Level Term Life Insurance Guide Discussion

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  • brendang_2
    brendang_2 Posts: 191 Forumite
    hi,can anyone direct to an insurer who covers people with disabilities,i suffer with ankylosing spondilitis and i just want to find an insurer for life cover or to cover funeral costs etc,im 45 years old and a smoker with a mobility and physical problems,can someone please advise me who to take a look at for these types of cover,thanks and im sorry if its off topic on this particular thread
  • OshayAway
    OshayAway Posts: 715 Forumite
    brendang wrote: »
    hi,can anyone direct to an insurer who covers people with disabilities,i suffer with ankylosing spondilitis and i just want to find an insurer for life cover or to cover funeral costs etc,im 45 years old and a smoker with a mobility and physical problems,can someone please advise me who to take a look at for these types of cover,thanks and im sorry if its off topic on this particular thread

    How well controlled is you diabetes? Do you know your last How long ago were you diagnosed? Do you have high cholesterol, blood pressure and/or BMI? How severe is your disability? Any depression, anxiety or stress? Any family history of cardio-vascular conditions?

    Depending on the answers to these it may be possible to find cover, but with a premium loading. The underwriting outcome will vary from insurer to insurer so you need a good, whole of market broker / adviser who is willing to approach as many insurers as possible to get an indication of which will offer you the best terms.

    That's the hard part. When you do find one, they should be asking you these questions and be happy to provide you with a copy of their research to back it up. Otherwise, it's just a stab in the dark which won't do you any favours.
  • weighty1_2
    weighty1_2 Posts: 373 Forumite
    OshayAway wrote: »
    How well controlled is you diabetes?

    I think it's disabilities, not diabetes. :)

    In regards to the Ankylosing Spondylitis the premium increase is likely to be dependent not only on the severity of the condition but also the medication you take. For example, certain immuno-suppressant meds such as methotrexate, or oral steroids such as prednisolone will general cause a premium increase even if the condition is well managed using them.

    You need to find an IFA/protection specialist who is used to dealing with clients with pre-existing conditions. Often unbiased.co.uk is recommended, however, this is more than likely going to put you in touch with a general adviser. Might be best to try google and something like "pre-existing conditions life insurance".

    The other thing to consider is, if funeral costs are your only concern, could you not try and set aside enough money of the next few years to cover the costs when they likely arise?
  • OshayAway
    OshayAway Posts: 715 Forumite
    weighty1 wrote: »
    I think it's disabilities, not diabetes. :)

    Well, that's embarrassing! Can I blame the ridiculously high resolution on my screen?

    The point I made about anxiety / stress / depression is important one for disabilities though. The vast majority of insurers will underwrite much more harshly if this is a factor.
  • brendang_2
    brendang_2 Posts: 191 Forumite
    hi,thanks for the replies,i currently take 15mg methotrexate a week,im also taking morphine slow release 100mg a day along with oramorph and a lot of other medication,my condition at the moment is fairly under control as im waiting to go on anti treatment shortly(my body rejected two other anti tnfs),ive put details into a few online sites however my condition when entered seems to stop the whole quote outcome,why i dont know,im desperate to find a provider so as i have some form of cover for funeral expenses etc should the worst happen,tia
  • OshayAway
    OshayAway Posts: 715 Forumite
    brendang wrote: »
    hi,thanks for the replies,i currently take 15mg methotrexate a week,im also taking morphine slow release 100mg a day along with oramorph and a lot of other medication,my condition at the moment is fairly under control as im waiting to go on anti treatment shortly(my body rejected two other anti tnfs),ive put details into a few online sites however my condition when entered seems to stop the whole quote outcome,why i dont know,im desperate to find a provider so as i have some form of cover for funeral expenses etc should the worst happen,tia
    As weighty1 says, you will need to speak with a specialist who can research the options on your behalf and check with underwriting before application submission.
  • xxmellymooxx
    xxmellymooxx Posts: 1 Newbie
    Hi all,

    Would taking out a life insurance policy at 23 be beneficial? If so, would the length and amount of the term be life or 20-50 years?

    Many thanks in advance for any advice!!

    Melissa x:D
  • dunstonh
    dunstonh Posts: 116,318 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Would taking out a life insurance policy at 23 be beneficial?

    If you have a financial need for it then yes. If you dont have a financial need for it then no.
    If so, would the length and amount of the term be life or 20-50 years?

    You would take it out for the length of the financial need.

    e.g. replacement income for spouse/partner could see you use until retirement age as the term. Or for family protection you would typically use around age 25 of the youngest child. Or for debt coverage you would use the term of the debt.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • B00lean
    B00lean Posts: 3 Newbie
    Hi all,

    I'm about to take out level term life assurance which would pay off a mortgage and provide income for my partner (we're not married at the moment) and son (now 10 months old) in the event of my death. I want to write this in trust to avoid inheritance tax.

    One question: who should I appoint as trustee(s)? My partner is the obvious choice but she is also going to be a beneficiary. Can she be both?

    Thanks,

    Matt
  • weighty1_2
    weighty1_2 Posts: 373 Forumite
    B00lean wrote: »
    Hi all,

    I'm about to take out level term life assurance which would pay off a mortgage and provide income for my partner (we're not married at the moment) and son (now 10 months old) in the event of my death. I want to write this in trust to avoid inheritance tax.

    One question: who should I appoint as trustee(s)? My partner is the obvious choice but she is also going to be a beneficiary. Can she be both?

    Thanks,

    Matt
    Yes, she can be both.

    It's normally best to include at least one other trustee though just in case you both die together in an accident.
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