Arranging Life Insurance after recovering from Colon Cancer
In May 2012 we were approached by Mr C, aged 64. He had a life insurance policy in place which had started in January 2010. The policy offered level term life insurance of £50,000 over an original term of 10 years. and his monthly premium had been increased from £26.57 to £82.82 due to his medical history. The premium had been (loaded) because he had been diagnosed with colon cancer (Dukes’ Stage 3) in October 2000. However, his treatment was successful and he was in full remission.
Mr C called us to see whether we could help him to obtain a replacement policy with a lower premium. In most cases, life insurance becomes more expensive as you grow older because the premiums at the outset are based on age. However, when a policy is ‘loaded’ due to medical history, particularly with conditions such as cancer, the underwriting terms can improve the longer the period of time since the condition was diagnosed and treated, assuming that there have been no relapses.
We were able to arrange the life insurance in 2012 which offered a sum assured of £52,500 over a term of 14 years, for a premium of £47.25. But again the premium was increased from the original quote, albeit by a lower amount than the original premium.
Our process and advice
At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.
Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.
Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition?
Might they decline the application? We want to avoid wasting time by making applications which may be declined.
We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK and are committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs. You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.
An excellent outcome
We contact our clients by telephone every year to ensure that their policy still meets their requirements., and following our call to him in July 2015, Mr C asked whether we could improve the terms of his life insurance even further. We contacted various Insurance providers to ask what their view might be if he were to apply to them for a replacement policy. We were pleased to be informed that as 15 years had passed since he was diagnosed with colon cancer, he could obtain life insurance on standard rates. We discussed his options and rather than reduce his premium, he decided to keep the sum assured at £52,500, but increase the term to 20 years for a premium of £48.72.
An experienced advisers knowledge of the market could help you save a lot of wasted time and ultimate disappointment.
All our case studies are based on actual client scenarios, many of which pre-date 2020. We are confident that the acceptance decision made by the insurers would still be offered, although it is likely that the rates will have changed. Your own circumstances will determine what amount will be payable and this would be fully discussed with you before any plan is implemented.
Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only.
Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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Interested in related stories?
Take a look at our handy guides ‘What Cover is Right for me?’
Do you suffer from a medical condition and concerned you can’t secure Life Insurance? Please view our ‘Medical Guides’ for further information.
Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success. All applications are subject to underwriting.
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