The Insurance Surgery has been helping to protect families since 1999 and we understand the importance of having the right cover in place. We will advise and recommend the most appropriate and suitable life insurance products for you and your family’s needs.
What is Life Insurance?
Life Insurance is an insurance policy that is designed to pay out a Tax-Free lump sum to your loved one’s if you die. Policies are generally taken out to cover a number of different financial needs, such as:
- Family protection
- Mortgage protection
- IHT/Estate planning
- Business protection
How can I protect my family and my mortgage?
Life insurance can be taken out to protect your mortgage (also known as ‘decreasing term’) or to protect your family (also known as ‘level term’). There is also a range of life insurance products that we offer to ensure that your cover is right for you, such as:
Can I cover against Critical/Serious Illness?
Critical Illness Cover (CIC) is designed to provide a Tax-Free lump sum payment if you are diagnosed with a critical illness which is covered under your policy (NB. it is important to check your policy wording before accepting any policy). Most providers offer CIC under their suite of products and this can be taken out in conjunction with a life insurance policy or as a stand-alone policy.
If you have been diagnosed with a pre-existing condition or are classed as a non-standard risk then CIC may not be available to you, or be offered with exclusions. If an exclusion is applied to your CIC policy your premium will usually be reduced (pro-rata) to take account of the exclusions applied.
We aim to offer cover where we can, however, CIC may not be available due to underwriting restrictions based on the type of product it is.
What happens if I have a pre-existing medical condition?
The Insurance Surgery is a leading life insurance specialist for people who have pre-existing medical conditions. If you have a pre-existing condition it is important to speak to a specialist that understands your condition(s) and can select an appropriate insurance provider.
There are a number of factors that will be taken into account when underwriting your life insurance policy, such as:
- Smoker status
- Any hospitalisation
Our team of experts will gather all of the information required by underwriters upfront to ensure that we provide you with an accurate guide/estimate. By speaking to a specialist you will:
- Save time applying to companies who are NOT appropriate for your condition
- Significantly reduce the risk of Decline/Higher ratings
- Improve your chances of getting a better rate
- Avoid disappointment and frustration
A rating may be applied to your policy which will depend on the level of risk (i.e. severity of your condition) and the provider that we apply to for you. Our job is to make sure that we apply to the best provider for you and your individual situation.
How can I protect my income if I can’t work?
The Insurance Surgery also offers a number of products that are designed to protect your income if you are not able to work due to sickness or accident (known as Income Protection). Our team of experts can also advise on which insurers may offer income protection based on your individual circumstances.
Pre-existing conditions and Income Protection
The Insurance Surgery also offers Income Protection for people who have pre-existing medical conditions and other non-standard risks. Some insurance providers may apply exclusions to your policy for your condition and related conditions or you may be refused cover entirely depending on your circumstances.
We aim to offer cover where we can but unfortunately we cannot guarantee income protection will be available to you due to the type of product it is.
I have been declined in the past so does this mean I can’t get cover?
Unfortunately, not everyone has the knowledge and expertise that we have when it comes to pre-existing conditions and life insurance. It is likely that the person or company that you have been speaking to may have applied to the wrong provider on your behalf.
All insurance providers have their own underwriting criteria and will assess different risks in different ways. Some insurers may not accept your application at all whereas others may be quite happy to consider your application and at competitive rates.
Our many years of experience and the in-depth underwriting knowledge that we have gathered over the years means that we are best placed to offer a suitable solution to your protection needs… even if you have been declined in the past.