Life Insurance? Too Late?

Brighid

Hi

Please help me as I don't know what to do for the best. My partner and I moved last year to a more expensive house, and are skint now! (but worth every penny)

We knew that if anything happened to me he could never afford the house as I'm the main income earner. So we made sure we could afford life insurance and critical illness - but it cost so much more to add him that we left him off the policy.

Following an inquest, we've now found out that the illness his mother died of is genetic. Obviously I'm now scared and we are waiting for tests. I know its not the most important thing but I keep thinking that we were really stupid not putting him on the policy, and worry about what I'd do if the worse happens. (That sounds incredibly selfish, I promise that most of the time I'm worried about him and not money!)

Is it too late now to get cover for him? Would it be wrong to try and get something in place before he has the tests at the end of march? Would he even be covered?

Any advise would be hugely appreciated.

Brighid

starrystarry

Hi Brighid,

He'll be asked questions about his family history and also whether he's due to have any tests/consultations etc, so he'll have to disclose this. That's the bad news.

The good news is that insurance companies are not allowed to use the results of predictive genetic tests when they're underwriting an application. The only exception is genetic testing for Huntington's disease and they can only use this if you're applying for more than £500k.

Are the tests purely predictive? Has he had any symptoms at all?

Brighid

Thanks - not sure if the tests are predictive. Its a heart condition, and the only symptoms he has had is a racing heart. But to be honest I'm not convinced this isn't caused by the grief he is still feeling and the worry.

I think the tests will show if he has the condition, but won't be able to tell us if he is in the 2% of sufferers with the type that puts them at risk of 'sudden death' - which I guess is the bit that insurers would want.

I'm pleased that we might be able to get insurance, although it will cost more.

Thanks again
Brighid

starrystarry

If he's just having predictive genetic tests, to see if he's at risk of developing the condition, then the insurance company won't be able to use the result. It's different if he's having symptoms. A diagnostic genetic test, i.e. a test that confirms he has the condition (as opposed to just being at risk of it), can be used by the insurance company. Also, if he's having other tests, such as an ECG or echocardiogram etc, then they will be able to use the results of those as well. They can also increase the premiums due to the family history alone, regardless of the tests.

It's worth applying, but be aware that the insurance company might not offer any cover until all the tests are done.

ACG

Most companies will put a hold on offering terms until the outcome of the test.
the test may turn out to be in your interests and reduce any rating.

However, even if you cant afford to cover the full amount - it could be worth having a small amount of life cover in place. It sounds harsh, but enough to help with any expenses that may come about and maybe help reduce the mortgage and ensure your kids are kept in a lifestyle they are used to.