17 Jun 2019
We get a lot of questions regarding what you need to disclose on your applications. Here are some answers to the common questions.
Did you know that one of the biggest reasons for an insurance claim being denied is a failure to disclose information? Often this isn’t an intentional omission by our clients, they simply didn’t think it was relevant, or had forgotten. We know how it goes! There’s a lot of questions on the application forms, and you may not think about that time you asked your doctor about a mole during your annual checkup. However, as much as possible, you need to be direct and honest with your adviser when filling out your application forms.
What if I’m a social smoker? Generally, if you smoke at all, we recommend disclosing this. It’s better to pay a little more each month than worry about whether you are going to be denied a claim or not. Many of the companies will alter your rates after a period of non-smoking as well, so you can work with your adviser to ensure that your status is accurate to your current circumstances.
What if I don’t know my family history? In some cases, due to adoption or other circumstances, you may not know the medical history of your biological family. That’s okay! Just do the best you can to answer these questions. In most cases, your own medical history is much more important than your family history.
Is THAT really important to tell? Some of the questions may seem a bit invasive or irrelevant, but it’s important to answer honestly. If you’ve spoken with your doctor about the issue, even in passing, you’ll want to note it in your forms. If your doctor has stated that it’s not of concern, then in most cases this won’t affect your insurance application. There may be a request for more information directly from your doctor, but generally this will be a positive thing in the case of a claim, as the doctor’s notes on the issue will already be on record.
What if I remember after the application is in? If your application is still being processed, just let your broker know and they can amend the application form. This may slow things down a bit, but it shouldn’t cause too much concern. If your application has already been accepted without the information, let your adviser know, and you may need to re-apply with the updated information.
What if I learn of the problem after the fact? Once your application has been approved by the insurance companies, you’re covered! If a medical condition arises, then there is no issue, and you should have no problem claiming your benefits.
The insurance company has asked for a doctor’s report, what now? As mentioned above, in many cases this can be a good thing! Assuming all information has been disclosed, and you have no serious medical conditions, a request for information from the doctor can be quite helpful in the case you ever do need a claim. It can ensure that you haven’t missed anything the insurance company might balk at, and can help things go much more smoothly and quickly in the case of a claim.
If you’d like to discuss your insurance options further, be sure to contact us today to speak to a broker.