Life insurance with Idiopathic thrombocytopenic purpura (ITP)
We were approached by a lady who had an existing life insurance plan. She wanted to increase the sum assured and the term of the policy in order to provide additional security for her daughter. Her existing policy had a sum assured of £40,000, over a term which would expire at age 71 and her monthly premium was £19.75, This policy had only been running for four years.
Our client was diagnosed with Idiopathic thrombocytopenic purpura (ITP) as a child.
What is ITP?
Idiopathic thrombocytopenic purpura* is an immune disorder which prevents blood from clotting normally, and can cause excessive bruising and bleeding. This condition is now more commonly referred to as immune thrombocytopenia (ITP). It is an autoimmune condition which, although incurable, can be well managed.* source Healthline.com Feb 2018
Our process and advice
At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public but can offer more specialised policies, where other major insurers can’t.
Our research process involves us contacting many insurers to find out the best possible outcome for our clients. This avoids any nasty shocks later on during the application and 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)
Might they decline the application? We want to avoid wasting time by making applications which may be declined.
We investigated how Insurance Providers would view her application. Her existing Provider confirmed that they had obtained a medical report from her GP with her original application.
Her existing premium had been increased by an additional 200% from the standard quoted premium. In other words, the premium initially quoted was approximately £6.58, but this was then increased to £19.75 after the Insurer had assessed her medical information.
Going forward, her Insurance Provider confirmed that they would need an up to date medical report from her GP before they would be able to offer her any new cover. If there had been no changes to the client’s health since the previous application, they advised that they would increase their quoted premium by anywhere between an extra 100% to 200%, as with her existing cover.
Their standard quoted premium for a plan offering £45,000 of level term life cover to the age of 80 was £15.26 per month – meaning that her final premium would, in fact, be somewhere between £30.52 and £45.78 per month.
We spoke to other Insurance Providers and they all stated that they would need a doctor’s report to fully assess her application, which is due to there being so many variances with autoimmune conditions.
A brilliant outcome
One company advised that they would hope to offer standard terms (no increase on top of the basic premium). An application was submitted to this company and they duly contacted the client’s GP and obtained a medical report. This provider has now offered the client a replacement policy on standard terms.
The new cover is a level term life insurance plan with a sum assured of £45,000, over a term that runs to the client’s 80th birthday for a monthly premium of £16.54. This policy offers her more cover over a longer-term than her previous plan, and amazingly she has actually reduced her monthly costs.
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 your adviser provides you with will take into account your circumstances, your 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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