When you apply for new personal insurance, the insurer underwrites you: it looks at your health, medical history and age before deciding what it will offer. There are four possible outcomes: standard cover, cover with a premium loading, cover with a specific exclusion, or a decline.

In this video, McKern financial adviser Kristian Tangan explains each outcome with real examples: a loading for high cholesterol or a past heart attack, or an exclusion for a previously removed melanoma or back problems. That's why it's worth getting advice before you cancel or replace any existing cover.

In this video

0:10 What is a waiting period?

0:55 The four underwriting outcomes

General information only, not personal advice.