We get many customers come to us after they have had an application via MoneySuperMarket or another price comparison website declined.
Please let us make it clear from outset that we have no problems with such price comparison websites, it’s just that if you have an existing medical condition and want life insurance these sites are unlikely to be much use to you and could delay you getting insured at best, or perhaps cause further declines at worse. This is because they deal with standard cover (with no medical issues) and do not specialise in more difficult cases.
What are standard rates
All insurers initially quote on standard rates – a rate that assumes you are in fine health with no problems or lifestyle issues. All customers will initially be quoted the standard rate irrespective of the customer’s medical situation. Price comparison websites are excellent at standard business. They capture simple information, the customers answers indicate they are eligible for cover and they can apply on line and have their policy issue almost immediately.
However if you have a medical or lifestyle issue, then your application will be referred or even declined. This is when your problems can start.
By their very nature ‘price comparison website’ compete on price – we do to, but it is not a useful starting point if the customer is not going to qualify for standard rates. If the cheapest quoting standard rate insurer is never going to offer you cover, applying to them because they offered the cheapest standard premium is not going to help you.
Remember standard rates apply to people with no medical or lifestyle issues, other customers are likely to be asked to pay more than the standard rate - a process known as loading. Anybody looking for life insurance for someone with epileptic attacks on a regular basis is highly unlikely to pay the price initially quoted on a price comparison website.
This is where a company like ours comes in
Getting the cheapest cover for people who do not qualify for standard rates
As Life Insurance Help’s founder Bob Cook explained “With our customers our starting point has to be the customers medical or lifestyle circumstances, we then work closely with the underwriters to see which insurers are likely to offer the customer cover and at an indicative premium. In other words the real premium the customer is likely to pay. Only then can we use price as a preference criteria.
“We never apply for life insurance on behalf of a customer until we are 95% certain they will be offered the cover. Many customers, especially those with existing medical issues, realise that having cover in place can be of significantly more importance. On more than one occasion we have used a provider to get the customer covered as quickly as possible and then use our expertise to get them the cheapest premium possible.
“While price comparison websites are fine they are not aimed at, or geared up to help customers who do not qualify for standard rates. In such a circumstance we are likely to get the customer covered far quicker and at the premium the insurer wants for the business than any price comparison website.
If you have an existing medical condition and want to maximise your chances of getting life insurance at a competitive price with a friendly company who will do all of the work for you call life insurance help on 020 33 55 4831 now