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Underwriting Advocacy

Getting your cover correctly underwritten is one of the key roles of your Bemrose Life insurance adviser.

Medical Underwriting

Many people are tempted by insurance offerings that claim there are no medicals or underwriting required. Beware of these offerings. You will see that they also state that pre-existing conditions are excluded. If you are not required to undergo medical questions and assessments upfront, the company will probably look at the issues when you make a claim. When would you rather be explaining your medical history? When you are entering the contract and determining the cover and price or when you need to make a claim and have already been paying your premiums for several years?

Our commitment is to ensure that once you have a policy, you can be confident that claims will be met with the minimum of fuss.

Our experience and our relationships with the key underwriters allows us to manage the process and ensure that you get the best result from the underwriters. We are able to direct your applications to those companies that offer the most effective underwriting to suit your occupation and medical circumstances.

Financial Underwriting

Financial underwriting is too often neglected during the application process. When implementing insurance cover for business needs or for income protection, it is essential that insurance companies have the correct financial information. Getting this right up front saves you the difficulties of establishing your financial credentials when you are in the middle of a claim. We work with you and your accountant to ensure that the life insurance company has the correct information and issues your policy with the right level of cover.

Why is Financial Underwriting so important?

Jenny was a PR Consultant in Sydney earning $200,000 per year from her private practice. Seven years after purchasing an Income Protection Policy Jenny made a claim. Since purchasing the policy, Jenny had moved to Mission Beach and started working from home. While this meant a reduction in income, Jenny felt the lifestyle change was worth it.

Unfortunately Jenny had not provided verification of her income when she applied for the policy so when she made the claim, the insurance company requested verification of her financial details dating back to the start of the policy. Jenny couldn’t supply verification for her income seven years ago so the claim was reduced to 75% of the income she was receiving currently, which was far less than her income in Sydney. Jenny had paid several years of premiums for much higher cover than she could claim. If Jenny had supplied the relevant verification documents at the time the policy was commenced, then her payment would be at the agreed rate from the policy schedule.

The difference between agreed value and indemnity policies

Most people understand the difference between agreed value and market value when it comes to car insurance, but what does this mean for income protection?

An agreed value for income protection means that the company has accepted that you earn a specific amount when you apply for the insurance. You can then claim that amount at a future date even if your income may have fallen. An indemnity policy will pay a claim based on your earnings at the time of claim.