Life-insurance underwriting is the assessment of information used to decide whether and on what terms cover may be offered. Health, occupation, activities and the proposed benefit can be relevant depending on the product.
The distinction that matters
Applying is not the same as being accepted, and a quote may be subject to further information. Answer the insurer’s questions accurately and obtain the final terms rather than assuming standard acceptance.
What to check
- Questions and evidence requested by the insurer.
- Any exclusions, loadings or benefit restrictions.
- The policy commencement confirmation.
- How proposed changes or increases are assessed.
Example to discuss
If an offer contains an exclusion, ask exactly which benefits it affects and compare it with existing cover before making a cancellation decision.
This is a hypothetical comparison, not a customer claim or a determination of cover.
Sources and further reading
General information only. The policy, schedule and applicable rules determine the actual position. For a personal decision, use an appropriately qualified adviser or the relevant provider.