Insurance can often include a range of technical terms and jargon that can be confusing. That’s where we come in - we’re here to talk you through the insurance process, and answer any questions along the way.
We are often asked, what is underwriting? Underwriting is a term used to describe the process of evaluating risk, ensuring that the cost of the cover is proportionate to the risks faced by the person. Insurance companies need to understand the risk in order to issue the appropriate cover and pricing, and exclusions where necessary. This means that the insurance company needs to understand medical history, lifestyle, age, and family history, before issuing the policy.
This can sound intimidating and intense, but in reality it’s a chance to ensure that there aren’t any surprises at claim time. By fully disclosing these details, you know where you stand with your policy - and if there are any exclusions then your insurance broker has the opportunity to negotiate the best terms possible.
It is important to understand that at Cooney Insurance, we are not the underwriters - we are advisers acting in your best interest to ensure that your policy gives you the necessary cover, and that the insurance company will pay out when you need it most. Our broad range of experience means that we know the questions to ask and the details to cover when it comes to submitting your information to the underwriters. In turn we can give you some idea of the terms and conditions you can expect, and also give you the opportunity to ask any questions.
It is important to note that underwriting is a ‘snapshot in time’. With Cooney insurance, this is undertaken at the time of applying for the policy. With some online insurers, this may be undertaken at claim time - meaning that terms and conditions could result in a failed claim if you have failed to disclose something earlier. It is often easy to trivialise issues when filling out online forms - forgetting that surgery that you had 5 years ago, or that family member with a genetic condition, or thinking that a prior illness will surely not have an effect on the policy. Unfortunately, whilst these may be simple oversights, these issues can become problematic at claim time, meaning that you may be left without the cover that you thought you had.
As advisers, we are here to do just that - give you advice! We understand that the process can be hard to navigate, however we’re here to help. From applying for the policy through to claim time, we do the hard yards by liaising with the insurance company directly, and working to ensure that your claim is accepted. Whether you’ve got cover, are looking at getting insurance, or are simply a bit confused with the process, we’re here to help. Give us a call at Cooney Insurance.