That’s a bit of a dramatic (over-dramatic) headline, but, according to pretty much all the life assurance companies in the country, it may as well be true.
As part of the house move, the mortgage is going to have to increase. Consequently, I have been making enquiries about increasing life assurance. We currently have insurance to cover the mortgage we have now, but I thought I would take out a new policy to cover the new mortgage and some spare, so that in the event of the inevitable, it would be paid off and my Merry Widow could take that year-long round the world cruise…
Unfortunately, a pedalo on the lake at Hove is about as close as she will get. I am uninsurable.
With a pre-existing condition, I knew that life assurance would be a challenge, but basically the insurance companies don’t want to know. They won’t even cover me for any other cause of death, excluding the lymphoma.
The best they can do is insure me after 4 1/2 years of remission. In my case, they take that to run from the end of the maintenance, which would be at the end of 2016. So, we will revisit this at the end of next year.
The trouble is, of course, that 4-5 years is the typical length of remission before becoming symptomatic again. With the benefit of the maintenance, that should be longer in my case, but who knows. Cleverly, the insurance companies have made the condition for getting insurance pretty nigh impossible for a lot of people. By the time they get to be in a position where they have been long enough post-treatment, they will be needing the treatment again… Clever.
I will therefore have to rely on the death-in-service benefit through my work to cover the mortgage in the event of me shuffling off. Which is OK, but that money should be used for something else. Like that cruise.
So, to the Top Tip.
Please, please, if you can afford it, buy enough life assurance AND critical illness insurance, while you are young and fit. Or even older and fit. And, if you can afford it, DO NOT STOP PAYING THE PREMIUMS. I had critical illness once but I let it drop when we moved north and were strapped for cash. If have posted before that life would be very different now if I’d still had that insurance.
There. That’s a word from the “wise-after-the-event”. And you can have that tip for nothing. Don’t leave yourself with nothing when you need it…