January 14, 2021
CT scan of the patient's brain and the hand of a doctor. Photo.

Can I get Life Insurance after a having stroke?

What is a stroke?

A stroke is a serious, life-threatening medical condition that occurs when the blood supply to part of the brain is cut off.  Strokes are a medical emergency and urgent treatment is essential. The sooner a person receives treatment, the better chance they have of making a full recovery.

The main symptoms of stroke can be remembered by thinking FAST:

Face-Arms-Speech-Time.

  • Face – the persons face may have dropped on one side, they may not be able to smile or their mouth or eye may have dropped
  • Arms – they may not be able to lift both arms and keep them there, due to arm weakness or numbness in one arm
  • Speech – their speech may be slurred or garbled, or they may not be able to talk at all despite appearing to be awake
  • Time – dial 999 immediately if you see any of these signs or symptoms

Source: NHS August 2019

Our client

We were recently approached by a 62-year-old gentleman who wanted to arrange life insurance. He needed cover in place to protect his mortgage and leave a lump sum for his family should he pass away.

He told us that he had suffered a mild stroke about 6 years previously. Owing to this he takes a combination of medication as a result.  As well as medication for blood pressure and cholesterol, he was also slightly overweight with a BMI of 32.  Recently, he had also had some mild issues with his prostate. Although his GP wasn’t overly concerned and no treatment was required.

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. We 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.

The application process

After some discussion and research, we helped our client to make an application to a leading insurer. We were confident that we could help him secure cover. However, after they received the report from his GP. they added a loading to his quoted premium, which was much higher than we had anticipated. Their standard quoted premium had been increased by 300%!

We were surprised about this as we had researched who best provider might be before recommending this particular insurer. However, a stroke can have serious life changing consequences, and some insurers take the view that it is prudent to make a large increase to their quoted premium to cover their increased risk.

The Outcome

The client obtained a copy of his GP’s report and sent a copy to us. We then completed some more additional research and recommended a different insurer.

They told us that subject to them obtaining their own reports, they would probably be able to offer the cover with a loading of 100%. Our client was happy to apply on this basis. A few weeks later the offer was issued which was better than our expectations and £216.01 per month better than the first offer we received!

The policies in place

Our client plans to pay off his interest-only mortgage in 5 years’ time. As such, we recommended a 5-year level term policy with a sum assured of £175,000.  We also arranged a second policy for him with a sum assured of £150,000, which provides cover over 22 years (he couldn’t afford the cost for Whole of Life cover). This combination of policies is a cost-effective way of covering his mortgage (£175,000) for the next 5 years. Coupled with leaving a reasonable lump sum in place for his family (£150,000) after the mortgage has been paid off.

The underwritten combined cost of the policies was £299.16 per month. Although, this will reduce to £196.56 in 5 years’ time when the cover reduces to a single policy of £150,000.

This goes to show the value of specialist advice, as well as persistence really can pay off.

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.

Client Ref: 105421457

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.

Call me back

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

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.