Question
I am 38 yrs male, used to smoke (not now) and had a heart attack in Dec 2009, undergone angioplasty.
I am looking for my life insurance, could you please let know which companies will be able to insure me?
I know the premium will be loaded, but which insurance companies will load less bearing in mind condition.
Should I go for whole life cover? or term insurance? or critical cover? say for £100K to £150k
Look forward to hear from you soon. One of my friend suggested to ask you this.Answer
Glad you found the site and hope you find it helpful.
Getting life insurance after a heart attack is possible but, as you point out, it's likely to be expensive. The extra premium 'loading' insurers charge will depend on the extent they feel your heart attack will reduce your life expectancy, if at all. Because this can vary quite widely dependent on an individual's specific circumstance I'd speak to several specialist insurance brokers in this area (I'm afraid it's not something I look at day to day) and compare their quotes - google 'life insurance heart attack' and you'll see quite a few brokers to choose from.
As for the type of life insurance I'd opt for term assurance. Whole of Life is very expensive and, at your age, probably pointless as you'll have to continue paying premiums for the rest of your life. Term assurance covers you for an agreed amount over a specific period of time, for example 20 years - if at any point you decide you no longer need cover then you simply cancel the policy and stop paying the premiums. Just make sure the premiums are guaranteed else they could potentially soar in future.
Critical illness cover is appealing as it pays out in the event of serious illness such as cancer, heart attack and stroke. However, as the likelihood of a payout is a lot higher than life cover it's expensive, and given your medical history the cost will probably prove prohibitive. Nevertheless, you could ask the brokers for a quote, then you can decide for yourself.
Good luck finding affordable cover and if any other readers have experience in this area please post below.
I am 38 yrs male, used to smoke (not now) and had a heart attack in Dec 2009, undergone angioplasty.
I am looking for my life insurance, could you please let know which companies will be able to insure me?
I know the premium will be loaded, but which insurance companies will load less bearing in mind condition.
Should I go for whole life cover? or term insurance? or critical cover? say for £100K to £150k
Look forward to hear from you soon. One of my friend suggested to ask you this.Answer
Glad you found the site and hope you find it helpful.
Getting life insurance after a heart attack is possible but, as you point out, it's likely to be expensive. The extra premium 'loading' insurers charge will depend on the extent they feel your heart attack will reduce your life expectancy, if at all. Because this can vary quite widely dependent on an individual's specific circumstance I'd speak to several specialist insurance brokers in this area (I'm afraid it's not something I look at day to day) and compare their quotes - google 'life insurance heart attack' and you'll see quite a few brokers to choose from.
As for the type of life insurance I'd opt for term assurance. Whole of Life is very expensive and, at your age, probably pointless as you'll have to continue paying premiums for the rest of your life. Term assurance covers you for an agreed amount over a specific period of time, for example 20 years - if at any point you decide you no longer need cover then you simply cancel the policy and stop paying the premiums. Just make sure the premiums are guaranteed else they could potentially soar in future.
Critical illness cover is appealing as it pays out in the event of serious illness such as cancer, heart attack and stroke. However, as the likelihood of a payout is a lot higher than life cover it's expensive, and given your medical history the cost will probably prove prohibitive. Nevertheless, you could ask the brokers for a quote, then you can decide for yourself.
Good luck finding affordable cover and if any other readers have experience in this area please post below.
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