Is a life insurance application assessed each year like car insurance?
No. An application for personal insurance is assessed once and then the policy is issued. It's yours for the life of the product. Because it is assessed only once, it can’t be forcibly changed on you.
- Personal Insurance policies are guaranteed renewable. (As long as you pay the premiums, the policy is yours to keep regardless of any change in your health, your occupation or health status). That's complete peace of mind.
- General Insurance policies usually have to be re-issued every year. Because they usually only last a year, they have to be re-applied and re-assessed annually too. This means that as your situation changes, you may no longer qualify to be insured with one of these general insurance products.
The sooner you get your personal insurance in place, we believe the better off you'll be.