Life Insurance

Why the ‘term’ of a life policy is so important

Our client

Mr C, contacted us in October 2013 to discuss his existing decreasing term life insurance policy which was in place to cover his repayment mortgage, but due to expire in November 2016.

He was concerned that this policy was not going to provide him with the cover he wanted for his funeral expenses and wanted to know how much a level term life policy over a longer period of time would cost.

We discussed his medical background and the differences between a whole of life policy and a term life policy (one which runs to a specific expiry date).

However, Mr C told us that he was going into hospital for a minor operation on his nose and because of this, all insurance companies we contacted wanted to wait until this operation had been successfully completed.

Our process and advice

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public but can offer more specialised policies that are designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible solution for our clients, which avoids any nasty shocks later on during the underwriting process.

Our client’s health

We got in touch with Mr C in June 2014 to see how the operation on his nose had gone, and he told us that he had just been discharged from hospital having had a triple heart bypass.

A triple heart bypass is a major operation, and given the fact that he also suffers from Diabetes, we knew that he would be unable to obtain ‘medically underwritten’ life insurance.

The only option which was available to him was an over 50’s plan which is more expensive and has several exclusions.

This very clearly illustrates that none of us knows what is around the corner, and as much as this was awful for Mr C, it is a clear example of why it is so important that life insurance is set up over the correct term from the outset.

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.

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


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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.

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