What happens when I apply for Insurance?

When you apply for any type of personal insurance you will need to answer a lot of questions, whether that be on a paper application or via a tele-interview (an underwriter from the insurance company calls you and asks all the questions).

These questions will include, but are not limited to:

  • Height
  • Weight
  • Date of birth
  • Occupation
  • Lifestyle (Drinking, smoking, hobbies)
  • Family medical history
  • Financial information

These can be extensive questions, but a lot of the insurance companies are coming up with ways to make this a little quicker and easier. For example, one company will only ask about some issues that have affected you in the last 5 years, as childhood asthma which hasn’t been an issue in 20 years shouldn’t be relevant anymore.

If you give an answer of concern they will then have extra questions in that area. A very common one at the moment is mental health. If you have seen a psychologist they will go into more detail about when, how often, medication, etc.

They can also organize extra medical tests if there are any further concerns. Sometimes it is simply requesting information from a doctor but can involve having a nurse come and take blood (more often than not they will come to you to do this), seeing a specialist, etc.

For the most part, if you are honest with your advisor, we can give you a heads up on what to expect as we have been dealing with insurance companies for a long time.

Every company is different so if you have any health concerns we contact each company and find the one that suits you better. One company might decline your cover, put an exclusion or loading on the policy and another may leave it as a standard policy.

For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds

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