June 2, 2016

human heart

How does Supraventricular Tachycardia (SVT) affect life insurance?

What is Supraventricular Tachycardia (SVT)

Supraventricular Tachycardia (SVT) is an abnormally fast heart rate of over 100 heartbeats per minute.  Sufferers of this condition will usually feel their heart suddenly start to race and then stop or slow down abruptly.  They may also experience chest pain; dizziness; light-headedness and breathlessness. Episodes of SVT can last for a matter of minutes, hours or even days, and In rare cases can occur several times a day, or only once or twice a year.  It’s not usually serious, but some people may require treatment.

Our client

We were approached by Mr & Mrs W who told us that they had moved house.

They had a joint decreasing term life insurance policy in place which provided an initial sum assured of £235,000 over a remaining term of 36 years, for a monthly premium of £26.32. They told us that they wanted to increase the sum assured and extend the term to 37 years to match their new mortgage.

Some policies have a ‘guaranteed insurability option’ (GIV). also known as the life events options. This option allows you to increase your cover without the need for further medical underwriting.

This option is available on some life insurance, mortgage protection and income protection policies. However, as advisers, we felt that the premium they were quoted by their existing insurer was higher than we would expect.

Upon investigation, we discovered that the premium for their original policy had been ‘rated’ or increased by 50%, due to Mr W’s medical history.

Mr W is a 31-year-old who was diagnosed with Supraventricular Tachycardia (SVT).

He had been prescribed beta-blockers and advised that he would need to remain on the medication for the rest of his life. Beta-blockers were prescribed because they slow down the heart, achieving this by blocking the action of hormones like adrenaline. His existing insurer confirmed that they would continue to ‘rate’ his part of the couples life insurance premium by 50% because of this.

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. We 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.

The outcome

We discussed Mr W’s medical history with other Insurance Providers. One company said that they would be willing to offer him cover on standard terms (no increase in his premium) due to the SVT.

An application was submitted and the provider requested medical information from Mr W’s GP. Once this information had been returned and assessed, the Insurer stood by their initial stance which was to offer the full amount of cover on standard terms (standard quoted premium).

Our clients now have a joint decreasing term life insurance policy with an initial sum assured of £300,000, over a term of 37 years for a monthly premium of £27.11, which is only 79p a month more than their existing policy!

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.

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.

Case Ref: 106774947

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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