faq about diabetes pride

Diabetes is much more commonly diagnosed now than ever before.

• We have a separate pre-assessment survey for people who have been diagnosed with diabetes and we will need to know your recent HbA1c result.

The application and underwriting process is the same.

Telephone Underwriting is a confidential and efficient service where some life insurance companies allow the personal health questions in an application, to be answered by you over the phone with a trained medical underwriter, rather than face to face with your adviser if you wish. Tele Underwriters also work after hours so you can choose a time convenient for you.

There are usually 3 outcomes that an application for insurance can have.

1. Accepted – this is where an insurance policy is offered on standard terms for you to review and accept. (This is the best-case scenario).
2. Loaded or 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).
3. 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).

The cautionary phrase, 'Let the buyer beware,' perhaps applies more than ever in this space.

• Directly sold life insurance is often explained as a 'watered-down life insurance product' usually sold through telemarketers direct to a consumer, without the assistance or advice of a Financial Adviser, Risk Insurance Adviser or Financial Planner.

Telemarketer directly sold insurance products are typically more expensive when compared to fully underwritten high-quality life insurance products. This is because direct products are designed with limited or no underwriting assessments so the insurance company is taking a greater risk, and charge you to cover it.

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

As part of the typical underwriting process, a life insurance company will usually request a medical history report from a person's nominated GP or Medical Specialist when they are applying for life insurance above $1,500,000 or have a current health issue.

• A formal written request for a medical report is made (and paid for) by the assessing life company along with an explanatory letter and a copy of the applicant's signed authority agreeing to exchange information.
• The request is usually in a question and answer form that asks about specific outcomes.

If you would like an editable PDF version of such a form you can ask us for one and take that direct to your GP or clinic too.

Life insurance is part of the personal insurance industry and life insurance products are similar products like Income Protection insurance, Crisis or Trauma Recovery insurance, Total and Permanent Disability (TPD) Insurance, Children Crisis insurance and alike.

They are all concerned about protecting people; not things.

Massive - understanding this difference gives you a significant advantage!

Because there isn't a universally recognised name for personal insurance products as a group, many people make the mistake of thinking that its the same as general insurance. It’s not. (The only real similarity we would suggest is the word ‘insurance’).

We like to explain it this way:

• Personal insurance products: usually protects people
• General insurance products: usually protects things

All personal insurance products are usually related to ‘an individual's personal needs’ and the policies are designed to protect ‘people’.

General insurance is usually related to ‘things’ like cars, houses and (gasp) pets.

The main difference between crisis/trauma insurance and total and permanent disability insurance (called TPD)  is crisis/trauma insurance will pay you for the specified illnesses listed in the policy, while you are trying to get back to work, while TPD insurance doesn't pay you unless you are disabled and more likely than not may never go back to work.

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.

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.

Sapience Financial and Investment Services.  You can find their website here and you can learn about what they became a Trauma-Informed Organisation specialising in Financial Advice here.

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.

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.

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 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.

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.

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