Anand Associates says it has successfully followed the underwriting procedure advoc-ated by CBK principal Peter Chadborn in last week’s Money Marketing, whereby a clients’ medical records are submitted with their protection application, for the past two years.
Financial architect James Brooke says if a client cannot confidently answer questions about their medical history, he includes a copy of their records, which he says GPs rarely charge for. He also makes a note on the front of the application which says while the application has been answered honestly, there may be inadvertent or reckless answers. This tells the firm that where there is any doubt, the medical records should take precedence.
Brooke says insurance companies have co-operated with the procedure at no extra charge and underwriting is quicker because GP reports are no longer necessary which proves the procedure is a workable solution to non-disclosure, at least on a small scale.
Brooke says: “The medical records and the statement we include effectively make it impossible for a provider to decline a claim due to inadvertent or reckless non-disclosure.”