Life Insurance and Critical Illness Cover with a history of drug use
We were approached by a client who wanted to arrange protection to cover his mortgage and his partner. He was in his 30s and a non-smoker, but he had had problems applying for insurance in the past because of his history of drug use. The types of drugs Included were amphetamines, cocaine, hallucinogens and cannabis, but he had not used any drugs over the last 5 years. Plus he had only had a few minor health issues such as a hiatus hernia which would not have any impact on him obtaining cover.
Our experienced adviser explained to our client that most insurance companies would ask an applicant whether they had taken drugs in the last 10 years, and agreed to undertake further research on his behalf.
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 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.
We researched the market to improve our understanding of the wording used by each insurance company in relation to drug use. During this process our adviser found that one insurer was only interested where drug use occurred in the last 5 years, and were willing to provide cover on standard terms compared to other companies who would postpone or even decline his application.
We helped our client to secure a Life and Critical Illness policy with a sum assured of £205,000, over a 33-year term (to age 65) on standard terms.
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.
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.
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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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