Life Insurance


#1
Our life insurance is due for renewal next year. A Financial Advisor has told my husband that his premiums will be very high because of his PD and that only a couple of insurance companies will probably be prepared to insure him. Does anyone know if this advice is correct or who we should speak to for advice? Thank you.

#2
Well, no-one ever died of PD (and it's NOT a disease: you can't catch it), but it does seriously affect the quality of life as time rolls on, and can be a contributing factor when the patient has (say) pneumonia.

I guess life expectancy could be reduced due to the increased likelihood of falls and accidents. It just depends on the way the insurance companies want to interpret this data. The NHS is similarly unsure, as PD isn't on its list of conditions which AUTOMATICALLY get free prescriptions.

As usual we have to shop around, and be careful to read the small print.

#3
Hi,
I managed to get cover with Legal & General via The Insurance Surgery in Macclesfield.
Tel: 0870 458 7955 - Fax: 0870 458 7956
Web: www.the-insurance-surgery.co.uk Email: enquiry@the-insurance-surgery.co.uk

Hope this info helps.

Rhino.

#4
I have life insurance with Aviva. When i found out i had PD i rang them and told them expecting my premiums to go up but all she said was thank you for telling us and it wouldnt afect my policy

#5
Thank you Ray, Rhino and Big M. That was very helpful.

#6
.
Interestingly, while I was on DAs (and thus out of my head), I frequently hired supercars for weekends or more. At the time the DVLA was extending my licence every 3 years and my own car insurers were happy as long as the DVLA was. The same with the hire company's insurance company. I told them all about the PD, my shortened licence and my symptoms, and they were perfectly happy. Didn't even apply a surcharge.

Looking back horrifies me. I was driving all over the country in Bentleys, Ferraris, Porsches, Audi TTs, Jags (inc a classic E-Type), TVRs and Mercs. I was looking for other fast cars to race, and seeing how quickly I could get between two towns. However I can assure you I never exceeded 160 mph.

God knows how I survived, but at least I was insured!

R.
.

#7
If you have existing cover on a Term basis your premiums are set and don't change throughout the term. If you have a whole of Life policy your premiums are reviewed usually every 5 years. Because a WOL policy has an investment element this is used in the later years to subsidise the premiums but even so premiums usually rise dramatically just when you need the cover most.. You can figure that one out yourself! However you are usually offered the option of continuing with the same premium and having the sum assured reduced (greatly) but at least you continue with some cover.
With regards to the comment " no one ever died from Parkinsons" it is therefore worth noting that had you arranged a policy with Critical Illness cover it would have paid out on diagnosis. I greatly encourage PWP's with young adults that they get them to arrange as big a life and Critical illness policy as they can afford.
Set them up for the longest Term possible and for the biggest cover that they can obtain. Seek the services of an IFA as he is duty bound to find the most suitable policy. Although a Term policy has a finite date as long as it takes you past 65 it is usually the best solution.

#8
Gosh Ray, what a way to live. What the hell were you paying the cars ect from, were you like me with a truck full of credit cards? It's amazing when I think back and I can't help but wonder, how strong and scary those drugs were! You are lucky (I think)to be alive.

regards
Glenchass

#9
Hi,
Go try and get a free quote cover.
I got mine at My Life Quotes
Here's where i got my quote,
Web: http://www.mylifequotes.co.uk/

Hope this information helps.

Winnie