Am I too thin to get Life Insurance? A Future Proof case study

Am I too thin to get Life Insurance? A Future Proof case study

Our client

Mr B, a 51-year-old smoker recently contacted us because he wanted to increase his life insurance cover to £250,000. His existing plan provided £120,000 of cover over an original term of 25 years, for a monthly premium of £92.

We initially looked at quotes purely to “top up” his existing life insurance policy by £130,000 and discussed his current circumstances. Although he mentioned that he was taking medication for anxiety, the premium he was paying for his existing cover seemed to be unusually high for the level of cover he had.

Our next step was to contact his existing provider, where it transpired that his premium had been increased by an additional 75% partly due to his height and weight.

Whilst most people are aware that a higher BMI could potentially increase the cost of life insurance, they wouldn’t necessarily think that the opposite, being too thin, could be an issue as well. Because of his build, Mr B was classed as being ”underweight” and it was due to this that his premium was increased. However, he had not been made aware of this when he took out the cover.

For most adults, an ideal BMI is in the 18.5 to 24.9 range.

If your BMI is:

  • below 18.5 – you’re in the underweight range
  • between 18.5 and 24.9 – you’re in the healthy weight range

Our process and advice

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.

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 which may be declined.

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 with no obligation or 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

We approached various insurance companies and found a provider who would offer him the cover he wanted on standard terms, (with no increase to the standard premium) whilst taking into account both his anxiety disclosure and his build. In view of the cost, we replaced his existing ‘rated’ policy with new cover for the full amount of £250,000, which is more than double what he had before, and all for an additional £30 a month.

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.

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 whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

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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