There are several rating factors used in determining the cost of a whole life policy. With the exception of funeral plans and single premium investment bonds, most whole of life policies are subject to a medical underwriting process.
The policyholder will complete an application form detailing their personal details,
- age,
- current state of health,
- medical history,
- occupation,
- hazardous pursuits and
- Lifestyle.
An underwriter may also request completion of a medical questionnaire, a medical report from the applicant’s GP or a medical examination. Alternatively, a tele-underwriting interview may take place.