How does the application process work?
At LV= we aim to make the process of applying for protection insurance as simple as possible. The basic price of your protection policy is based on your age, the type of policy you’re applying for, how long you want it to last, and whether you’ve smoked in the last 12 months.
When you apply with LV= you’ll be asked questions about:
We need to know this information as it helps us to understand more about you, and any medical or health conditions you have, so we can work out how likely it is that you may claim on your insurance policy in the future. This helps us make a decision about whether we’re able to offer you an insurance policy, and how much you’ll need to pay for it. This process is known as underwriting.
We have experienced, skilled people (known as underwriters) who perform this role, and it’s their job to assess the information you’ve provided and the answers to the questions we’ve asked, so that we can offer you the right outcome for your individual circumstances.
Quote & Apply
Most applications are completed using our online Quote & Apply system which is designed and managed by our underwriters. In this application system we ask the standard questions we ask all customers.
If you provide an answer that means we need additional information, further questions will be asked so that we can better understand your personal circumstances and assess your application.
It is very important that all customers answer all the questions truthfully and accurately as they form the basis of your insurance contract with us. If you don’t answer the questions truthfully and accurately, we may not be able to pay your claim in the future (if you have to make one) and your policy could be cancelled.
The Quote & Apply system is designed to make instant decisions for the majority of customers, and by using an automated system it means we’re able to offer access to insurance to as many people as possible in a quick and simple way.
Where an instant decision can’t be provided, your application will be looked at by one our underwriters, who will use their training and experience to make a decision about whether we can offer you an insurance policy or if we need some additional information before we can do this.
What to expect
During the application process we will ask you to agree that we can write to your doctor for a medical report in case it is needed.
Because it won’t always be needed please don’t assume LV= will write to your doctor to get your medical or health information. It’s your responsibility to provide correct and accurate information.
We will also regularly select a sample of customers to check that they haven’t provided any false or incorrect information on their application.
Often we may just need you to provide a little more information on something you’ve told us about, and our underwriters may phone or email you to discuss your application. Our underwriters have undergone training to make sure they communicate in a clear and easy to understand way to ensure you have a great customer experience.
Sometimes, either because of the amount of cover you’ve requested, or because of something you’ve told us in your application, we might need to ask for a separate medical report, or ask you to have a separate medical check.
The main types of medical reports we request are:
General Practitioners Report or Targeted General Practitioners Report - This is a report from your own doctor and is completed from your medical records. It will provide information on your current and past health, details of any tests and investigations that have been performed, and treatment you’re having or have previously had. A targeted report will ask about a specific condition only, rather than your general medical history.
Paramedical Screening - This is a short medical examination carried out by a nurse from our partner Square Health, usually in your own home. The nurse will ask some questions about your medical history and perform some basic medical checks including taking blood pressure, height/weight and a urine sample.
Medical Examination - This is a more detailed examination carried out by a qualified doctor through our partner Square Health. The doctor will ask questions about your medical history and perform the same tests as a paramedical screening, together with a more comprehensive medical check including listening to heart sounds and a physical examination.
When we have all the information we need, we’ll make our Underwriting Decision. The outcomes are typically as follows:
Ordinary rates - This means we’ve agreed to offer you an insurance policy and haven’t increased the amount you’ll need to pay for it because of any of the information we’ve received. This outcome is given to the majority of customers.
Loading - This means although we’ve agreed to offer you an insurance policy, because of the information we’ve received, we believe there may be a higher chance that you’ll need to make a claim on your policy in the future, and so we’ve increased the amount you need to pay for your insurance policy to take this into account.
Exclusion - This means although we’ve agreed to offer you an insurance policy, we won’t pay a claim for a specific condition or as a result of a specific illness, injury, or event. For example we could decide not to cover you for cancer, or not to cover you if your claim is because of an injury to your knee. We usually only do this for insurance that covers you if you’re unable to work because of illness or injury, or for critical illness insurance. Sometimes we will agree only to put exclusion in place for a limited period of time. If we do this, we’ll be really clear about this. We do not apply any exclusions to Life Insurance because of the information we’ve received about you.
Unable to offer cover - This means based on the information received we consider that the chance of you needing to make a claim in the future is higher than we are willing to accept, and so we can’t offer you an insurance policy. It may be that we will re-consider this in the future, for example, if you’ve applied for a policy when medical investigations are outstanding and a diagnosis hasn’t yet been given. Once the outcome of the investigations is known, we may then be able to offer cover. Or it may be that we are unable to offer you an insurance policy either now or at any point in the future, although this doesn’t stop you from applying for a policy with another company, because other insurance companies may come to a different decision.
If you would like to discuss the application process or your underwriting outcome, then our New Business team are more than happy to share the appropriate details with you whether this is over the phone or in writing.
You can call us on 0800 028 6333
Or alternatively email us at [email protected]