How a family history of breast cancer affects a critical illness application?
We were recently approached by a 39 year client, Mrs H who, along with her husband wanted to arrange life and critical illness cover. We discussed various quotes and they agreed to apply for a combination of policies which would offer a total of £250,000 of level term life insurance each until they reached the ages of 75 years as well as critical illness cover of £15,000 each until they reached the age of 65 years.
However Mrs H’s mother was diagnosed with breast cancer when she was aged 45 years of age. Whilst it is possible to obtain life insurance on standard terms with a family history of breast cancer, most insurance providers will increase the premium for critical illness element of the cover. Some providers will even decline to (exclude) cover breast cancer for critical illness policies. This is because the largest proportion of critical illness claims from females are for breast cancer. This has been confirmed by Robert Morrison, chief protection underwriter for Aviva who said: “Unfortunately one in eight women in the UK will develop breast cancer in their lifetime and it’s by far the most common cause of critical illness claims amongst our customers, accounting for well over two-fifths of claims last year.
We applied to one Insurance Provider who offered the lowest, initial quotes for the required cover. However, once they had completed their underwriting procedures, they offered a final premium of £79.14 a month. This was outside our clients’ budget, therefore we applied to a second provider who offered the same policy for £67.53 which is a premium that our clients are happy to proceed with.
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.
- How a critical illness claim was paid after our client was diagnosed with cancer in the womb.
- Arranging Life Insurance after recovering from Colon Cancer
- Arranging Life Insurance after recovering from Breast Cancer
- Arranging life cover after recovering from Prostate cancer
- Arranging life insurance after surviving lung cancer
- Life insurance after testicular cancer
This really illustrates that if you have a family history of breast cancer or any other serious medical condition it really does pay to take expert advice to ensure you really are getting the best deal available for your circumstances.
- Did you know that the ABI (the Association of British Insurers) said that 92% of all critical illness claims were paid in 2014?
- And the average critical illness claim paid was £67,039 in 2014.
To discuss arranging Life Insurance or Critical Illness or an Income Protection policy call us for friendly and expert advice.
Freephone: 0800 644 4468 or if you are calling from a mobile 01737 336990.
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“With lots of medical issues I thought we would have no chance but now we both have excellent life & critical illness insurance policy at a good price” Posted on the Review Centre 31/10/15