If you’re asked to supply more information or go for a medical, will the premium increase?

No, not necessarily. If you’re asked for more information or to have a medical it does not automatically follow that your premium will increase. To put this in context, in our experience 88% of people who apply for life insurance qualify for the price first quoted.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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How much will the premium be?
Your premium reflects the level of cover you want and how long you want to be insured for. It also reflects the risk to the Insurance Company that you may make a claim. This risk is conditioned by your age, sex, occupation, health record and life style etc.
Will your medical history affect your premium?
Yes, your medical history is a very important factor.
Why is insurance more expensive for smokers?
On average, the premium for a smoker is around 65% higher than a non-smoker. The reason is quite simple – non-smokers are generally healthier and live longer.
Will your Mortgage Lender charge a fee if you buy your Life Insurance from someone else?
No! By law mortgage lenders are not allowed to charge a fee if you buy elsewhere.
Information about The Financial Services Authority
Who is the Financial Services Authority? (FSA)
The insurance company assumes that you’re in good health for your age, your occupation does not represent a risk to your health, your blood-line relatives do not have a history of hereditary ill-health, you do not follow dangerous hobbies or regularly visit countries with known health problems and you have a generally healthy lifestyle.

If any of these assumptions are wrong, then they will want more information from you. They may also ask for more information if you are applying for a large amount of insurance. We think that this reasonable as you insurer needs to know what level of risk you represent in order to decide whether their original quotation can stand.

If the insurance company asks for more details, or for you to have a medical, it doesn’t necessarily mean that they will want to charge you more. It is quite common for the insurance company to ask for more detail but, in our experience, 88% of people who apply for life insurance still qualify for the initial price quoted.

Frequently Asked Questions related to the above topic.
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