FAQs

FAQs

Contact Insurance’s clients all have very different insurance requirements which is why our team of advisers are happy to answer all sorts of questions about personal insurance. You’ll find some of the most popular questions listed below but if they don’t quite answer your specific needs then please feel free to give us a call.

How long does it take to get insurance cover?

We can get you covered in a matter of minutes, but the actual application takes approximately 10 days to process (and sometimes even longer). All insurances need to go through the ‘underwriting’ process, which is when the insurance company assesses the risk you pose and decides whether to offer you cover on standard rates, at a higher premium or to refuse cover to you at all.

Underwriters have to take lots of factors into consideration when you apply for personal insurance. For example, if you have existing medical conditions then the insurance company may want a GP’s report explaining your medical history and can take a few weeks to receive.

We recommend you start the application process as early as you can. Once we have got agreement to cover you we can then hold the cover with the aim of starting when you are ready.

Am I covered while the policy is being processed?

This varies depending on the circumstances. Most insurance companies provide limited interim cover whilst they are processing your application if your application is linked to a mortgage. There is no substitute for the real thing so it is best to start the application process as early as you can.

What are guaranteed and reviewable premiums?

Guaranteed premiums ensure the price you pay every month for your insurance does not change during the term of the policy. However, reviewable premiums are reviewed every 5 years and give the insurance company the opportunity to increase your premiums. Every time this happens your plan is not re-underwritten so any changes in your health will NOT affect your premium. Reviewable premiums can start out as a cheaper insurance.

Why are your premiums lower than my bank or building society?

The truth is, banks tend to push their own insurance products rather than recommend anyone else’s. They rely on the fact that a lot of their customers are apathetic and can’t be bothered to shop around, so more often than not they charge what they like. On the other hand Contact Insurance compare many different insurance companies to get the right insurance policy that is exactly right for your circumstances.

If I am diagnosed with a medical problem after my policy has started, do I have to declare that?

Absolutely not. Insurance companies only require that you disclose details of medical conditions that exist at the point you make an insurance application and up to the date of the policy starting.

Do I get any cash back at the end of my policy if I out-live it?

Not with any of the Term Assurances. These types of insurance only pay out a lump sum if you die within the term of the policy. There is no payout if you do not die or if you die just a day after the policy has finished. As a result this is the cheapest form of life assurance available. Of course, the only personal insurance that does payout during the term of the insurance are Critical Illness and Terminal Illness which pay out once it has been confirmed that you are ill.

Contact Insurance Ltd is authorised and regulated by the Financial Services Authority; Registered No. 468731