Can Life Insurance be arranged quickly?

The answer is that it depends. It depends upon two factors: -

* Whether the Insurance Company feels it needs more information about you - and this decision is based on the answers you give on your application form (which you have to complete after you have accepted their initial quotation).

* Whether the business processing your application (typically your Insurance Broker) has the systems to expedite your application.

About one third of all applications are covered immediately. This will have been a computerised decision based on the information provided in your application form.

All other applications do experience some degree of delay. This is because the application has to be considered manually. Your application can be approved but the process will create a delay of a week or two. It can also lead to the insurance company asking for more information about you. Until this additional information is received, your application will be kept on hold.

The most common extra information requested by the Insurance Companies, relates to medical aspects. This may involve them asking your GP for information or asking you to have a medical (which the Insurance Company pays for). Unfortunately, the most common cause of extended delay is where a hard-pressed GP is slow to respond to a request for information.
Another common delay is where the applicant receives a request from the Life Insurance Company for additional information but the client is slow to respond.

A good Broker like MoneyQuest will monitor the progress your application with the life Insurance Company and will try to ensure that everything progresses quickly. They have good relationships with the Insurance Companies and may even be able to jump a few queues! They’ll even take on the role of reminding your GP to act quickly!

The most common need for speed is where a policy is required for mortgage purposes and the purchase is imminent. Our advice is if you are in a hurry, tell MoneyQuest.

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