The internet has made the purchase of all manner of goods and services considerably easier. This is also true of online life insurance cover – at least for the initial few steps. But given the nature of the insurance being offered, some people will find that it is necessary to do somewhat more form filling in order to secure acceptance from the life insurance company.
Life insurance depends on the insurer’s need to assess the risk of any of its policy holder’s dying during the period of their respective terms of insurance. That is what life insurance is all about after all.
Naturally, the insurer will have done his homework and will have recourse to statistical probability tables on average mortality rates. Reference to these tables will tell the insurer the statistical probability of someone dying within any particular term, according to such factors as their sex, age, job, and whether they they smoke or not. Use of such tables will then tell the insurer the appropriate rate of premium for someone of average health.
Depending on the information disclosed in the proposal, however, the insurer may take the decision to load the premiums required. This will take a closer look at the applicant’s general state of health and medical history, together with lifestyle factors such as their smoking habits and possible obesity. Although it is by no means a matter of course, insurers will also sometimes ask for a report from the applicant’s doctor or possibly request a medical examination. All of this information will be viewed in the light of the amount of cover being sought by the applicant, before the insurer decides whether or not to offer the policy and, if it does, the premiums that will be required.
As can be seen, therefore, the process of choosing and applying for life insurance can be easily started by completion of an online life insurance proposal form. Nevertheless, in certain cases there can also be a number of additional stages requiring the applicant’s input before the proposal is considered by the insurance underwriters and the policy issued. This is one of the reasons, therefore, why many people engage the services of an experienced insurance broker to help guide them through the application process to ensure that the life cover they want is secured as smoothly and as painlessly as possible.
It is perhaps worth stressing at this stage the importance of honesty on the part of the applicant through every stage of the application process. However tempting it might be to shave a few pounds off your declared weight, conveniently forget past medical problems, or even to be a non smoker when you are still a prisoner of the habit, such dishonesty is an especially dangerous game to play. Every contract of insurance is subject to a principle known as utmost good faith (total honesty – or uberrimae fidei, to give it its formal legal term in Latin). If the contract has been completed with any breach on the part of the policy holder in this principle of total honesty, then the insurance can be declared null and void by the insurer. In that event, the protection that was intended for beneficiaries of the policy disappears along with the null and void policy.
In summary, therefore, online life insurance cover is easy to initiate, although there might be further form filling required before the proposal is finally accepted. Applications can be made easier by using the services of a specialist insurance broker. |
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