Jonathan Morris: Should a client take a rated quote?

"As time passes, there is an increasing risk of further health issues arising"

clock • 4 min read

Jonathan Morris, protection specialist at John Lamb Hill Oldridge, examines the considerations of increased premiums known as ‘rated quotes’ and the risks associated for clients in waiting to be offered standard rates when applying for cover.

When an applicant is told by an insurance company that they are not in perfect health, it can be a difficult message to hear. This is especially true, where the medical underwriting process has discovered an issue that the applicant was not previously aware of. Often people's first reaction is to question whether the life offices are simply trying to squeeze them for more money, since medical issues tend to result in increased premiums. These increased premiums are known as ‘rated quotes'.   The standard insurance price (also known as the standard rate or ordinary rate) quoted by insu...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Two-thirds of parents worried about critical illness for children

Two-thirds of parents worried about critical illness for children

Findings from third LV= Reaching Resilience report

Jaskeet Briah
clock 13 February 2025 • 1 min read
NHS waiting list hits low in December

NHS waiting list hits low in December

7.48 million people awaiting treatment

Jaskeet Briah
clock 13 February 2025 • 1 min read
Third of Gen X suffer long-term health issues

Third of Gen X suffer long-term health issues

Reduced ability to conduct day-to-day activity

Jaskeet Briah
clock 12 February 2025 • 2 min read