Term life insurance

Health certificate
If you want to take out term life insurance, the insurer will want to assess the insured party’s health. You may be the insured party, but someone else could also be the insured party. The insured party therefore needs to complete a health certificate. Read more about it here:  www.verzekeraars.nl/gezondheidsverklaring  (in Dutch).

Medical adviser
The insurer’s medical adviser will use the health certificate to assess the risk of the insured person dying during the policy term. The insured party may sometimes need to give further information by completing an additional questionnaire. If necessary, the medical adviser will ask a specialist or GP for further information, but can only do so with the insured party’s permission.

The Medical advice step-by-step plan  (in Dutch) explains the medical approval process in more detail.

Medical approval can take between a few days and a few weeks, depending on the type of information the insurer needs from the insured party. For instance, if a medical examination or additional information from a doctor or specialist is needed, the process may take longer.

Medical examination
The insurer can request a medical examination in the following two cases:

  • if the health certificate is insufficient for assessment of the insured party’s health;
  • if the insured amount is €500,000 or more.

The insurer will pay for the medical examination; you will not have to pay anything.

When setting the inspection limit, the insurer will factor in the total amount that it insures.

The health certificate and/or medical examination and your premium
You will need to make various choices when you take out term life insurance and the insurer will initially quote you a premium based on those choices. However, this premium does not factor in the health of the insured party or parties.

Once the health certificate and/or medical examination have been assessed, there are 3 possible results:

  1. The insurer will accept your application right away and the premium will stay the same as the premium you were originally quoted.
  2. The insurer will accept your application, but the premium will be higher. You will be informed of this as soon as possible. You can then decide whether or not you would like to take out the insurance for the higher premium. The insured party will receive a letter explaining why the premium has been increased.
  3. The insurer will not accept your application. You will be informed of this as soon as possible. The insured party will receive a letter explaining why the application has been rejected.

To find out more about the medical approval process, please visit www.verzekeraars.nl/gezondheidsverklaring  (in Dutch) or read the following brochures, which explain the rules the insurer follows.

If you have to have a medical examination due to your health certificate  (in Dutch)

If you have to have a medical examination due to the amount that you want to insure  (in Dutch)

Brochure on insurance and heredity  (in Dutch)

Sample health certificate  (in Dutch)

Explanatory notes to the health certificate  (in Dutch)

In some situations, the insurer will ask for details of your financial situation, as well as the health certificate. The insurer will assess whether it is necessary to do so after receiving your application.

If you are not satisfied with the approval process, you can submit a complaint. If you are not satisfied with how your complaint has been processed, you can write to the independent Dutch complaints tribunal for financial services Klachteninstituut Financiële Dienstverlening (KiFiD). Their address is Postbus 93257, 2509 AG The Hague. You can also take your complaint to court.