ChatterBank0 min ago
Life Insurance
Hi
I am approaching 65 (June) and currently have Life Insurance that runs out when I am 70. In 2010 I was diagnosed with Prostate Cancer, 3+3 on the Gleason Scale, with the least aggressive of all the cancers. I had surgery to remove the prostate in 2010, followed by 7 weeks of radiotherapy in Jan/Feb 2011. My PSA reading prior to surgery was 13.9, it is now 0.2, having gradually come down from 0.33 post op. I applied to increase the term of the Insurance until I was 80, I was offered a deal but the cost per month was £170. I have since applied to another Insurance Company but they flatly refused to insure me. Can anybody offer any advice or suggest an Insurance Company that would be a bit more sympathetic.
Many thanks
FBG40
I am approaching 65 (June) and currently have Life Insurance that runs out when I am 70. In 2010 I was diagnosed with Prostate Cancer, 3+3 on the Gleason Scale, with the least aggressive of all the cancers. I had surgery to remove the prostate in 2010, followed by 7 weeks of radiotherapy in Jan/Feb 2011. My PSA reading prior to surgery was 13.9, it is now 0.2, having gradually come down from 0.33 post op. I applied to increase the term of the Insurance until I was 80, I was offered a deal but the cost per month was £170. I have since applied to another Insurance Company but they flatly refused to insure me. Can anybody offer any advice or suggest an Insurance Company that would be a bit more sympathetic.
Many thanks
FBG40
Answers
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Perhaps start by asking why one needs LI beyond the age of 70 - unless one has a loan still being paid off.
You don't say what the payout on death is, so it is impossible to estimate whether £170pm premium is good value (given your age) or not - it could be for a payout of £1m, which would be excellent value.
Brokers can hunt around for the best deals, but it is inevitable that a new company underwriter will take a robust view, given your circumstances.
You don't say what the payout on death is, so it is impossible to estimate whether £170pm premium is good value (given your age) or not - it could be for a payout of £1m, which would be excellent value.
Brokers can hunt around for the best deals, but it is inevitable that a new company underwriter will take a robust view, given your circumstances.
Buildersmate
The reasons for wanting Life Insurance past 70 are personal - I'm not prepared tp put them on here.
The payout on death would have been £50,000.
Since posting this question, I have been in touch with Money Supermarket who asked around for me. They contacted 4 brokers and all came back with the same answer : Wait 4 years from the date of diagnosis and re-apply, although they also said that the premium would, more than likely, still be loaded. Hope this answers your questions.
FBG40
The reasons for wanting Life Insurance past 70 are personal - I'm not prepared tp put them on here.
The payout on death would have been £50,000.
Since posting this question, I have been in touch with Money Supermarket who asked around for me. They contacted 4 brokers and all came back with the same answer : Wait 4 years from the date of diagnosis and re-apply, although they also said that the premium would, more than likely, still be loaded. Hope this answers your questions.
FBG40
.
um, I have to say I thought with a diagnosis of cancer
one became uninsurable
Having survived ca colon since 1999
I was told that even survival to five or ten years would not change the position even tho' by ten years, both insurance co and myself know that the standardised mortality ratio is 1. That is I (or people in my subset) would be dying at the same rate as control.
It also means/meant that one could not allow any insurance to lapse
Is the £170 / mo for term insurance ? I think it works out around £2k a year and if you pay it for 15 yrs till you're 80 that is 30k in premiums
and you just as well save £200 a month and get a pay out in the end.
I have always assumed - insurance co being what they are - that even if you got insurance in the event of a claim they would refuse to pay out. uberimma fidei and all that jazz.
um, I have to say I thought with a diagnosis of cancer
one became uninsurable
Having survived ca colon since 1999
I was told that even survival to five or ten years would not change the position even tho' by ten years, both insurance co and myself know that the standardised mortality ratio is 1. That is I (or people in my subset) would be dying at the same rate as control.
It also means/meant that one could not allow any insurance to lapse
Is the £170 / mo for term insurance ? I think it works out around £2k a year and if you pay it for 15 yrs till you're 80 that is 30k in premiums
and you just as well save £200 a month and get a pay out in the end.
I have always assumed - insurance co being what they are - that even if you got insurance in the event of a claim they would refuse to pay out. uberimma fidei and all that jazz.
fbg40
I wasn't actually seeking to quiz you on your reasons for wanting LI - more that you ask yourself and/or your family or significant other, who (presumably) have an interest in you having this cover.
For £50k of cover costing me £2k per annum for (up to) 10 years to have it, I'd put the money monthly into a savings account instead.
I wasn't actually seeking to quiz you on your reasons for wanting LI - more that you ask yourself and/or your family or significant other, who (presumably) have an interest in you having this cover.
For £50k of cover costing me £2k per annum for (up to) 10 years to have it, I'd put the money monthly into a savings account instead.
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