life insurance wait

cymru81

I suffer from an arthritic disease called ankylosing spondylitis and take biologic drugs called enbrel for it, this is causing a pain with life insurance as the insurer ive applied for it with has requested a report from my doctor.....

does anyone know if there will be any issues getting insurance?

Cautious_Investor_3

Hi

I know nothing of the disease you are suffering from, so I can't be too specific, however I would make the following points:

1. It is pretty normal for an insurer to approach a doctor for your medical records and may have happened even if you did not have a pre existing condition

2. It actually isn't the worse thing in the world that they have written to your doctor as this will allow them to make a more informed decision

3. If the insurer comes back with special terms i.e. an increased premium or decliniture that you are ungappy about then ask them to reconsider; sometimes they have a change of heart

4. Alternatively speak to an IFA, give them full details of your requirements and medical condition, a good IFA will then speak to the underwriters of the insurers to get a feel for the type of loading (if any) you can expect on the premium.

5. I have known IFAs submit multiple applications to insurers, accept only the best terms, then cancel the others. This way you can be more confident of getting the best terms

I hope this helps, if I can give any more assistance please do not hesitate to ask.

The Cautious Investor

cymru81

thanks for the response!

my application is through an IFA who has been very helpful, but unfortunately he doesnt make the decisions! ive already been turned down by L&G because i have more than three conditions in my family history. Never thought it would be this difficult to give someone money every month!!

Buzzy_Bee_2

Have you tried appproaching other insurers for quotes or just the one? Surely some of the makor insurers have no problems facilitating someone in your situation.

Cautious_Investor_3

Buzzy_Bee wrote: »

Have you tried appproaching other insurers for quotes or just the one? Surely some of the makor insurers have no problems facilitating someone in your situation.

It isn't getting quotes that is the problem as at the quoting stage no underwriting is done.

The issue is turning the quote into a live policy i.e. going through underwriting.

This is why it is important that the IFA does his or her homework by speaking to the underwriters upfront i.e. before the application is made. Doing this is common, so common in fact that most providers have dedicated phone lines to get through to an underwriter.

The Cautious Investor

Loughton_Monkey

cymru81 wrote: »

I suffer from an arthritic disease called ankylosing spondylitis and take biologic drugs called enbrel for it, this is causing a pain with life insurance as the insurer ive applied for it with has requested a report from my doctor.....

does anyone know if there will be any issues getting insurance?

My Underwriting manual is a few years old, but here's what it says:

Ankylosing spondylitis – Ankylosing spondylitis, also known as Marie-Strumpell or Bechterew’s disease, is chronic inflammation of the spine and sacroiliac joints. As the disease progresses, spondylitis can lead to the complete cementing together of the vertebrae, a process called ankylosing. Ankylosis causes total loss of mobility of the spine with severe flexion deformity of the neck and arthritis of the hips.

Various complications of ankylosing spondylitis include iritis, aortitis, cardiac conduction defects, intercurrent respiratory infection (due to restriction of ventilation), and amyloidosis

For Life Assurance:

IF Cause unknown, no neurological defecit. Surgery not planned, then Mild Symptoms/Moderate Symptoms = Standard. Severe Symptoms = +50%/75%

IF With neurological deficit, occasionally absent from work = +50%/+100%

Obviously, different Insurers follow their own guidelines. But this suggests you should be able to get cover, possibly with a loading.

Remember that the loading (e.g. 50%) applies to the "risk portion" of the premium - which also contains elements of profit, expenses, commission etc. So it doesn't usually mean the whole premium is put up by 50%.

cymru81

thanks for that info monkey!

got everthing crossed now lol!