Will having numerous heart conditions affect my life insurance application?
Mr M, a 65-year-old man, had been declined life insurance due to having a number of serious health conditions. He wanted to leave his family with financial protection when he passes away. He has two children in their early 20’s but felt that they were not yet totally financially independent plus his wife, who does not work, has a limited pension.
Mr M had a number of heart conditions which included having two stents fitted a few years ago. A stent is a short, wire-mesh tube which acts as a scaffold to help keep the artery open.
It ensures that the artery to the heart is wide enough to allow blood to flow through more easily. Our client had also suffered damage to his left heart ventricle and also Atrial Fibrillation. Atrial fibrillation is a heart condition that causes an irregular and often abnormally fast heart rate.
In addition, he had raised Cholesterol and raised Blood Pressure which was also impacting on his heart.
Our research process and advice
Once we had a good understanding of Mr M’s situation, requirements and medical history we started our research process.
Will they add a ‘loading’ to the premium (this is an additional amount on top of the standard monthly premium to reflect their additional risk)?
Could they exclude certain conditions?
Might they decline an application? We want to avoid wasting time by making applications which may be declined.
Each insurance provider has their own underwriting guide and we contacted them all to find the best outcome.
Most of the providers we deal with said that they would not offer him cover allowing to the number and severity of his conditions. However, we also work with bespoke insurance providers who specialise in offering cover to people who have very complex medical conditions. One, in particular, was happy to consider our client.
On assessment, the underwriters were happy to provide Mr M with a policy. On the condition that they limit the term to 15 years. The client initially requested longer than this, however, this did take the term until he was age 80.
Mr M was very pleased that we were able to arrange a level term life or earlier terminal illness policy with a sum assured of £175,000 over a term of 15 years for a monthly premium of £360.32 which would provide his family with a large financial cushion.
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.
The British Heart Foundation can provide support and information for those with heart conditions.
FLG number 143397894
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.
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.
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