what must I do to get term life insurance?

C

candelwax

Guest
Hello

I have 2 young kids and would like to take out insurance protection for them. However, I'm worried that I'll be refused.

I'm a 35 year old man, non-smoker but seriously overweight. Family history of heart disease and prostrate cancer (had scans done but am all clear myself so far). Being treated for blood pressure. But otherwise very healthy.

My BMI is very high (as in 47 Body Mass Index). I'm prepared to loose weight but just wondering how far I need to go? (to under 35 or under 30?)

Am I better off applying now or waiting til I'm the right weight?

Please advise?
 
Do you mean you would like to take out Life assurance on yourself to payout a lump sum to your children on your death?

Or

do you mean you want to take out life assurance on your children?

If you are taking Life Assurance out on your children your own health will not be an issue.

If you are taking out Life assurance on your own life you will not really get a definitive answer unless you apply for the cover.

Whether you apply now or when you have lost the weight is irrelevant as in both cases you will be asked for your family history and your own personal history (including blood pressure questions etc). The differance will be whether or not you are rated (extra expense on premium) or possibly not accepted for cover.

Have you got a figure in your head of how much Assurance you would like to take out? This may affect the cover you will be given.

Differant Life Assurance companies will offer people of differant health differant terms (or none at all).

You may get Life Assurance and be rated or not accepted. If you lost the weight after taking out the policy you could always reapply for cover at a cheaper price or rating down the road.
 
Hi,

Thanks for the feedback.

I'd like a payout to my spouse/kids if I die. Likely about 750-1 million euro (I'm in a fairly high income bracket).

I don't want to apply in case I get refused and then that makes other companies refuse me.

Cheers,

Gareth
 
For that amount you can bet that the company will request comprehensive medical information.

If you applied today and were declined, there is nothing to say it will effect your application in a couple of months or years down the road. People who recover from Cancer can be declined at differant stages but be accepted at others.

Applying now and getting a decline means that there will be red flags on your future applications (by that I mean simply notes stating that you were declined and the reasons why).

Not applying now will still mean medical information will be requested and they will probobley find out that at some stage you had a high BMI (when they request information off your doctor).

I have seen people being declined in one Assurance company only to be accepted in another, it does happen, differant companies will take on differant clients.

Really what I am trying to say is that I dont personally think it makes that much of a differance (if any) if you are declined now or wait until you think you have a better chance of getting it.

Another thing to note is that in certain circumstances you may be accepted with a loading or a rating (penalty fee on premium). The Assurance company may offer to waive this penalty down the road if your health improves (*This would be clarified during application stage), which means in your case if the loading was because of your BMI, they would consider reducing or taking away your loading if you got that down.
 
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