Who are Special Risk Clients?
Special risk clients are people who require life or health cover but may find difficulty in obtaining it by virtue of the size of the cover needed, a current or previous medical condition , or because they may pursue a hazardous pastime or occupation.
Why Is It Necessary To Have A Special Risks Bureau?
The British Insurance industry is structured to offer competitive terms to the vast majority of the public.
Most clients have unremarkable medical histories and are not involved in occupations or activities that might be considered dangerous and hazardous. For this group finding competitively priced life and health assurance is relatively easy. In the industry, the members of this group are often referred to as “standard risks”.
People who do not fall into this group require specialised help and appraisal, may often find an enormous variance in the speed of response in the way their cases are judged and in the information that they might be asked to provide. Ultimately they may find it difficult to obtain competitively priced cover. This group were historically called “Impaired Lives” but we much prefer the phrase “Special Risks”.
The Special Risks Bureau has been formed to provide a centre of excellence for these special clients and to nurture a particular relationship with those insurance companies willing to give the depth of consideration these cases often need. We employ our own medical underwriters to assess and progress the case, with the objective of securing competitive terms for our clients.
Why Is My Current Health And Past Medical History Important?
Insurance companies seek to assess your family history and past medical history to ascertain both positive and negative factors, which will lead them to quantify the type of risk they are accepting.
They are also interested in your current state of health.It is important that the client provides the maximum of information so that a full view of the situation can be made. Just because there is something negative in your medical past does not mean there are not other compensating factors that will lead you to be able to receive cover as a standard risk.
My Occupation and Pastimes - Why Are They Important?
Both are risk factors. Office workers are less likely to be seriously injured at work than builders or firemen. Those who engage in motor sports, scuba diving, private flying or rock climbing are more likely to be in danger than ramblers, anglers and chess players.
It is unlikely that either a hazardous pastime or occupation would universally exclude you, although some companies may not wish to offer cover. We need to match the possible risk to the company willing to accept it and check that the policy wording covers the activity you intend to pursue.
Why Is The Amount Of Cover Important?
The insurance industry is in the business of assessing risk and providing cover. A large number of customer's each requiring reasonably modest levels of cover allows insurance companies to spread their risk over a wide number of individuals.
They become far more discerning when a few individuals represent large potential claims. In these cases insurers are likely to be far more interested in the health, occupations and pastimes of each client and take particular interest in reasons why such a high level of cover is necessary.
What If I Am Not Accepted As A Standard Risk?
All it means is that your cover is going to be on a different basis than the majority of clients. It may mean you will have to pay more for your cover. It may mean that you will have to accept lower levels of cover. It may mean that your cover may have to be over a shorter period than you intended. In some cases the cover offered might have exclusions placed on it. We will advise you of your options.
The SRB approach improves the quality of information provided and shares it with a wider number of insurers. A client deemed to be non-standard might well be offered cover and would be wise to accept it.
If I am deemed to be Non standard does it mean I am more likely to die?
As an individual - no.
You may well outlast us all. Companies only assess risk. They cannot see into the future. All the assessment says is that at the moment you present a higher risk than those assessed as Standard lives.
Will I always be non-standard?
No not necessarily. Your conditions or circumstances may change and underwriting attitudes change. We will reassess your cover on a regular basis.
Could I be refused cover?
Yes it is possible, but we hope rare. Our medical underwriters may advise you at the outset that in their opinion the case is unlikely to be accepted by the market. In some cases cover will be offered after a period has elapsed from a recent medical condition. If this is the case we will contact you at the end of that period to arrange cover. In all cases we will try to find other forms of cover - at Lloyds of London for instance.
