Life insurance with no medical?
Discussion
!?Fidgits said:
Have you recently paid £20k on a BMW 3 series that met with an unfortunate end?
Ha ha. No, I'm not that entertaining!! 
I did look at Cavendish but couldn't find an upper limit on cover. The insurance is not for me (I'm just doing the initial research) and so I can't be ar5ed to do a quotation.
Shellz, your friend needs to be careful of the non-disclosure of material facts; i.e. she must tell the insurer of any known facts that might affect their decision to underwrite or insure. In other words there must be a reason why he/she does not want to attend a medical; summat's wrong with them!
The onus is very much on her, and non-disclosure is far and away the biggest reason that life/disability claims are declined or rejected. It's the same principle as our BMW-owning fronter last week!
The onus is very much on her, and non-disclosure is far and away the biggest reason that life/disability claims are declined or rejected. It's the same principle as our BMW-owning fronter last week!
Before you even get to a medical they'll be requesting a report from your doctor (or whoever's) so the medical really confirms your present state of health, and might include a cardio check.
I would expect they'll also send a financial questionnaire to find out if you are really worth £1m cover. They would expect a substantial income and lifestyle with confirmation from your accountant.
I would expect they'll also send a financial questionnaire to find out if you are really worth £1m cover. They would expect a substantial income and lifestyle with confirmation from your accountant.
V8S said:
How does this work?
You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
Having started to train an an actuary (before I saw sense) I think you`ll find they`re a little bit more clever than that. General rule of thumb is that most people who pay £20 a month don`t keel over from a heart attack.You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
HTH.
ettore said:
V8S said:
How does this work?
You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
Having started to train an an actuary (before I saw sense) I think you`ll find they`re a little bit more clever than that. General rule of thumb is that most people who pay £20 a month don`t keel over from a heart attack.You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
HTH.
V8S said:
ettore said:
V8S said:
How does this work?
You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
Having started to train an an actuary (before I saw sense) I think you`ll find they`re a little bit more clever than that. General rule of thumb is that most people who pay £20 a month don`t keel over from a heart attack.You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
HTH.
Not sure why you wouldnt want a medical to be carried out.
The only ones that I have seen that dont want any medica information is the guaranteed cover ones for older people, and these tend to be for small amounts.
When you apply for cover, you fill a medical questionaire in, and you will have to do that for the type of cover that you are applying for. As has been mentioned, tell them everything, and I mean everything that they ask for. Something like a third of claims are not paid out due to non disclosure, and when, for example your husband dies and leaves you with the mortgage, you dont want to be told that everything is not going to be fine with your family, as you didnt tell them about seeing the Doctor for blood pressure a year before you applied for the policy.
If you generally have answered no to the questions, and are not overweight, you shouldnt tend to need a medical. If you have answered yes to some questions, then they may write to your Doctor for info about the type of issues you had, but this does not neccesarily mean a medical will be carried out.
Not sure what you are worried about, but unless you have had something major, you should be able to get cover. It may mean an increase in premium due to a higher risk you may have, but at least you are covered.
The only ones that I have seen that dont want any medica information is the guaranteed cover ones for older people, and these tend to be for small amounts.
When you apply for cover, you fill a medical questionaire in, and you will have to do that for the type of cover that you are applying for. As has been mentioned, tell them everything, and I mean everything that they ask for. Something like a third of claims are not paid out due to non disclosure, and when, for example your husband dies and leaves you with the mortgage, you dont want to be told that everything is not going to be fine with your family, as you didnt tell them about seeing the Doctor for blood pressure a year before you applied for the policy.
If you generally have answered no to the questions, and are not overweight, you shouldnt tend to need a medical. If you have answered yes to some questions, then they may write to your Doctor for info about the type of issues you had, but this does not neccesarily mean a medical will be carried out.
Not sure what you are worried about, but unless you have had something major, you should be able to get cover. It may mean an increase in premium due to a higher risk you may have, but at least you are covered.
V8S said:
How does this work?
You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
Because You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
1. Many people lie when taking out a policy so they don't pay
2. There are many nits of small print to help them not pay out
3. Even when it's clear cut they may not pay out.
So they take money in, don't pay as much out, hey presto TVRs for the underwriters
Jasandjules said:
V8S said:
How does this work?
You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
Because You pay, what £20 a month for 20 years = £4,800. You then snuff it from a heart attack. Your family are then paid half a million.
How do life insurance companies stay in business?
1. Many people lie when taking out a policy so they don't pay
2. There are many nits of small print to help them not pay out
3. Even when it's clear cut they may not pay out.
So they take money in, don't pay as much out, hey presto TVRs for the underwriters
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