Arranging Life Insurance after recovering from Breast Cancer
We were approached by Ms B, a 37-year-old non-smoker who told us that she had recently taken out a new repayment mortgage of £474,000, over a term of 30 years. She wanted to arrange a mortgage protection policy which would repay her mortgage in full in the event of her death. We obtained quotations and found a competitive premium of £23.14 per month.
However, in 2013 at the age of 31, she was diagnosed with breast cancer.
Getting expert advice is essential
We have a wealth of insurance and medical underwriting knowledge, and once we have a good understanding of your requirements and medical history, we start the research process.
This involves us contacting many, if not all of the UK’s leading insurers to discuss your requirements, the purpose of which is to establish how they might treat a potential application.
We asked Ms B to provide all the information she had available with regard to her breast cancer diagnosis and treatment, and then began our research to find her the most comprehensive cover at a competitive price.
It is incredibly helpful if our clients can provide us with Consultant’s letters, especially those which confirm the grade and stage of cancer, plus details of the treatments they have received. Ms B had grade 2 breast cancer, whereby the cancer cells didn’t look like normal cells and were growing faster than normal cells.
The lump was successfully removed, and followed by both chemo and radiotherapies. Ms B is still receiving ongoing medication.
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.
Most providers were not willing to offer any form of cover initially. They wanted to postpone offering terms for up to nine years because they wanted to observe the outcome of her treatment.
However, during our research, we found two insurance providers who said they would consider offering life insurance. The two insurers indicated the likely cost of their underwritten premiums and both were very different. One was a lot much more expensive than the other, so we submitted Ms B’s application to the insurer which offered better terms for the lower premium.
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
After writing to Ms B’s Oncologist an offer of cover was finally issued by the insurer. They had decided to accept her application for life cover but took into consideration the increased risk that her condition posed. As expected, they charged her an additional premium (a loading). The outcome was exactly in line with our research and the advice given to our client before we submitted her application.
Ms B was very happy to be offered insurance for an increased premium of £132.35 per month. The other insurer told us they would also have offered her the same level of cover, but indicated an underwritten premium of £400 per month. Quotes correct as of September 2019.
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 the premiums provided are indicative only and are 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.
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.
Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.
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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