February 26, 2021

Can I extend my Life Insurance if I have several medical problems?

  • It pays to speak to an expert adviser who knows which insurers will offer you the most sympathetic rates depending on your circumstances
  • Read our Health Conditions guides to understand how different health conditions can affect the terms offered for protection policies

Our client

We were recently approached by a 72-year-old gentleman who was concerned about his existing life insurance policy. He had realised that it would expire when he reaches 79 years old.

He wanted to be able to leave a lump sum for his wife to cover his funeral expenses.

Medical History

Unfortunately, he had suffered from several medical problems over the last few years.  Fortunately, none of them in themselves were serious. They included Diabetes (diagnosed just under a year ago), raised blood pressure and raised cholesterol and a slightly enlarged prostate.

Our Process and advice

At Future Proof, we have access to specialist insurance companies who 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 which 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.

Several medical problems

Once we had a good understanding of his medical history, we started our research process. We wanted to know how the insurers would view it, and what, if any, additional premium they might add to their ‘quoted’ premium.

This process is very important because not all insurers underwrite the same medical condition in the same way. Therefore, simply applying to the insurer offering the cheapest quote will often lead to disappointment because the actual underwritten premium could be vastly different.

We recommended that our client applied for Whole Of Life cover because it is guaranteed to pay out the lump sum upon death whenever that may occur (as long as the premiums had been kept up to date). However, the monthly premiums for this type of cover were over £140, based on a sum assured of £40,000, which was unaffordable for our client.

We discussed the option of reducing the sum assured, but the client was very keen to maintain a policy with a sum assured of at least £40,000.  We, therefore, advised him that the next best option would be a policy with a sum assured of £40,000 until he reaches the age of 90.

Six insurers offered him the cover, and the one we selected (based upon our research) said that subject to a medical report, they should be able to offer it to him on standard terms (no increase on top of the quoted premium).

The Outcome

Over the following few weeks, a report was obtained from his GP and as anticipated, the client secured his cover for a monthly premium of £93.12.

We also advised him to index link his policy to prevent its real value eroding over time due to inflation.  In addition, we helped him to write his policy into a Trust.

Our client could have waited until his existing policy had expired before looking for a replacement, but that would have resulted in much higher premiums due to him being 7 years older. There is always a chance we can’t help people get cover, depending upon their medical history, for example, people with heart problems and diabetes are very unlikely to be able to secure life insurance cover, and if they can, it could be too expensive.

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.

Trusts are not regulated by the Financial Conduct Authority.

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.

Client ID100055464

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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Why you can trust Future Proof.

The benefits of an index-linked insurance policy

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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endorsement of its provider, products or services by us or St. James’s Place.