How do underwriters assess your life insurance application?
If there’s one thing we can’t stand when it comes to life insurance - it’s a whole load of complicated jargon.
We like to think we are pretty good at making life insurance as straightforward as possible so let’s dive straight into the essentials on how your life insurance application is assessed.
Life insurance
Let’s start with the important bits first - what is a life insurance policy and how can it help you?
Life insurance is a type of cover that can pay out a cash lump sum to your loved ones if you were to pass away. At Caspian, we take the time to listen to your insurance requirements and take into account what your financial vulnerabilities could be. In turn, we find the best cover for you at the right price.
How do you pay for your life insurance policy?
The way it works is simple - each month you will make a payment to your chosen insurer, these are called your monthly premiums.
As a result of making these payments, your life insurance policy will stay active. However, if you were to stop paying your monthly premiums then you risk your policy lapsing which could result in you no longer being covered by your policy.
How are your monthly premiums calculated?
Your monthly premiums are worked out using several different key factors. These factors are then assessed by your insurer and this is how you will find out what your monthly premium will be. Underwriters look at key information about you, such as your:
- Smoker status
- Age
- Occupation
- Family medical history
- Health and lifestyle choices
- Hobbies
Your monthly premium will stay the same throughout the duration of your policy, unless you choose to add indexation to your policy - click here to read more about indexation and life insurance.
What is an underwriter?
Put simply an underwriter is a specialist who assesses and analyses life insurance applications for risk. They will look at the factors mentioned above, alongside other elements to establish whether an insurer will accept your application and to help determine the monthly premium for that particular life insurance application.
Are life insurance applications difficult?
Life insurance can be a difficult subject to talk about and as a result, people put it off. At Caspian, we understand this which is why we believe life insurance shouldn’t be made any more difficult than it needs to be.
Without specialist advice and assistance, navigating the life insurance market can be a challenge. At Caspian, we do the hard work for you. All you need to do is provide us with the essential information about you on one side of the phone, and on the other side, we create a tailored policy.
Start your free quote
After making your enquiry, we will get in touch with you. We get to know you and your circumstances so that we can recommend the best possible policy for you and your loved ones. Click below to get your free quick quote and start your life insurance journey today!
