As people may take out the insurance in conjunction with a mortgage, they need to ensure that the protection is in place before the mortgage actually goes through so that the plan is then ready to start to then cover their mortgage.
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Depending on the medical history of a client they need to ensure that they need to allow time for the insurance provider to gather information about the life assured. However some people taking out such insurance do not realise the application process that is needed to take out such insurance. The number of mortgages that are being taken out has reduced considerably over the past few years as we are now facing a time where it is more and more difficult for example first time buyers to then get on the property ladder. Therefore it is becoming more and more common for a couple perhaps to seek help from their parents in order to try and get the deposit which is needed, however this amount is typically increasing.
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Within the protection industry there is a need for better consistency as it is possible for a client to apply to a number of different providers to try and find the best possible terms. This however does not affect the client if they find an insurance plan at the right price but also with the best cover, but it does become costly for the industry as the insurance has to pay for the information they require such as a general practitioners report. Therefore if a client applies to three different companies, three different companies are then paying for such information but then the client is only going to take one plan out with one insurance provider so it becomes costly.
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Although there have been advances in medicine, people still suffer from illnesses every single day, and such illnesses will need to be recorded on the application form to take out critical illness insurance. There is a number of illnesses which do not need to be recorded however this will be stated by the individual providers within the application form or an adviser may be able to help.
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All medical disclosures will be taken into consideration when an underwriter is assessing the case, however it is possible for a provider to offer cover that same day but this would tend to be on an application where there are no disclosures. The younger you apply for the insurance the less likely they may need further evidence, but this would be dependent on a number of factors. By having more consistency on a number of levels would mean less money would be used as the better the processes are the less time it may take.
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Critical illness insurance needs to be assessed on an individual basis as everyone is different, and an adviser may be able to guide you to the companies who may offer the best cover depending on the illnesses suffered. Therefore an adviser may also reduce the likeliness of putting in application to a provider and the case then be declined, but even though an adviser may do research before putting in the application it is only a guideline when they speak to a pre sale underwriter and so the insurance providers may offer different terms depending on the information on the application but also the information gathered.
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Doctors complete insurance reports on a regular basis for their clients who are applying for critical illness insurance , but not every person who applies for the cover will need for their doctor to complete a report, in fact the industry may look at a way of reducing the number of reports completed and find alternative ways and may ask for more information direct from the client.
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