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Life Insurance Problems - Anyone Help?
webuserisme
Posts: 1,138 Forumite
I'm trying to upgrade my life insurance but it seems that most of the companies think I'm a bad risk as I suffered from depression TEN YEARS AGO and haven't had any recurrence since! I was offered terms with Prudential but at 50% extra per month compared to the 'ordinary' quote!! I think it's ridiculous, tbh. Anyone know of any non-dodgy insurance company who doesn't regard depression suffered 10 years ago as a non-no? TIA
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Comments
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That seems quite strange TBH.
Firstly, check your existing policy to see if there are any "guaranteed insurability options". This means you may be able to increase your level of cover without further medical evidence with your existing company. If not, I would maybe speak to your GP to see what exactly he is putting on the reports! Then, take it from there........I am an Independent Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Was it depression caused by a specific event or clinical depression? event driven only tends to lead to a small rating in the premium but clinical depression can often result in full refusal or high rating.
You could ask an IFA to place the business and check with underwriters first prior to submitting an application to see how each insurer would treat it. Pru are not a favourite insurer with IFAs due to mishandling of applications a few years back. Plus their premiums havent been that good since then either.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.0 -
It's a given fact unfortunately that a lot of insurance companies refuse to give you standard rates when you have a "black spot" in your health section. However, did you try to get a letter quote from your doctor where he/she would explain what exactly happened and that it's not to be considered much of a risk right now? Some life insurance companies have their own doctors that can do a check up and reevalute everything. Independent brokers should help you with this.0
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