In this video I talk about Laura who came to us after she was declined life insurance with a number of insurers. Laura had been diagnosed with Systemic Lupus Erythematosus, fibromyalgia and a high BMI. Laura had a mortgage and wanted to make sure that her family would be financially secure if she were to die.
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Hi, today I'm carrying on with the CuraVision ABC Series, and all focus is on Mrs. L.
Laura came to us, a 29 year old female, non-smoker, with a capital and repayment mortgage of £118,000 over 34 years. Laura had spoken to a couple of insurers before she came to us, and she'd been declined the life insurance. And she just wanted to see if there was anything we could do. I'm pleased to say that there was.
So, with Laura, the risk that was making some of the insurers a little bit wary was that she had been diagnosed with Lupus within the last two years. Now, as well as the SLE diagnosis, her Lupus was actually considered to be mild. She was on medication, and everything was okay. She also had mild fibromyalgia, and her BMI was starting to go into a higher range.
With Laura, we were able to look at an insurance provider who could offer her the life insurance. Now, typically for a capital and repayment mortgage you would arrange a decreasing life insurance policy, because in sort of broad terms, that kind of mirrors your mortgage, the value of the life insurance decreases in a similar rate to your mortgage, and it is a cheaper option.
Now, in Laura's case, when we spoke to the insurer, the difference between decreasing life insurance, which is where the amount that you are covered for decreases, and level life insurance, where the value stays the same throughout the policy, it was literally a matter of pennies difference. So, we suggested to Laura that it could be a good idea to consider the level life insurance, so she'd always know that she had the £118,000 worth of cover for the whole 34 years.
And she agreed that that was something that she would like. Now, as well as that, we did identify a need for family protection as well. So what we did is we recommended that she actually increased the sum assured that she was going to go for, for the 34 years, to £223,000. And that meant that the monthly premium for the policy came to around £25 per month. And she was very pleased with that, especially after getting declined elsewhere in a couple of insurers. So we're very happy that we were able to help Laura in this situation.
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