What to Expect When You Apply For Insurance
Purchasing insurance is a significant decision. This guide will walk you through the process and help you understand what to expect at every step.
1. Needs Analysis
Your WealthCo Insurance advisor will work closely with you to thoroughly analyze your insurance needs, ensuring you receive the right amount of coverage tailored to your unique circumstances.
2. Applying for Your Policy
Completing the application accurately is crucial. We help ensure all questions, including those regarding your medical and financial status, are answered in detail. This expedites the underwriting process and ensures that your benefits are payable when needed. Once your application is complete, sign and date it, and we'll forward it to our underwriting team.
3. Providing Medical Evidence
Depending on your policy, you may need to undergo medical tests. We'll arrange these for you, typically including a paramedical exam and various laboratory tests. A designated nurse will contact you to schedule these appointments at your convenience, in the comfort of your own home.
4. Preparing for Your Medical Tests
When preparing for your medical appointments, consider the following:
Let the nurse know if you require an oversized cuff or scale (over 300 lbs).
Prepare a list to bring with you, including your medical history, current medications (with doses), contact information for all your doctors, and a history of serious family illnesses.
Avoid vigorous exercise or activities the day before your exam as well as caffeine and alcohol on the day of your exam.
Bring photo ID and arrive well rested to your appointment.
5. Understanding the Medical Procedures
Depending on the type and amount of insurance applied for, we'll inform you which of the following you require:
Paramedical examination: A medical questionnaire completed by a nurse.
Blood sample.
Urine sample.
Saliva test.
Electrocardiogram (ECG).
Inspection Report: A telephone interview with a consumer reporting company.
Attending Physician Statement: A report requested from one or more of your doctors by the insurance company. If the insurance company doesn’t hear back, we may ask you to call your doctor’s office to try and expedite their report.
WealthCo will submit your application and any other evidence of insurability you provide to an underwriter to assess your risk. This means considering factors such as your job, hobbies, financial and medical information, lifestyle, travel, and, for life insurance, your beneficiary’s insurable interest in your life. The coverage and premium rates we offer you will be related to the underwriter’s risk assessment. Depending on the complexity of your case, your policy should be approved within 4 to 12 weeks.
6. Issuing Your Policy
Our underwriting team will review all the evidence provided and make an underwriting decision concerning the policy and premium rates to offer. These are some of the potential decisions:
Preferred Rates: Applicants posing a low risk due to good health and lifestyle may receive a policy with a lower premium than the standard rates (available with some insurers and products).
Standard Rates: Insurers offer a policy at a standard rate.
Rated or Sub-Standard Policy: Due to health or other risk-related information, insurers may offer a policy with a higher premium than the standard rate.
Policy with an Exclusion: Exclusions usually apply to plans like disability or critical illness insurance and may exclude events related to high-risk jobs, hobbies, or pre-existing conditions.
Postponed Application: The application process could be paused due to pending health-related issues like scheduled surgeries or tests.
Declined Application: Insurers may decline to offer a policy based on the risk-related information provided. If this happens, you may still have options. Check out this article: You Have More Insurance Options Than You Think. If a policy is not issued as applied for due to medical reasons, customers can sign a “Release of Medical Information” form requesting that the insurance company release the medical reason to their physician, who can then discuss the case with them.
7. Delivering the Policy
When a policy is issued, we will schedule a meeting to review it with you. If you accept the policy, you’ll sign a receipt and pay any remaining premiums due. Once the receipt is signed, you will have a maximum of 10 days to change your mind and receive a refund of all premiums paid. We suggest storing your insurance policy in a safe place.
8. Choosing Payment Options
Pre-Authorized Debit (PAD): Customers can elect to have premiums debited from their bank by signing an authorization and providing a void sample cheque.
Cheque: Typically, this option is only available when paying annually.
9. Servicing the Policy
Some insurance companies offer a client portal where customers can review policy values and make changes to their profile, such as banking and address information. Beyond that, customers can contact our WealthCo Insurance team for other types of policy changes like beneficiary or coverage adjustments as their circumstances and insurance requirements change. We’ll also be in touch to review your insurance needs from time to time to ensure your coverage keeps pace with the evolving needs of your life.
At WealthCo, we are dedicated to making your insurance journey as smooth and beneficial as possible. Contact us today to get started on securing your financial future.