December 7, 2020

Parkinson's Disease - can I get life insurance?

Parkinson’s Disease – can I get life insurance?

Our client

Mr B, a 58-year-old non-smoker contacted us for Life Insurance advice. He didn’t have any life insurance in place and wanted to provide financial security for his wife should he pass away.

We discussed cover over various terms and a range of premiums, and he decided upon a policy with a sum assured of £200,000, over a term which would run until his 70th birthday. This would offer enough cover to repay his mortgage, and replace his income until his expected retirement age. Mr B did not expect to require life insurance after this time as he has a number of investments that will have matured by this stage.

Mr B had undergone various tests last year as he had suffered some dizzy spells, fatigue and aching limbs. In November 2015, he was diagnosed with early-stage Parkinson’s disease but since being prescribed Sinemet, he no longer suffers any symptoms and the condition does not affect his daily activities.

What is Parkinson’s disease?

Parkinson’s disease is a condition in which parts of the brain become progressively damaged over many years.

The 3 main symptoms of Parkinson’s disease are:

  • involuntary shaking of particular parts of the body (tremor)
  • slow movement
  • stiff and inflexible muscles

A person with Parkinson’s disease can also experience a wide range of other physical and psychological symptoms.

These include:

  • depression and anxiety
  • balance problems (this may increase the chances of a fall)
  • loss of sense of smell (anosmia)
  • problems sleeping (insomnia)
  • memory problems

Although there is currently no cure for Parkinson’s disease, treatments are available to help reduce the main symptoms which help maintain quality of life for as long as possible.

Find out more about Parkinson’s Disease on the NHS Website.

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.

The Outcome

We helped Mr B to apply to 2 providers for a level term life insurance policy, with a sum assured of £200,000 over a term of 12 years. The first insurer quoted a monthly premium of £61.10, and the second £64.44.  However, they both required medical questionnaires from his GP.

Once assessed, the first insurer increased their quoted premium by 50%, from £61.10 per month to £91.65.

The second provider took a tougher stance and increased their quoted premium by an extra 100%, which took it from £64.44 per month to £128.88.

Our client understandably chose the first insurer.

We were happy to assist Mr B in obtaining life insurance which was considerably lower than the cover he had applied for previously.

Price comparison websites do not take into account peoples medical history. Therefore a lot of time can be wasted applying to the cheapest insurer initially, only to be disappointed later, once their full medical history has been assessed.

Our knowledge of the market could help you save a lot of time and disappointment.

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.

Client Ref 110522257

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

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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.

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.