September 29, 2020

Life Insurance with Epilepsy and Benign Brain Cyst

Life Insurance with Epilepsy and Benign Brain Cyst

Our client

Mr H, a 30-year-old non-smoker, contacted us as he had recently moved house and increased his mortgage.  The had had two children since arranging his original decreasing life insurance policy which was no longer sufficient to repay the mortgage should he pass away.

His existing policy would not fully repay his mortgage should he pass away.  Mr H also hoped to provide further financial security to his young family although he had a limited budget.

Unfortunately, Mr H had suffered several blackouts during 2013, and underwent full neurological investigations which found that he had an arachnoid cyst on the temporal lobe of his brain.

Arachnoid cysts are fluid-filled sacs located between the brain and the arachnoid membrane. They are a congenital disorder and in many cases, sufferers never show symptoms.

However, in Mr H’s case, this condition had led to epilepsy.  He had the cyst surgically drained in 2014 and will need to take medication to control his epilepsy for the rest of his life.   Thankfully he has made a good recovery and returned to full-time employment.

Our advice

We looked into various solutions for him and found that a decreasing term policy with an initial sum assured of £130,000, (his outstanding mortgage), over a 32-year term would cost on standard rates, £6.27 per month.

However, a level term policy with a sum assured of £130,000 over 32 years would, on standard rates, cost £7.83 per month.   Mr H decided to apply for the level term policy on the basis that the sum assured remains the same throughout the term, this would offer an increasing level of family protection as his mortgage balance reduces over time.

Now, all we had to do was find the most suitable policy for a client with both epilepsy and benign brain cyst.

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 and are 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.

Life Insurance with Epilepsy and Benign Brain Cyst

The outcome

We discussed Mr H’s medical details with various insurers, and most of them confirmed that they would expect to offer cover, but would add an extra 100-125% on top of their standard premiums.  One provider said they would possibly add an extra 50% to their standard premium.

However, they would need a medical report from his GP before making any firm decision.   Mr H felt that the extra 50% loading on the premium was still affordable at £11.40 per month, so we submitted an application for him.

The Insurer obtained his full medical records and after these had been assessed, were able to offer him cover on standard terms. (no increase on top of the quoted premium).  Mr H is delighted to have obtained the full amount of cover he needed, for a monthly premium of £7.83.

Please note that any premiums mentioned are indicative only, and based on this specific case study/example which is shown for information purposes.

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

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.

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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