THE LIFE INSURANCE MARKET
Predicting the future is notoriously difficult. This is why successful and wise individuals buy life insurance.
Navigating the life insurance market, with its vast array of options, can be a challenge. The insurance and re-insurance markets constantly undergo change, with fluctuations in capacity and fierce competition for business influencing underwriting decisions. Obtaining life insurance is both an art and science, where age, lifestyle factors and family history impact life expectancy and in turn insurance premiums.
As seasoned insurance brokers, our aim is to navigate the complexities, simplify the process, remove inefficiencies, and obtain optimal terms with minimum intrusion into clients’ lives.
THE STANDARD APPROACH
Process repeated if terms are not optimal
A typical method involves submitting an application to a single insurer, who will assess the client’s risk. If the desired outcome isn’t met, the procedure is then repeated with a different insurer. This can lead to a prolonged and frustrating process, often involving multiple medical exams and application forms.
WHY RISK ASSURED IS DIFFERENT
Risk Assured reverse engineers the standard approach.
Prior to application, we collate in-house all the medical and financial information needed by insurers. Consequently, we can broker and establish indicative terms before applications are submitted.
With a team of over twenty experienced industry experts, we package information intelligently for insurers. We then negotiate terms across the entire insurance market. Our close relationships with the ultimate decision makers give us a competitive advantage in the market.
Each client embarks on a bespoke journey, depending on their circumstances. Our aim is to make the process as simple as possible while securing the best terms.
1. Underwriting assessment
To place cover successfully we need to determine the level of underwriting required, be it medical, financial or lifestyle related. To do so, we take each client through a simple engagement pack. Completion of the engagement pack does not place any obligation on a client to proceed.
2. Medical underwriting
We will usually require a medical examination and/or doctor’s report. All medical examinations are organised at reputable facilities, and at a time and place of the client’s choosing. We can provide a summary of the main findings where requested.
3. Financial underwriting
We may also require financial information such as Inheritance Tax computations or details on outstanding mortgages / property debt. We often work with a client’s other professional advisers to obtain such information.
Once all the relevant underwriting information has been gathered, we access the entire market to source the policy or policies that offer the best terms. We negotiate on the client’s behalf with insurers and reinsurers, especially when we need to question decisions.
5. Final terms and application
Final terms and premiums are sent to the client for approval before proceeding. Once approved, we pre-complete the insurer’s application form, and the details therein are subsequently confirmed with the client.
All relevant policy documentation will be sent to the client including a statement of demands and needs that details our discussions and recommendations. The policy is then placed ‘on risk’ and so deemed to be active.
7. Writing in to Trust
Where appropriate, and working alongside other professional advisers, we ensure that the policy is either written in or assigned in to trust to maximise tax efficiency.