We thought that this recent article was a great reminder to make sure you understand what kind of life insurance you are buying – and that while something might seem ‘quick and easy’ and ask for less information from you - that does not always mean that it’s the right solution for you – or the best value for money.
At Pinnacle Life, we ask questions about your health for our life insurance policies – and we still manage to have a simple process that takes most people less than 10 minutes to complete. We do this because we want to agree with you up front what you are, and aren't, covered for. That way, if you ever need to claim on your life insurance policy, everything is agreed up front, and then we can ask for less information at claim time than some other insurance companies. We don’t want you to get a nasty surprise when you most need your life insurance and find that you weren't actually covered.
Our philosophy is to keep things simple so that if you, or your family, ever need to claim on your life insurance, we want to make a stressful situation as easy as possible for you.
Seven out of 10 people who apply with Pinnacle Life can get a policy there and then, without needing to speak with someone. We get lots of positive feedback from our customers that they like this approach, as it feels more private, and they don’t feel like they are disclosing personal information to someone they barely know.
We agree that there is a place for non-underwritten products, and that the differences need to be clearly explained to potential buyers. But as the article points out – make sure you are really clear on what you are, and aren't getting, and read all the information provided.
So, an insurance policy that doesn't ask many questions about your health and lifestyle might seem like an easy solution, but be careful that you know what the risks and limitations might be. The last thing you need when it comes to asking for a pay-out is to find yourself having to answer endless questions and provide lots of information, only to find that you weren’t covered in the first place!