Life Assurance-Alternative

S

superhooper

Registered User
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I have been unable to life cover due to a medical condition-Are there any alternatives? Would accident insurance be worth looking at?
Thx
 
If you are over 50 then One Direct offer a life assurance plan for over 50's without the need for medical evidence. You may be able to get cover there, otherwise there isnt really any alternative except if your employer had a group life assurance plan and your cover amount was less than the free cover amount in which case underwriting would not be sought.

If the life cover is in relation to a mortgage then the mortgage provider may still give you the loan provided you demonstrate to them that you tried to get cover with a couple of companies but are effectively uninsurable.
 
Thanks Stevie. I got the mortgage in the end as you suggested but I'd hate to leave my wife lumped with all that negative equity should anything happen!!
 
You could accelerate your mortgage payments by a notional cost of what the life insurance would have cost you or increase the amount you save so that your wife would have an emergency fund.
 
Superhooper,

An underwriter is looking for any condition which could reduce life expectancy.

No point sending a clatter of applications to different insurers you'll be only wasting everyones time. Most of them share the same reinsurers anyway. What you need to do is go to your intermediary (who should have a wide range insurance agencies - if she or he doesn't then don't touch him/her with a barge pole) with a page where you have written as full and complete a history of your medical complaint as you can. Ask your intermediary to use his or her experience and to have a chat with the chief underwriter for an opinion as to the likely outcome of submitting an application. If you get a positive or encouraging response then submit a full application.

By the way superhooper try not to don't get down in the dumps about a refusal to insure. From my experience the creaking door definitely lasts the longest. It's the ones that are as fit as a fiddle who drop first.

Wishing you all the best,

Sumatra
 
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