April 8, 2021

Critical Illness Cover With an over Active Thyroid

Critical Illness Cover With an Overactive Thyroid

Our client

We were contacted by Mrs C, a 32-year-old non-smoker, as she was experiencing problems arranging life and critical illness cover.

She required a policy that would ensure funds would be available to repay her mortgage should she suffer a serious medical condition, or pass away during the mortgage term. The mortgage had an outstanding balance of £140,000, over a remaining term of 25 years.

She had applied directly to various providers in the past but had become confused by the advice she had been given.
Although she was in general good health, she had suffered a hormone imbalance since having her son 18 months earlier, which led to an OverActive Thyroid also known as hyperthyroidism. This is where the thyroid gland produces too much of the thyroid’s hormones.

The thyroid gland is located in the neck, and it produces hormones that affect heart rate, body temperature and metabolism.

Having increased levels of these hormones can cause unpleasant and potentially serious health problems which may require treatment.

Mrs C had been taking medication over the previous 6 months prior to speaking to us, and her condition has gradually improved to the point where her GP expects it to be fully under control within the next 18 months.

Insurance providers are generally not worried by an underactive thyroid so long as it is well controlled. However, they are concerned by both underactive and overactive thyroid conditions if they are diagnosed within 6 months prior to application.

Mrs C had attempted to apply to various insurers but had been told that they would write to her GP to obtain medical information, and this would most certainly increase her monthly premiums by an extra 50%. She, therefore, contacted us because she was unsure of how to proceed.

Our Process and advice

At Future Proof, we have access to specialist insurance companies that 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 that may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is 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.

Expert Advice

We know the marketplace well and found at least one provider who would not ask about underactive or overactive thyroid conditions because they do not factor these conditions into their underwriting decisions. They were prepared to offer our client a Decreasing Term Life or earlier Critical Illness policy with an initial sum assured of £140,00, over a term of 25 years for a monthly premium of £25.16.

However, there was a drawback, this particular critical illness policy is nowhere near as comprehensive as others available.

After further research, we recommended that Mrs C apply to the provider who is currently offering one of the most comprehensive critical illness policies on the market. We helped her apply online and answered the medical questions as fully as possible.

The outcome

Within two days, the Provider offered her a policy on standard terms.

The premium for a Decreasing Life or earlier Critical Illness policy with an initial sum assured of £140,000, over a term of 25 years was £29.33 per month.

Mrs C was happy to accept the terms, particularly when we explained to her that this policy was only £4.17 per month more than the cheapest alternative plan and offered better cover on 52 medical conditions.

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.

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.

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

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Why you can trust 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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