July 29, 2020

 Vitamin B12

Arranging life insurance with Vitamin B12 deficiency

Our Client

Our client, a 48-year-old female non-smoker, was looking for £100,000 of life insurance which would provide cover until she reaches the age of 80. Unfortunately, she had been diagnosed with Vitamin B12 deficiency anaemia in her late 30s and been treated with quarterly vitamin B12 injections ever since. Her condition is well managed and she has no other health issues.

What is Vitamin B12 deficiency anaemia?

A lack of vitamin B12 causes Vitamin B12 deficiency anaemia, where the body produces abnormally large red blood cells which cannot function properly. Red blood cells carry oxygen around the body using a substance called haemoglobin.

GPs can identify why there is a deficiency in vitamin B12, and will, in turn, look for any underlying causes. If there is not enough vitamin B12 in your diet, they will give you advice on how to adjust it, or refer you to a dietician.  You may also be advised to take a vitamin B12 supplement (cyanocobalamin), or it is possible that you may need to undergo a course of 1-milligram vitamin B12 injections (hydroxocobalamin). (NHS Choices May 2019)

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 that are 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).

Might they decline the application? We want to avoid wasting time by making applications which may be declined.

How does this condition affect a life insurance application?

Depending upon the severity of the condition, life cover could be available on standard terms with no price increase. However, it is not uncommon for quoted premiums to be loaded by 50% in these instances, because insurers will consider whether there is any risk of the condition reducing life expectancy. The final ‘underwritten’ premium will depend upon several factors such as whether there are any other related medical issues or complications.

The outcome

We discussed our client’s situation with many of the UK’s leading insurance companies, and the ‘potential’ terms being offered range from standard to a 100% loading (twice their standard premiums). For our client, this meant that the quoted monthly premium ranged from £24.39 to £45.50 (subject to underwriting).

Fortunately, we found one insurer who agreed to accept her application on standard terms with no additional loading.

Had our client approached a provider directly, she could have been paying as much as £13 per month more than she needed to for the same level of cover.  In basic terms, a 50% increase in her monthly premium would have cost her an extra £5,000, over the full term of the policy.

It pays to speak with an expert who can search the market for the most suitable policy.

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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