Impaired Life Insurance

silver-birch

Hi Everyone

Has anyone had any experience of obtaining life insurance for someone who has had a major illness fairly recently and if so which company did you use? If you were sucessful in obtaining a quote how did the premiums compare to someone who has not had cancer.

Thanks

Wendy

dunstonh

Has anyone had any experience of obtaining life insurance for someone who has had a major illness fairly recently and if so which company did you use?

depends on the illness.

If you were sucessful in obtaining a quote how did the premiums compare to someone who has not had cancer.

If cancer is recent,then you may as well forget it. After 5 years or so, providers may be willing to consider again but expect to pay premiums that are significantly higher and may still include additional exclusions.

silver-birch

Well I have succeeded in obtaining provisonal quotes for Level Term Life Insurance from 2 companies subject to them contacting my GP. I was diagnosed with breast cancer 2 years ago and really thought as Dunston said above that I would not be considered for at least 5 years and for most providers this is the case. One provider has offered substantially increased premiums for the first 5 years (at about 6.5 times the normal rate) and then down to normal after that. The other has asked for about 4 times the normal rate for the whole of the policy and about 8 times the rate for the first 7 years. One of the others said they would consider me in 3 years time at reasonable rates. I used a broker who specialises in quoting for high risk clients with pre existing conditions. My question now is should the unthinkable happen and I have a recurrence after taking one of these policies, will the premiums get bumped up again or is the policy issued on the terms at the time of purchase.

W

dunstonh

Premiums are set at the outset and will not change (unless that it specifically mentioned as part of the amended terms).