October 2, 2018

heart attack

Can I get Life Insurance after a Heart attack and if I have Diabetes?

If, once you’ve read this case study, you’d like to talk through your situation, please call 0800 644 4468 

Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

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.

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Our Client

Mr A, a 66 year old heart attack survivor, contacted us as he required life insurance to ensure funds are available to repay his interest only mortgage should he pass away.

The mortgage has a loan outstanding of £62,500 over a remaining term of 19 years. The most cost effective way of covering this is with a Level Term life Policy.

However Mr A, has experienced problems in arranging life insurance because he suffered a heart attack in 2007. In addition to this in 2012 he was diagnosed with Type 2 Diabetes.

The Outcome

Every insurance provider in the first instance declined to offer cover to Mr A, as he posed a higher risk.

Whilst insurance companies are profit making businesses, they are genuinely not in the business of declining people for no good reason. If you are reasonably healthy, your application should sail through the underwriting process. ( The process that assesses your risk as a future claimant). Be assured 98% of claims were paid in 2017 according to the Association of British Insurers.

Insurers do sometimes turn people down. The reason usually being you’ve got a health condition. If it’s mild, this shouldn’t be a problem. If it’s a moderate condition, you should still be able to get insurance but you may have to pay a raised premium to take into account the higher risk that you pose to the insurance company. If it’s a serious condition, the insurer will have to do the maths on how risky it is to insure you and you may be declined.

However, after extensive research we managed to find one company that would accept Mr A!  Due to his medical disclosures, the insurer agreed to cover him, but wanted to increase the premium to take into account the higher risk because of his medical history.

Mr A was pleased that we were able to arrange a level term life or earlier terminal illness policy with a sum assured of £62,500 over a term of 19 years for a monthly premium of £104.66.

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.

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Next steps

Whilst you are welcome to get a quote on-line we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!

An on-line 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 with 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.

Get a Quote

For more information on the medical conditions mentioned in this case study please click below:

The British Heart Foundation

Diabetes UK

client no: 132457969