What is a pre-assessment?
Pre-assessments help you get a better understanding your insurance options if you have a pre-existing condition, participate in a hazardous pastime or there is another factor that affects your insurance eligibility.
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A pre-assessment will help you determine which insurer from some of the leading life insurers in Australia will offer a favourable terms and cover after an initial review of your circumstances.
Pre-assessments are anonymous where possible and are completed with sensitivity and understanding. After it is completed, you will have a better understanding of what revised terms, such as a loading or exclusion, may be applied to your policy.
As each insurer’s underwriting guidelines are different, the revised terms team will complete a pre-assessment by discussing your case with the insurer’s underwriting team to understand the cover that can be offered.
Although the result of a pre-assessment is a not a guarantee of the terms that will be offered by the insurer after completing an application, it will provide your with a strong indication of the cover available.
What are Revised Terms?
To help the insurer provide cover when there is a higher probability that a claim will be made, the terms of an insurance policy are revised so cover can still be offered to an applicant.
An insurer will offer an applicant revised terms when, due to a number of possible factors, the applicant cannot be accepted at standard rates. These factors can include your medical history; a dangerous occupation; plans to travel to a high-risk destination or participation in a hazardous pastime.
Revised terms also allow many people who may have thought that they were ineligible for life insurance to obtain cover.
Types of Revised Terms
- Loadings: Usually due to a pre-existing medical condition, this is a percentage increase to the premium or an increase to the premium for every $1,000 insured. In many cases, a loading means you have access to all of the benefits covered in the policy, although the cost of the premium will be higher.
- Exclusions: Exclusions mean that a certain condition or activity is excluded from claim. This could be due to a pre-existing condition or injury, a hazardous pastime, high-risk travel intentions or a hazardous occupation.
- Decline of Cover: In certain circumstances, after carefully reviewing an application, the insurer may not be able to offer an applicant cover as the risk of a future claim is too great. By completing a pre-assessment with our Revised Terms team, you understand what cover is available to you before completing an application.