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Can I please ask you for advice on life insurance thankyou

Posted by

I am trying to get life insurance because mine has just ended without realising. I have tried loads of different companies and they are coming up with very expensive quotes for very little paying out do you have any idea where to go for a good  company to give me some quotes  thanks a head  for your help.


Liam W - Macmillan
Posted by

Good afternoon,


Thanks for your question and sorry to hear about the problems you’re having getting life insurance.


At Macmillan we aren’t authorised by the Financial Conduct Authority to give any advice or recommendations, so I won’t be able to give you any names of companies.


However I can give you some general information about getting life insurance after diagnosis of cancer or any other serious medical condition.


Before I begin would you mind if I ask why your existing cover ended? Was it a term policy which reached the end of the term, or was a payment missed or something different? I am asking because some policies have a convertible or renewable option in them that allows cover to be extended when the policy ends, sometimes with no further medical underwriting. Or if a payment was missed, the company may be able to reinstate the policy in some cases if you contact them. If this doesn’t apply no problem, I will include the information on getting life insurance below, but I thought it would be worth asking and mentioning.


When assessing applications insurance companies will be looking at the chances of the person being insured making a claim on the policy during the term. Someone with cancer or a serious health condition may have a higher chance of claiming on the policy, this is why the application may be declined or the premiums could be higher than expected. Sometimes they may also decline cover initially but agree to review the application at a later date.


Some insurers may agree to offer life insurance, but with an exclusion for the pre-existing condition. This will cut the cost of the premiums considerably as they are writing out a large amount of the “risk” of the person claiming on the policy. But if you agree to this, bear in mind the implications of not having that particular condition covered if it causes complications again in the future.


If you are struggling to find cover, it might be worth speaking to an Independent Financial Adviser. They can use their experience and expertise to search the whole of the insurance market. You can use this site to find details of advisers in your area. Make sure they and the company they work for are authorised by the Financial Conduct Authority (FCA) though. You can check that on the FCA register. This is important because it gives you protection through the Financial Ombudsman Service and Financial Services Compensation Scheme if anything goes wrong.


It’s also worth thinking about if you have any cover in place already, possibly through your current or previous employer. Some employers offer life insurance as part of their employee benefits, this can either be stand-alone or part of a pension scheme.


Finally, depending on the amount of cover you are looking for it might be worth looking into Guaranteed Underwriting Life Policies. Generally these offer a limited amount of life insurance to people over 50, but some companies do offer this to people over 40 or occasionally over 30. The difference with these policies is often no medical is needed and acceptance is guaranteed, so for people who can’t get life insurance elsewhere these may be able to cover people. They usually have a deferred period for claims which is normally 1-2 years. If the person passes in time the insured amount wouldn’t pay out, but the premiums are usually returned.


I hope this has been some help, of course it’s also worth asking friends and family if they have any recommendations of companies to try. You can also even try here on the online community to see if other people have had discussions with each other about getting life insurance before. There is a very active page on travel insurance, it may be worth seeing if any of these companies getting positive reviews from other people also offer life cover.


If I can help in any other way please let me know.

Financial Guide
Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.