Cardiovascular issues or diseases are terms for a range of conditions which affect the heart or blood vessels. Arranging life insurance for someone with a history of a serious cardiovascular issue such as a heart attack, angina or a stroke is usually possible with some insurers. There will almost certainly be an increase from the quoted premium but it is important to find the most appropriate insurer for you individual circumstances.

In some circumstances, insurers will not offer any cover at all. An example of when this could happen is for someone who has had multiple heart attacks within the past few years. A decline of cover would also take place if someone has a combination of conditions such as angina or stroke and diabetes.

What is Cardiovascular Disease?

There are 4 main types of cardiovascular disease:

  • Coronary artery disease such as heart attack, angina and heart failure.
  • Strokes and Transient Ischaemic Attacks (TIA) where the flow of blood to the brain is cut off. This can lead to damage to the brain or result in death.
  • Peripheral Artery Disease is when blockages occur in the arteries to one of the limbs.
  • Aortic Diseases are a range of conditions affecting the Aorta, which is the largest blood vessel in the body which carried blood from the heart to the rest of the body.

All of these conditions are generally connected to the build-up of fatty deposits in the arteries. They can in a majority of cases be prevented through healthy lifestyle choices.

 

  • Case Study

    We were recently approached by a 55 year old gentleman who was hoping to arrange some life insurance cover (£200,000) over a 14 year term. The purpose of the cover was to provide a lump sum if he was to pass away, whilst his children are still in full time education (his youngest child is 8). He told us that he had a stent fitted just over 5 years ago. Since then he has had no further problems, but is taking on-going medication for raised blood pressure and cholesterol. Obtaining cover is also slightly complicated by the fact that he smokes about 20 cigarettes a day.

    We completed our research, with several insurers indicating that they would decline an application. However we found 2 companies who said they may be prepared to offer him cover (subject to a report from his GP and a medical being completed) with a loading of between 100% – 150%. This is the amount the basic or quoted premium would be increased by. We discussed this and the potential final cost with our client, once he had thought about it, he decided to complete an application.

    After a few weeks, once the insurer had gathered all of the medical information, an offer was issued: £200,000 life and terminal illness cover, on a level term basis over a term of 14 years, for a final premium of £224.38 per month, which the client accepted.

    Please note that the premiums provided are indicative only and based on this specific 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. Premiums correct as of Dec 2018

What is needed to make an application?

During the application process, the insurer will generally ask for the date you were diagnosed with your condition, the treatment received and the number of occurrences or last symptoms. You can expect the insurer to write to your GP to request the rest of the information they require in order to assess the application.

The underwriters will then make their decision based on the evidence received which will show what treatment has been given and readings such as any recent exercise heart stress tests and angiograms.

Can I obtain critical illness or income protection?

As a general rule, critical illness and income protection policies are not available for people with a history of cardiovascular disease. There are some specialist insurers who may be able to offer some critical illness cover which will have exclusions relating to conditions connected to the cardiovascular system. It is best to obtain some expert advice before taking one of these policies out to ensure you are aware of the exclusions in place and what they mean.

It may also be worth considering accident policies which are not medically underwritten. They pay out lump sums for injuries ranging from broken bones to limb paralysis. Some policies also pay a daily benefit if you are hospitalised.

How much will it cost?

Prices vary depending on the age of the applicant, the sum assured, the condition suffered and the severity.

A non-smoker who has had a heart attack six years ago, aged 60 which resulted in no adverse long-term effects could arrange a policy upon the assessment of a doctor’s report.

  • A 50 year old looking for £75,000 of life cover to end at age 80 would pay £41.48 per month.
  • A 60 year old looking for £75,000 of life cover to end at age 80 would pay £77.94 per month.
  • A 70 year old looking for £75,000 of life cover to end at age 80 would pay £154.54 per month.

Please note that the premiums provided are indicative only and based on this specific 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. Premiums correct as of Dec 2018.

All insurers have declined, what are my options?

Should your application be declined, postponed or the premium be loaded to an unaffordable amount, then there are other options available.

If you are aged 50 or over then you can obtain a policy which doesn’t take your medical history into account. These policies are usually good if you want to leave a sum to your family to pay for funeral costs or to leave a legacy behind when you pass away.

Applicants under 50 years old or in need of a policy which runs for a certain number of years may be able to arrange cover through specialist insurance providers. It is worth speaking to an adviser about these, please call us on 0800 644 4468 to speak to one of our expert advisers.

Would you like some advice?

Contact one of our team now to get impartial & helpful advice

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