When is medical evidence automatically requested – Everything you need to know
For most clients, submitting an application without any health or lifestyle disclosures typically results in terms being offered immediately at the decision point of the application, or within 48 hours of the application being completed. These clients are generally considered low risk, so medical evidence is not required. However, for older clients or those seeking a particularly high sum assured, the risk for the insurer increases, and medical evidence may be requested. In such cases, it is important to set the clients’ expectations regarding the requirements to ensure they are aware and not caught off guard. This article explores when medical evidence might be requested for different benefit types.
Life Cover
Whilst this insight isn’t specifically focused on business protection only, the life insurance underwriting limits highlighted are applicable to business, as well as individual life applications. We compare the requirements across each insurer for overall limits, GP report requirements, nurse screenings and medical examinations.
Critical Illness Cover
Like the previous life automatic medical underwriting limits insight, this article isn’t specific to business protection, but the thresholds apply to both business and individual critical illness applications. Once again, the limits for critical illness are slightly lower than life only, as we’ve examined in detail, focusing on all the various requirements that could be triggered from each insurer.
Income Protection
The Income Protection market has more insurers in the intermediated space than life or CI with the addition of the friendly societies that specialise in this area. Many of the friendly societies approach automatic medical evidence slightly differently to the traditional insurers with some not automatically requiring medical evidence at younger ages if at all. In this article we look at some of the nuances that advisers might want to understand in order to be able to avoid automatic medical evidence.
Family Income Benefit
Finally, we take a look at the automatic medical evidence requirements for Family Income Benefit. Although based on the same limits as life and critical illness, advisers need to run a calculation over their clients benefit which is based on the monthly benefit and term of the plan. As always there are insurers that apply different forumla’s when calculating the automatic medical evidence requirement and in this article we explain each approach.
yes you just about sum it up networks are only interested in getting their top line out . People at the top driving critical mass further their own ends, impossible targets being set and shortfalls have to be met for one man outfits
training what training seminars yours included, although to be fair you are dammed good at what you do
forgot the word KISS and the FCA what do they do absolutely nothing all clients are thick as far has they are are concerned brief suitability letters read the key facts
I speak with 42 years experience and do not care who reads this the fact is no training on open question why what who ?
you Income is everything without this go up and curl in a corner Mr client because no one is going to help you unless you help yourself
Consumer Duty do me a favour this lot not even touching the side