Can I Reduce The Time Taken To Take Out Critical Illness Insurance?
It is fairly difficult to determine exactly how long it will take for an application
to be processed and again it is difficult to determine from one person to the next how long the process will take from the first phone call to the last perhaps. It is all dependent on the applicant, as many things can influence the time taken. The time process could be anything from how long they may want to discuss the plan before applying for such cover and then how long it takes for the underwriting process to be completed and terms offered. It is then up to the client to then instruct the adviser as to when to start the cover so that they are then covered for critical illness insurance.The application process may be fairly simple if you were to know exactly what cover you wanted and this would include knowing the right level of cover to suit your needs along with considering any additional options you may want to include. You would then need to ensure that the price you were paying was competitive and therefore this may take some time to research. You could if you wanted gather a number of different quotes from a number of different people to see who offered the best price, we live in a competitive world and so many people shop around until they find the plan they want at a price they see is competitive.
As it is advisable to discuss the plan in detail, you want to take your time when considering the plan, however you want to be aware that some companies do increase the cost of the insurance on clients either quarter, half or full birthdays. Therefore you may want to consider this before such a premium may increase and once an application is submitted an insurance provider would typically guarantee the premium for up to thirty or sixty days perhaps.
Critical illness insurance can take time to underwrite depending on medical disclosures within the application; some insurance providers may assess an application within 24hours of receiving the online application where some may take anything from 36hours to 48hours. Once this has been assessed your insurance adviser will receive an update on the progress and this for example would either contain the terms offered and therefore have decided there is no need to gather further information to support the application form or that they do need further information of which will then take time to process. This is then where in some circumstances we cannot control the time taken as in most cases the insurance provider will want to write out to a third party for example the clients doctor or request a medical examination. The insurance provider and the adviser would both be able to keep up to date with the process and therefore you would also be able to be kept up to date, however it is then in the hands of your doctor. You would be able to contact your doctor to make them aware that such a report was going to be requested however it may depend on their workload to as and when they will be able to complete it.
It is advisable to look at taking out critical illness insurance before you actually need the application to start and therefore the cover is then ready and you would then not be without cover if needed. For example the cover may need to be ready to start in conjunction with a mortgage as once the mortgage has gone through you are then responsible for such a sum assured of which the insurance would cover if you were to suffer an illness and so needed the insurance to continue to pay your mortgage per month. Critical illness insurance can be taken out within a few days perhaps, but it is possible for the application process to take anything up to a couple of months for example.
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