October 21, 2014

Arranging Life Insurance with a Benign Brain Tumour

Our client

We were recently contacted by our client Graham because his existing life insurance policy was due to expire in 5 years’ time. This is when he would be roughly 72 years old.  He told us that he needed longer-term cover. He wanted to provide ongoing financial security for his wife.

His existing plan provided £18,000 of level term life insurance for a monthly premium of £49.82. This had been increased (loaded) by an additional 300% due to his medical history.

A ‘loading’ is an additional amount that an insurer may charge, on top of their quoted premium. After the insurer has completed its underwriting process. The loading reflects the additional risk an insurer believes they are taking on by offering cover to an applicant due to their medical history.

Benign brain tumour

Graham had been diagnosed with a Meningioma or a benign brain tumour. This was after he suffered a grand mal epileptic fit almost 20 years previously. (A tonic-clonic seizure, previously known as a “grand mal”, is what most people think of as a typical epileptic fit). He was prescribed daily medication to ensure that no further fits occurred but was initially told that the tumour was inoperable.

Since his original diagnosis, numerous medical breakthroughs have been made. Therefore his doctors have now offered to surgically remove the tumour.  Our client has decided against surgery as his condition does not affect his day to day activities.

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. We 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.

This also means we avoid applying to companies who will end up being too expensive or worse, decline an application. By completing our research thoroughly, we are able to avoid wasting time and obtain the best terms possible for our clients.

We contacted all of the major Insurance Providers to discuss what terms would be available for arranging life insurance with a benign tumour.

Graham’s condition was so unusual that most of the providers we spoke to said that they would decline to offer him cover.  However, we did speak to two companies who indicated that they might, subject to an assessment of a full application and medical report from his GP.  After completing some further research, we recommended to Graham that we apply simultaneously to both providers, and opt for the one offering the best terms and most competitive premium.

A positive outcome

Both Insurance providers wrote to Graham’s GP and offered terms within days of each other.

The first provider offered the full amount of cover Graham required but increased their standard premium by an additional 125%, and the second provider by an additional 50%.

Graham now has a life insurance policy with a sum assured of £20,000 on a level term basis, over a term of 17 years for a monthly premium of £41.89.

He has more than doubled the term of his cover, increased the sum assured, and also reduced his premium. A happy client!

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.

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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