Peavoy Financial Planning talks Life Insurance Ratings

Peavoy Financial Planning talks Life Insurance Ratings

Its Time to get around to It.

Life Insurance forms the cornerstone of all successful Financial Plans. We cannot predict what life has in store but when it comes to things like premature death (or specified illness), people often think it will never happen to us. However in truth we all know someone who has been affected. Life Insurance as a result isn’t some luxury to be taken out when you can afford it. It is a necessity,because your family can’t afford to be without it.

Life Insurance only pays out when you die. As it only pays out on death, some people hate paying for it, as they will never benefit from it directly themselves. This hate can be doubled if you find you have to pay a higher premium than originally quoted, as a result of an underwriting decision applied to your policy by your insurer. If this is applicable to you, our advice is to take some time out immediatelyand undertake a review of your Life Assurance arrangement.

At Peavoy Financial Planning we have in excess of 20 years’ experience reviewing Life Insurance and Mortgage Protection policies that are deemed to have an increased risk. Over the years we have built up strong relationships with the decision makers in all the insurance companies. Before we go through the whole application process with you, we discuss your specific case with each of them and assess what the likely terms would be. We can provide our clients with terms from up to six different product providers.  These are Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich.  This ensures you will get offered the Best Terms available to you in the Irish market for your Life Assurance or Mortgage Protection arrangements.

Whilst the majority of people receive ordinary rates for life assurance, there are other possible decisions. If you have received any of the following decisions from your insurer pick up the phone to us or a Financial Adviser who deals with all six insurers and organise a review.

  • Rated – When the underwriter determines there is an increased risk, they may apply a rating which is an increase on your premium. These ratings start at +50% and generally increase in increments of 25%.
  • Exclusions – When an underwriter determines there is an increased risk of a particular event happening they may look to apply an exclusion. Exclusions are generally applied to Specified Illness Cover or Income Protection policies
  • Postponed – When an underwriter determines the risk presented is beyond the rating ranges or if you are currently under investigation then cover is postponed.
  • Restriction to Term – When an underwriter determines that cover could be offered but is unable to determine the risk beyond a certain period, then cover is restricted.
  • Decline – When an underwriter determines the risk prevented is to high to offer cover at the present time or in the future then cover is declined.

So what next?

A review of your Life Insurance Policy or Mortgage Protection policy could lead to substantial savings over the lifetime of your policy If you would like to have a chat with me here at Peavoy Financial Planning please do make contact with me and we will work through your current situation with you.  I can be contacted on 087-2902206 or alternatively by email on

David Peavoy BA, QFA, LIAP is the Owner of Peavoy Financial Planning whose practice is based in Office 5b, Portlaoise Enterprise Centre, Clonminam Business Park, Portlaoise, Co Laois.

David Peavoy T/A Peavoy Financial Planning is regulated by the Central Bank of Ireland

Disclaimer: All data and information provided within this blog is for information purposes only. It should not be taken as specific advice for your situation. Peavoy Financial Planning makes no representations as to the accuracy. completeness, or suitability of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its use


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