June 21, 2021
Declined life insurance because of a benign breast lump? Fibroadenoma

Declined life insurance because of a benign breast lump? Fibroadenoma

Our Client

Ms M found Future Proof from one of the many medical blogs we post online. Her and her partner were due to move to a new house and they both wanted life insurance to cover their mortgage should either of them pass away. I suggested that they also consider Critical Illness cover which would protect them against the financial impact of becoming critically ill. All Critical Illness policies cover three core conditions: Cancer, Heart attack and Stroke but the list of the conditions which are covered and the definitions of an illness, vary a great deal among insurers.

Previously, they had been declined cover by a large high street insurer due to Ms M’s medical condition. She is 26 years old and currently pregnant, but had found a lump (Benign fibroadenoma) in her breast.

What is a fibroadenoma?

A fibroadenoma is a very common benign (not cancer) breast condition.

Fibroadenomas often develop during puberty so are mostly found in young women, but they can occur in women of any age. Men can also get fibroadenomas, but this is very rare.

Symptoms of fibroadenoma

A fibroadenoma is usually felt as a lump in the breast which is smooth to the touch and moves easily under the skin.

Fibroadenomas are usually painless, but sometimes they may feel tender or even painful, particularly just before a period.

Types of fibroadenoma

Simple fibroadenoma
Most fibroadenomas are about 1–3cm in size and are called simple fibroadenomas. When looked at under a microscope, simple fibroadenomas will look the same all over and do not increase the risk of developing breast cancer in the future.

Complex fibroadenoma
Some fibroadenomas are called complex fibroadenomas. When these are looked at under a microscope, some of the cells have different features. Having a complex fibroadenoma can very slightly increase the risk of developing breast cancer in the future.

Giant or juvenile fibroadenoma
Occasionally, a fibroadenoma can grow to more than 5cm and may be called a giant fibroadenoma. Those found in teenage girls may be called juvenile fibroadenomas.

Treatment and follow-up

In most cases, treatment or follow-ups are not required but you would typically be asked to go back to your GP or the breast clinic if it increases in size, or you notice any changes.

Most fibroadenomas stay the same size. Some get smaller and some eventually disappear over time. However, a small number of fibroadenomas get bigger, particularly those in teenage girls. Fibroadenomas can also get bigger during pregnancy and breastfeeding or while taking hormone replacement therapy (HRT) but usually, reduce in size again afterwards.

Source: Breast Cancer Now July 2019.

Our Process and advice

At Future Proof, we have access to specialist insurance companies that 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 that may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is 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.

The Outcome

We completed the research and found an insurer who was willing to offer our client standard rates for life cover – a stark contrast to the insurer that declined to offer her cover previously.

The challenge was to find an insurer who would accept Ms M for critical illness cover without excluding Breast cancer. Eventually, I found one insurer who would offer her standard rates with no increase in premium, AND include cover for breast cancer

We suggested that she include children’s critical illness cover to the policy as she is pregnant and would therefore give her peace of mind for the future. Many critical illness policies include children’s cover as standard but some require you to opt-in and we can advise on this at the time of application.

The couple are now happy to have in place a Joint Decreasing Term policy to cover their mortgage of £270,000, over 35 years for a monthly premium of £13.97.

They also have a Life or earlier Critical Illness policy each with a sum assured of £30,000 until their 68th birthdays for a total monthly premium of £27.33.

Children’s Critical illness was added to their critical illness policies insuring an additional £25,000 for an extra monthly premium of £4.48.

Total premium and financial peace of mind for all three was £45.78.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and 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.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Call me back

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

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.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.