Life Insurance with a physical medical?

mickburkejnr

Hi everyone,

I am FINALLY nearing the end of the process of buying a house. During the mortgage process with the Halifax, we were told we "would need insurance" and that the lady at the Halifax wouldn't be able to go through the insurance (both life and house) with us after completing the purchase of the house. The fianc!e was worried about this so we went to the meeting. Turned out that the insurance could be bought from anywhere, it's just she couldn't recommend insurance after the mortgage was signed off etc.

We decided to go through the quotation process for the life insurance - we had sorted out the house insurance - and the initial quote I had was about £45 per month to cover the cost of the mortgage. The fianc!e gets a good life insurance policy through her work, so she decided to top hers up. She was quoted £25/£30 a month. We both agreed to go through the more "in-depth" process to see how much we would actually pay for the life insurance. The fianc!e's quotation went through fine, she paid exactly what she was initially told.

I, however, wasn't so lucky. From the £45 per month I was quoted, it shot up to £73 per month!!!! All down to my weight. I'm 6ft 3, and I weight around the 20st mark. However, I am fairly active. I play rugby, and I used to do boxing for 10 years. In the last 6 months, for one reason or another, I haven't exercised. So I know now if I went to play a game of rugby I'd keel over with exhaustion after 5 minutes. Back when I was boxing all the time, the lightest I ever weighed was 15st.

Halifax/Scottish Widow use a BMI for their calculations, and I'm classed as "obese". However, when I was 15st I was still classed as overweight for my height, and I had absolutely no hope of going below 15st. Trust me - I tried.

So I decided against going for the life insurance, reasoning that if I underwent proper medical tests that I would get a better, cheaper deal elsewhere. But when I search for "life insurance with medical" all I get are results for "life insurance without a medical". So I'm a bit confused, lost, and ultimately annoyed that a computer says I'm more at risk of dying because in their eyes I look like Johnny Vegas or something - which I don't.

The question I have then is am I right to assume that if I undergo a medical to get cheaper life insurance, and where would I start or go to get one?

HappyMJ

Computer says no so go somewhere else. A broker would be a good place to get a competitive quote for both of you.

dunstonh

The question I have then is am I right to assume that if I undergo a medical to get cheaper life insurance, and where would I start or go to get one?

First of all, you should never buy your insurances (or investments or pensions) from a bank. Expensive and often cut down product versions from those available to IFAs and the whole of market.

The computer doesnt say no to these. There is an initial computer based decision based on things that can be measured but if you fall outside of that then it becomes a manual decision by an underwriter. The underwriters may request a GP report or tests or examination or a number of other things.

See a local IFA and get them to look at it. And get them to look at yoru fiance's cover too as they will be able to save money on that.

In the last 6 months, for one reason or another, I haven't exercised. So I know now if I went to play a game of rugby I'd keel over with exhaustion after 5 minutes. Back when I was boxing all the time, the lightest I ever weighed was 15st.

Just on that point, you are not fit if that is the case. You may have been active in the past but it doesnt sound like it now. So, you may need to have this reality check that what you are seeing is a true reflection after all. Obviously we have virtually nothing to go on apart from what you say but looking at what you said, it does suggest you are overweight (was 15 stone, now 20st. Exhaustion after 5 minutes..... This is all high risk as far as heart conditions go).

Weighty1

Your BMI is coming out at around 35. Depending on your age I think you'd be looking at a rating with every provider although I'd expect some could accept you straight from the application without you undergoing a medical examination.

Just for reference, having a medical examination will almost NEVER improve the terms which are offered. Insurers never credit applicants for positive factors, they just tend to penalise them for negative factors.

I do think some insurers on the open market would increase the premium less than Halifax have though and the standard premiums would likely be cheaper also. My advice, speak to a whole of market IFA or mortgage/protection broker.