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Life Insurance

November 25, 2013

Gosh….time has flown by. Just realised I haven’t blogged for quite awhile!! It was not because I had nothing to say but rather that I dare not say it.

One story I can share is about a rant at a life insurance company a few weeks ago! I was being asked to pay an extraordinary uplift on my monthly premiums if I wanted to restart a policy which lapsed because of an almighty b***s up of a direct debit (a couple of months). You would think it easy to restart the premium but no. The underwriters said that they would like me to pay an extra 1/3rd on the original premium and remove my critical illness cover!!!! When I enquired why; I did not get any response other than either take it or leave it. So I left and searched for another provider. That was the beginning of a journey and a half.


I found alternative providers who were happy to give me a quote but again I found that my premiums were inflated. When I eventually got a response from one provider as to the reasons why in you it costs so much I was told that my BMI was high! Can you imagine that? Well I was so angry that I wrote back and challenged them as to why they were using such an outdated method to assess risk when the BMI has been proven to be an unreliable measure. As a past academic and an active Chartered Physiotherapist I think I took them by surprise especially when I sent them links to academic papers underlying my point. I am happy to say that my new provider has agreed to a new monthly contribution at a level that I am comfortable with and also included critical cover to my satisfaction!

This just goes to show that there is a possibility that you are being overcharged so ask the question!


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