High blood pressure, or hypertension, is an important indicator of your overall health and physical condition. With high BP, you’re at a greater risk of experiencing dangerous health conditions including heart attack, stroke, chronic heart failure, kidney disease and eye problems. That is why insurance companies use it as a rating tool.
Yes, it is possible; underwriters assess each case separately. They will ask you additional questions and may request a medical examination and/or further tests before they decide whether or not to accept you. Depending on additional conditions such as a high BMI, high cholesterol, whether you smoke, etc., and how the condition is being managed, they may increase your premium.
You must disclose all conditions that may affect the underwriter’s assessment of your application. If you don’t, any future claims could be rejected. Before a claim is paid, insurance companies always verify the cause of illness/death. Most rejected claims are due either to an applicant’s oversight or deliberate fraud. You won’t make your insurance cheaper by withholding information. If you’ve paid years of premiums only for the claim to be rejected, your policy simply becomes an expensive piece of paper with no benefit at all.
Age Client 1 (38) Smoker Status Non-Smoker Medical Conditions Raised Blood pressure (Bp) Bp Reading 135/87 Body Mass Index 29.7 Cover Required £500,000 Level Term Assurance + £100,000 Critical Illness Cover till age 70
We discussed his situation and requirements with several leading insurance companies. Their offers ranged from ordinary terms to an additional 75% loading cost over base premium. Only three companies were prepared to offer ordinary terms.
We arranged life cover of £500,000 until his expected retirement age (70) for an underwritten premium of £37.98/ month*. (Had the client applied for cover from the insurer quoting the cheapest premium of £35.66/month, he would have ended up paying £53.49/month, due to 50% loading of his premium).
This meant a saving of around £6,000 over the policy’s term. We also obtained critical illness cover for him on standard terms, whereas before he was declined by that insurer.
This case study shows it is worth working with a specialist insurance adviser if you have a medical condition you think may affect a life or critical illness insurance application. A qualified and independent professional can access the whole market and understands insurers’ underwriting criteria. This ensures that you are getting the best deal on the market for your circumstances and removes the hassle of trying to work it out for yourself.
25% of adults have high Bp, rising to 50% after age 60. It is potentially serious if left untreated. But it can be controlled with exercise, diet and medication.
*Prices correct on 19th June 2017 using Assureweb Quoting Systems. We take the time to understand our clients’ unique needs and circumstances so that we can provide them with the most suitable protection solutions in the most cost-effective way. If you need expert advice on the range of protection or mortgage services we offer or book an initial consultation, please contact us.
With over 20 years of experience in financial services, Harish is a successful lending and insurance specialist. He commands a solid team of insurance advisors in mortgage lending, commercial lending, health insurance, life insurance etc catering to individuals, families, and business owners with several assets
Date: Apr 16 2018
