Don’t wait until it’s too late

Remember the time to take out insurance is when you are healthy! It is too late once you are ill or have an accident to apply for insurance. Insurance companies will decline your application or increase the premium because you present a higher risk to them. We call this process, an underwriting process. Appropriate underwriting ensures that lower risk policy holders are not subsidising higher risk policy holders. It allows premiums to be competitively priced and remain low. This is a good thing. Nobody wants to be paying higher premiums due to other unhealthy, ill policyholders draining their insurer’s financial reserves.

Fortunately this doesn’t happen because insurers decline high risk applicants, or increase their individual premiums substantially through appropriate underwriting. Therefore, be smart and take out insurance when you are healthy. If you wait until you really think you’ll need it, it’s often too late.

The Underwriting Process

WHK Risk Management Services manage the whole underwriting process for you, making it very easy. It usually takes between 2 and 6 weeks from when you first apply for personal insurance, until being fully accepted. Sometimes it takes a shorter period of time, and other times longer depending on the circumstances.