Spend any weekday afternoon in front of the TV and one is bombarded by advertisements for life assurance and for those over 50 there are no medical questions asked. Likewise on some of these policies, pass away within the first year after effecting the policy and there is no pay out either. Not our idea of a good deal.

How is the life industry able to do this?? Firstly whist these advertisements tell the viewer just how little such a policy could cost, they don’t say, how much life cover is given for that cost, neither do they say, just how long the policy runs for . In return the consumer is offered a free pen, gift voucher  ETC…… 

Such a pity the over 50s feel they must take such policies. The Life Industry is able to operate in this was because the premiums they charge for the privilege of not having to answer medical questions is normally much more than the rate charged to a healthy person who will answer medical questions. Indeed some over 50s with medical conditions could well find they can get cover for a lot less money even if they do have certain medical conditions. Just a quick call to Financial Risk Management will divulge how much cover a healthy person can get for that same premium. Being blunt, these ‘no questions asked policies’ can cost 4 or 5 times the normal premium.  

Another loss by foregoing answering medical questions is, if an insurance company requests the applicant attend a medical, these medicals are carried out privately and normally are much more in depth than an ordinary GP can carry out. The insurance companies are always happy to pass on the results of the medical to the applicants own Doctor. 

Like to obtain a quotation and find out how much cover you could have for the same premium if you answered medical questions??? Just a 2 minutes call to Financial Risk Management on 01902 766648 will give you the answer.