According to fresh research from the specialist insurance company BestDealInsurance, as many as four out of ten people could be facing hugely inflated life insurance premiums due to loaded ratings.
Life insurance companies, who load ratings for what can be very minor ailments, could be making huge profits on the policies . The chief executive of BestDeal, David Thomson, reportedly commented:
"It is scandalous just how many consumers are getting hammered by their life insurer for so-called health risks. For example, if you want insurance and a family member has multiple sclerosis some companies will impose a limitation on to what you are covered for. And if you are a female and have a family history of breast cancer (where the sufferer was aged under 50) you will attract an automatic 50% rating from one insurer but will pay standard rates with another."
He continued: "Ten years ago, around 80% of us would have taken out life insurance at a standard rate, with no loadings. Yet now – despite the great advances in medicine, earlier detection methods and increased survival rates for people who have suffered from a serious illness - only 60% of us can expect not to have our premiums hiked up. That leaves an astounding 40% of people facing loadings on their insurance – mostly which is down to the insurers’ using any minor health ailment or family association as an excuse to bump up your life insurance premiums and therefore put more money in their pockets."
40 percent of life insurance customers could be being ripped off
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40 percent of life insurance customers could be being ripped off
Wed, 04 Apr 2007
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