Advice Urgently Required Please

Sandy63

I have worked for my employer for 9 years. It's a small company, friendly, local, good people etc and I enjoy it. Not many benefits however - no annual pay rise (only had two rises in all that time), basic holidays, no pension, no sick pay etc. Have pre existing medical conditions, and obviously I worry that if there is any reoccurrence then I won't get paid when off work. Have limited life insurance in place and a fairly high mortgage.

Because of all of this, I started looking for a new job. Was successful last week. Better salary, good pension (still have 20 years to work so would be better than nothing), life insurance, sick pay, more holidays etc, but not local and not a very exciting job. My boss has now said he does not want to lose me and has at last offered me more money and more holidays, and has said he would look at pension and life insurance. (I would truthfully rather stay in my present job.)

What I need to know is would my boss be able to get life insurance cover for me with my medical history (had two different types of cancer, 10 and 9 years ago, but everything's fine now). I believe you can get life insurance incorporated into a pension??? Also for the new job I've been offered I would need to complete a medical questionnaire. Would it be likely that their scheme would even cover me?

Would really appreciate any assistance, as I have to give my decision soon.

markyb33

Your employer would probably be opting for "Death in Service Benefit" which can be between 4 and 10 times your salary if you die whilst in the service of the employer. It does not require any medical history to be submitted to the insurer unless you are earning a very high salary (and therefore present a very high risk to the insurer). In practice you have to be still employed by the company when you die.

Sandy63

Very many thanks for that. You have helped me to make my decision.

Debt_Free_Chick

markyb33 wrote: »

Your employer would probably be opting for "Death in Service Benefit" which can be between 4 and 10 times your salary if you die whilst in the service of the employer. It does not require any medical history to be submitted to the insurer unless you are earning a very high salary (and therefore present a very high risk to the insurer). In practice you have to be still employed by the company when you die.

If it's a single policy just for the OP, then it's likely to be underwritten like any other life assurance.

The situation you describe is what is called "free cover" which you get with a group policy. Free cover is a "minimum" level of cover provided by the insurer without underwriting. Free cover is rarely available where the total number of employees to be covered under the policy is less than 5.

I'd expect the OP to be underwritten, in the normal way.