Can I get life insurance or critical illness cover if I have had a malignant Gastrointestinal tumour (GIST)?
Mr Y is a 41-year-old Farmer who approached us as he was looking for life insurance which would pay out on a monthly basis rather than as a lump sum. He wanted to protect his family by arranging financial support for his wife in the event of his death, which would cover the costs of raising his two children. However, around five years ago, he was diagnosed with a rare form of gastrointestinal stromal cancer.
Gastrointestinal stromal tumours (GISTs) may be malignant (cancer) or benign (not cancer). A stromal tumour is a tumour that arises in the supporting connective tissue of an organ. They are most common in the stomach and small intestine but may be found anywhere in or near the gastrointestinal tract.
Mr Y was looking for a policy based on an annual benefit of £24,000, until his youngest child reaches the age of 21 and is hopefully much less financially dependant upon them.
An insurers perspective
Mr Y had previously encountered difficulties in sourcing suitable life insurance in the past. He applied three years ago and was declined by every high street insurer. Eventually, he had to use a specialist re-insurer to get the cover he needed. At the time, the maximum cover he could obtain was just £55,000 over the term of the policy for a monthly premium of £70. He accepted this as being better than nothing but constantly had the worry that he was massively under-insured.
The major problem the insurers had was that GIST tumours , are very rare and some insurers have no guidelines on how to underwrite the risk. Some insurers would have no comparable documented cases in their portolio’s to guide them and would therefore, decline cases at the outset as a precaution.
felt that we could use our wealth of insurance and medical underwriting
knowledge to help Mr Y obtain the cover he needed.
Once we had a good understanding of his situation, requirements and medical history we started our research process.
This involves us contacting many, and in some cases all, of the UK’s leading insurers to discuss our client’s requirements. The purpose of this is to establish how they might treat his application.
Due to the fact that it had been five years since his last surgery, we found one insurer who would offer cover with an additional amount added to the monthly premium initially but then reduce the premium over time. They offered the lowest rating out of all the providers who would consider his application. In addition, they were prepared to offer him critical illness cover after 2 years at standard rates ( no additional increase to the premium) which is an incredible result considering he has had gastrointestinal cancer.
The monthly premium for the life cover will initially cost him £165.02. However, after 2 years it will reduce to £60.78 for the remainder of the term.
Over the next 19 years and an extra £399.12 (compared to his previous limited cover) he will have almost £400,000 more cover. The best part of this outcome is that he now has peace of mind that should something happen to him, his family will be protected. He was also extremely pleased to find out that he could also get Critical illness cover in two years time.
Client Id: 143301839
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 on-line but we recommend you speak to one of our advisers.
Any quote your adviser provides you with will take into account to 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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