Last Monday a gentleman, let’s call him Steve, walked into my office in a bit of a panic…
..He had been approved for a mortgage by a bank to buy his dream home. He also used this bank to arrange his life insurance. Unfortunately for him the bank could only apply to one insurer. This insurer declined Steve for life insurance because he suffered with Type 2 Diabetes.
As you imagine Steve wasn’t best pleased when I explained that a bank is a tied agent of one insurer so can only apply to that insurer. It had no choice but to apply to the strictest life insurance company.
As Steve had been declined, we then had to inform all the other insurers of this. Usually this means a decline by all the insurers but after some negotiating we got approval for Steve. Although he was loaded, Steve was a very happy, relieved and grateful man.
Buying a house is stressful enough without life insurance problems adding to it.
So why am I telling you about Steve?
Simply to illustrate the fact that different insurers look at different ailments, well…differently. Zurich Life might decline you because of diabetes while New Ireland might approve you. On the flipside New Ireland might decline you due to Body Mass Index while Zurich might approve you.
It really is horses for courses how your health affects your life insurance and that’s where good advice is so important and could save you a fortune in life insurance premiums.
Now we’re not professing that we know in advance exactly how an underwriter is going to decide your case but we have a good idea of what insurers to approach depending on your health situation.
So without further ado, I would like to introduce you to The Friday Clinic. Every Friday we’ll pick an illness to show how your health affects your life insurance application so you’ll know your chances of approval and what loading, if any, you’ll face.
Next week we’ll open our clinic with Type 2 Diabetes.
Until then, if you’re considering life insurance but are worried about how your health affects your life insurance, please call me on 05793 20836.
Thanks for reading,
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