March 12, 2021

Can I get Life Insurance, Critical Illness or Income Protection With Heart Disease?

Heart Disease

We are increasingly being approached by people who are asking us about whether they will be able to arrange life insurance if they have a history of heart disease. Many of them are telling us that they have already made an application themselves but were either declined or the premiums they were offered were un-affordable.

As qualified expert advisers, we understand that each person’s situation is unique. Once we have discussed their background and medical history, we complete thorough research to assess which options are available to them (and which options are not).

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.

What questions will I be asked about my Heart disease?

We assess each individual and arranging cover will depend upon:

  • Their age at the time of diagnosis
  • What treatment they have undertaken
  • How long ago it has been since they have undergone any operation

Our Client

We were approached by a 55-year-old gentleman who was hoping to arrange some life insurance cover. He needed a policy with a sum assured of £200,000, over a 14-year term.

The purpose of the cover was to provide a lump sum for his family if he were to pass away whilst his children were still in full-time education (his youngest child was 8 years old).

He told us that he had a stent fitted just over 5 years previously, and since then had no further problems. However, he was taking on-going medication for raised blood pressure and cholesterol and smoked approximately 20 cigarettes per day.

The Outcome

We spoke to several insurers, and all of them told us that that they would decline his application.

However, we did find two companies who said that subject to receiving a report from his GP and a medical being completed, they might be prepared to offer him cover, albeit with a loading of between 100% – 150% (this is a charge made on top of their standard quoted premium).
We discussed this with our client and he decided to complete an application.

Once the insurer had gathered all his medical information, they offered him a level term life or earlier terminal illness policy with a sum assured of £200,000 over a term of 14 years. His final monthly premium was £317.58.

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

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

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.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.