The Life Insurance Shop

December 4, 2009

You Are Gay And Need Life Insurance

Filed under: Life Insurance — Tags: , , , — admin @ 3:27 pm

You are possibily going to want life insurance cover if you wish to insure your health or your income should you happen to be sick and unable to work – something which is predominatly imperative for single people or those with children, in addition to a similar-sex partner.

Besides there are episodes, like buying a house, when life assurance may be called for.

Insurers may wish to know if you are gay. They will insist that you complete an application questionnaire which would necessitate details on whether your live-in partner is in the homosexual grouping.

The enquiry may not be instant but the insurance company will later on send out an intrusive document on lifestyle.

It would be a mistake not to disclose information or to provide false details but this would only serve to invalidate your insurance and is therefore a very bad idea. Besides, this may produce significant difficulties if you decide to better your premium and approach other insurance companies for a quote.

Once the application document has been completed, you could then be requested to endure a blood test to find out if you are Human Immunodeficiency Virus (HIV) positive. There isn’t any predetermined rules on testing and insurers are reasonably hit and miss in their selection process.

If your test for HIV proves positive, it will be problematic to buy products linked to life insurance. Purely by having the blood test alone can result in a refusal of cover by some insurance companies, even if the test result is negative.

Althouth you pass all the relevant tests satisfactorily various insurance companies will in spite of everything double or treble your monthly payments. A lot of companies will be adamant that they want Human Immunodeficiency Virus (HIV)  testing for homosexual men who apply for income payment protection policies or critical illness policies although neither would pay out for an Human Immunodeficiency Virus (HIV) related claim.

Richard Meyer, of Carvosso & Co, a financial adviser based in Chester, says: ‘It’s  horrible knowing the insurer can claim ownership to some of your blood when all you want is quotes for mortgage cover.” Unsurprisingly the test can be distressing.

He suggests that you take the test on your terms prior to going to  an insurer. To avoid life assurance companies being allowed admittance to sections of your medical records, some people advocate obtaing drug or STD treatment at secret medical centres which are to be found in almost every city or town. The National Aids Helpline or the Carrington and Parr Trust will be able to assist you in locating the right one.

There is currently an agreement among The ABI  and The British Medical Association (BMA) whereby the medical profession should not be asked to give details on Sexually Transmitted Infections and negative Human Immunodeficiency Virus  tests. New procedures will make the risk assessment agreed to by insurance more modern by ensuring that careful sexual behaviour, sooner than sexuality, is the criterion.

Even though it might be quite a while before new guidelines are completely implemented, gay applicants can normally still obtain the insurance cover they necessitate even in the present system. Independent financial professionals, focusing in gay finance can generally find insurance cover without   testing and on nearly the same requisites that apply to heterosexual applicants.

If you are heterosexual and looking for a good deal, shopping on-line could well generate some of the cheapest quotations.

September 1, 2009

Insurers Enhance Protection Insurance

Filed under: Life Insurance — Tags: , , , — admin @ 10:59 am

Summary
In this article we explain  how Financial Protection Insurance may grow to be more popular
with the insurance companies at long last making constructive steps that should hopefully be successful.

Most experienced and qualified  financial advisors would agree that Financial Protection Insurance is necessary  to a good number of families, whether it may be a  precaution in the event of cover for an accident, loss of employment (especially in the present economic climate), prolonged illness or premature death.

Life Insurance policies are the foundation of all financial assurance for cover for a mortgage or to ensure a lump sum that is not taxable, in the eventuality of death.  Unhappily, a proportion of other Financial Protection Insurance types, do not have the same reliable qualities and have been labelled as being miss-sold.  furthermore, based on what we are now aware, critical illness insurance has suffered owing to astonishing exclusions from insurance policies making it feasible for insurers to reject claims even when they are genuine.

However, a little confidence was re established when Standard Life Cover reported on the conclusion of claims on Critical Illness policies on their 1/2 yearly statistics.

Critical Illness Insurance claims were being declined because customers did not disclose their complete medical history.  As a result Norwich Union  says that in the last six months the number of refused claims has fallen considerably from 6.8% in the last year, to 1.6%.

Why?  We believe, not only Standard Life but all of the insurers, because of harmful public relations, have been placed in a situation whereby they must reduce the number of claims that are rejected. Does this show how forceful the press can be?  Debateable perhaps – you may think we are dubious but we think there are other factors that urged the insurers to make adjustments.  Lately, as a result of bad press, sales of Critical Illness Cover  have declined which in turn has obviously impinged on the insurance company’s profit. This is most likely to have been the vehicle to further change!

Axa, Friends Provident, Norwich Union and Scottish Provident have instigated some prominent alterations expressly designed to reduce their rejection rates. To start with, they silhouette plainly that all health disclosure, however trivial a visit to a Doctor might have been, must be revealed.  Scottish Provident, amongst others will get a Doctor or Nurse to phone every candidate to go through all the particulars of their medical history.  If the policy then goes on risk, a number of policyholders are being told that it is important that they provide full medical disclosure and they are allowed to add or correct any information on their application.

The Insurance Company may then reconsider the risk and if it is thought to be increased the monthly premium will likely be increased – which looks more reasonable and eventually more satisfactory than paying the original payment then having a claim rejected owing to non-disclosure of medical records.

This process should have been taken by the insurers years ago as the public’s understanding of Protection Insurance has eroded by their somewhat strange approach. On a positive note, there is a clear and necessary need for protection insurance so we can hope that it is able to restore faith and then the esteem it duly deserves.

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