Nowadays, access to detailed digital health data enables both insurers (and the insured) to have a more complete overview of their health, with the ability to make the process of applying for life insurance both quicker and more accessible.
However, not all health records and procedures are always in one place, as NHS-focused systems won’t typically populate private procedures and vice versa. This can often lead to missing gaps that could be crucial to gaining a better understanding of the treatment you’ve had for certain conditions or other ailments. You may also have missing gaps in your health data if you’ve lived abroad for an extended period of time.
There have been huge initiatives throughout the health system to digitise patient records, allowing greater access to patients and also freeing up GPs from administrative work. However, digitising records for tens of millions of people has been (and continues to be) a time and labour intensive process, especially with hand-written records.
The good news is that ‘some’ data is better than no data, so just be prepared to fill in any missing gaps if you do have an overview of your medical history.
It certainly pays to be organised and once you have a more complete understanding of your medical history, you’ll find it far more straightforward when taking out any health related (medically underwritten) insurances in the future.
Ultimately, the better your health can be understood (and validated) from your digital health data, the faster insurers may be able to provide an accurate quote.
When you apply for life insurance, you’ll have to answer a range of questions about lifestyle and your general wellbeing and health, including whether you have any pre-existing medical conditions.
One important thing to take on board is to always answer any questions as accurately and honestly as possible, as this could invalidate any claim being made on the policy.
The insurer might also want to speak to your GP, view certain medical records, or even ask you to go for a medical examination before they offer you terms for cover.
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Is Life Insurance for me?
When it comes to Life Insurance, if you have other people who depend on your income and you don’t already have a policy in place, it’s really important that you consider taking out cover as soon as you can.
To understand what type and level of life insurance you need, it’s important to take on board your individual circumstances, like savings, mortgages and existing credit arrangements in place. As everyone’s situation is different, so is the type of protection you need and depends on your personal situation and what stage you are in life.
Choosing A Policy
You can apply for a separate ‘single’ life insurance policy as an individual, or as a joint policy with your partner or spouse.
The 2 main types of life insurance are 'term' life insurance and 'whole-of-life' insurance.
‘Term’ life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - but only pay out if you were to die during the term of the policy. There’s no lump sum payable at the end of the term.
‘Whole-of-life’ insurance policies pay out regardless of when you die, as long as you keep up with your premium payments. This type of cover is typically of interest if you are determined to leave some form of inheritance to your family, or if you want to help with your funeral costs.
Naturally, these policies are typically more expensive than term insurance policies since as long as you keep paying your premiums, the insurer will always have to pay out, whereas you may outlive a term insurance policy.
BUYER’S TIP: Whole-of-life insurance is also known as life assurance by many insurers.
If you’re not sure, speak to us over the phone, and we’ll be able to give you all the information you need to help you decide what’s best for you.
Get A Quote Online Today
Once you’ve given this information some thought, it’s then really easy to arrange and compare online life insurance. Simply enter your details into our site and we’ll ask some questions to generate quotes so you’ll be able to see what policy works out best for you.
Whatever stage of life you’re at, there’s a variety of options and policy types available to suit your needs and thanks to the internet, it’s never been easier to arrange and compare life insurance policies online.
Over the years, life insurance brokers and providers have streamlined their application processes, so nowadays, it can take as little as 20 minutes to set up a policy online. However, choosing the wrong policy or not understanding your life insurance policy could leave you underinsured.
Already have a policy?
Online Life insurance policies often last between 15-30 years, so it's no wonder why so many people don’t often consider looking at it or making changes. This is particularly concerning when you consider that our lives, lifestyles, health and what’s important to us is always changing, so it’s always important to know whether your life insurance policy is still up to the job - that’s where Cavendish can help.
Prefer to call us?
Sometimes, it’s easier just to pick up the phone and speak one-to-one with one of our insurance specialists, who can guide you through the process and support you in choosing the best cover for you and your family.
Call us today to see how we can help...
01392 241 850
