Loading of Life Insurance Premiums Due to Medical History

Nampara

Looking for some advice on how an insurance company might load my premium based on my medical history!
I was diagnosed and treated for Leukaemia when I was 16 yrs old and went into immediate remission after the first course of chemo. I'm now 28 and have been in remission for 12 years. I've just submitted an application for life insurance as I have been granted a mortgage subject to this. I know the insurance company have written to my GP who has replied stating that I am in good health and am not on any meds etc. Does anyone know how the insurance company might interpret this? Is it likely that they will still load my premium even though I am deemed to be in good health and am not being treated for any existing illness?
Thanks!

Toots

I'd say they'll almost definitely apply a loading to the policy. I had minor surgery for a pilonidal sinus on my back, not remotely life threatening, it was elective surgery, and there was a loading applied to my policy.

broker2008

Toots* wrote: »

I'd say they'll almost definitely apply a loading to the policy. I had minor surgery for a pilonidal sinus on my back, not remotely life threatening, it was elective surgery, and there was a loading applied to my policy.

Did you take out cover within a year of the surgery ?

I have seen ordinary rates for pilonidal sinus many many times over the years from many insurers including Irish Life, Caledonian & Eagle Star. I would reapply elsewhere, I'm assuming that they are no other medical conditions.

broker2008

Nampara wrote: »

Looking for some advice on how an insurance company might load my premium based on my medical history!
I was diagnosed and treated for Leukaemia when I was 16 yrs old and went into immediate remission after the first course of chemo. I'm now 28 and have been in remission for 12 years. I've just submitted an application for life insurance as I have been granted a mortgage subject to this. I know the insurance company have written to my GP who has replied stating that I am in good health and am not on any meds etc. Does anyone know how the insurance company might interpret this? Is it likely that they will still load my premium even though I am deemed to be in good health and am not being treated for any existing illness?
Thanks!

You should be able to get either minor loading or "ordinary rates this policy" at this stage. Again try more than one insurer insured with different reinsurers .

Nampara

Thanks Toots, Broker2008.

Its currently with my broker so I'm hoping I can avoid a heavy loading. From what I hear though, most insurance companies increase the premium for medical histories alot less serious than mine which scares me.

Thanks for input

patbrady877

there is no way of avoiding a loading, i was in a similar position. Sent the app to one life co and they were charging me a loading of 50%, I thought id be smart and fill in some other insurers apps to see if I could get away with it. Turned out I got loaded by the exact same with all companies - they have some sort of centralized system that they share information on!

broker2008

patbrady877 wrote: »

Turned out I got loaded by the exact same with all companies - they have some sort of centralized system that they share information on!

There is a central register administered by Irish Life so each company will have a idea as to whether you have been loaded by another company and which company.I say that they will have an idea but not definitely for reasons that I won't go into on a public forum. However, it does NOT follow that because one company loaded a person that they will be automatically loaded by another company. That is where advice is important, information is key and that information is generally not availbale on the web.

Toots

broker2008 wrote: »

Did you take out cover within a year of the surgery ?

I have seen ordinary rates for pilonidal sinus many many times over the years from many insurers including Irish Life, Caledonian & Eagle Star. I would reapply elsewhere, I'm assuming that they are no other medical conditions.

No, it was just outside of a year, but apparently whatever way mine was they reckoned there'd be a high chance of it coming back, although it's not exactly a critical illness so I can't understand why it makes a difference. I did apply elsewhere and there was no loading, but I got my policy out through where I work, so even with the loading, the staff discount brought it way below what others were quoting. Also the fact that I was a 20 yr old non smoker and non drinker probably helped with keeping the price low.

Nampara

broker2008 wrote: »

There is a central register administered by Irish Life so each company will have a idea as to whether you have been loaded by another company and which company.I say that they will have an idea but not definitely for reasons that I won't go into on a public forum. However, it does NOT follow that because one company loaded a person that they will be automatically loaded by another company. That is where advice is important, information is key and that information is generally not availbale on the web.

Thanks pat & broker2008.

I've spoken to my broker about this in great length and he has told me that the general risk criteria is that you need to be 5 years in the clear. Since I'm 12 years in remission he seems to think I'll be fine but this is contrary to what other people are telling me so I am keen to learn other's similar experiences. Still waiting on the final line from the insurance company in question. I am aware that their quote will be registered centrally

broker2008

Nampara wrote: »

Thanks pat & broker2008.

I've spoken to my broker about this in great length and he has told me that the general risk criteria is that you need to be 5 years in the clear. Since I'm 12 years in remission he seems to think I'll be fine but this is contrary to what other people are telling me so I am keen to learn other's similar experiences. Still waiting on the final line from the insurance company in question. I am aware that their quote will be registered centrally

That seems about right.I would be surprised if you don't get a favourable answer unless there are other mitigating factors eg family history, other illnesses etc.The quote will only be registered if you are accepted on special terms.