October 22, 2020

Arranging life insurance after surviving lung cancer

Arranging life insurance after surviving lung cancer

Our client

We were recently approached by a 42-year-old lady who was hoping to arrange some life insurance to protect her mortgage. The outstanding balance of her mortgage was £149,000, and the remaining term was 15 years.

Our client had previously looked into arranging some mortgage cover but had either been turned down (declined), or had been quoted unaffordable premiums as she was diagnosed with lung cancer 8 years ago.

The medical condition

Our client had a carcinoid tumour and lobectomy was completed the same month that it was discovered. The carcinoid tumours usually grow in the bowels or appendix, but can also be found in the stomach, pancreas, lung, breast, kidney, ovaries or testicles. These types of tumours tend to grow very slowly.

Fortunately, no further treatment (chemotherapy or radiotherapy) was required and our client made a full recovery.

Our process

When a client has a pre-existing condition or has suffered a serious illness in the past, the first thing we do is pick up the phone and speak to underwriters at many of the UK’s leading insurance companies.

Discussing all of our client’s medical history helps us to identify the best company to apply to. It avoids wasting time applying to companies who may be too expensive or worse, decline an application.

This involves us contacting many and in some cases all, of the UK’s leading insurers to discuss your requirements. The purpose of this is to establish how they might treat an application.

Will they add a ‘loading’ to the premium? (this is an additional amount on top of the standard monthly premium to reflect their additional risk)

Would an insurer exclude certain conditions?

Will they decline an application? We want to avoid wasting your time and ours by making applications which might be declined.

We discussed her situation with several Insurance Company underwriters. The best of which said they would probably be able to offer her cover on standard terms (with no increase on top of the basic premium). This would be subject to their underwriting and a report from our client’s GP.

The outcome

Two weeks later the medical report had been assessed and standard terms were offered!

Our client now has a decreasing life insurance policy with an initial sum assured of £149,000, over a term of 15 years for a monthly premium of £10.55.

Arranging life insurance after surviving lung cancer can be tricky

We have expert knowledge of the ever-changing landscape of underwriting for all providers in the UK and are fully committed to research so that you don’t have to. What’s more, our advice is given without obligation or any 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.

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 at the time would still be offered. Although it is likely that the rates will have changed, any figure quoted would be fully discussed with you before any plan is implemented.

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.

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.

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

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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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