Published on 30/05/2012
According to a new survey, a third of people would consider lying on an insurance application form in order to keep their premiums down.
When investing in income protection, health insurance or life insurance, it is likely that you will have to answer questions about your health, your family history and your smoking status.
But according to Zurich, a third of consumers would consider embellishing their responses on an application form, and the same proportion would be tempted to not disclose information fully on certain questions.
72 per cent believe that there are circumstances when it is acceptable to stretch the truth or tell a white lie.
The survey shows that questions about weight alcohol consumption, family history and medical health were the most likely to illicit partial responses.
And 44 per cent of participants said that price was more important than having peace of mind that they were covered.
Phil Brown, head of protection and underwriting at Zurich UK Life, said while it is understandable that consumers are putting cost first in the current economic climate, failing to disclose information could prove an expensive mistake in the long run.
He said: “Failing to disclose all information at the application stage could have disastrous consequences in the long term when a future claim is rendered invalid.”
There are other ways that you can lower your premiums without sacrificing on cover on health insurance, life insurance and income protection. Our comparison system will allow you to tailor your quotes to perfectly suit your needs and your budget.
© ActiveQuote Ltd. 2012Categories: Income Protection
, Life Insurance
, Health Insurance