Hi Nigel,
I come across situstions like this fairly often. There are a few ways these types of situations can be approached which sometimes invovle.... thinking outside the box and seeing things as the insurer does.
If you can do this, with the right advice you can very often get the cover you require at, or around (maybe with a small loading) standard rates (this might also depend on your own circumstances (financial as opposed to health)
I would require some further info to advise you further on this.
What age are you currently?
How much cover do you require?
Level or decreasing
Over how many years?
Smoker/non Smoker?
Joint life/ Single life?
Do not apply to any more companies in the meantime!
To illustraite some thinking outside the box see example below.
Couple require 2 years level life cover for £250K (Two years! Yes! Who and why? but it happened and happens).
Very few companies will do a 2year term. Most are Min 5.
Customer Shops around and thinks will get 5 year level term and will cancel after 2.
Had got the following prices and based decision on them.
£250K 5year level Term @ £55/mth Insurance company is expecting £55x12x5=£3300 over term
(Client intends to cancel after 2years therefore.Company doesn't receive what expected)
£250K 2year level Term @ £78/mth Insurance Company is expecting £78x12x2=£1872
Client speaks to professional.
Professional advises 10year decreasing term £430K cover @ £49/mth insurance company expects £49X12X10=£5880 on the policy. The client intends to cancel after 2years and the insurance company does not receive what was expected.
For the entire 12months of year 1 the client has £430K of cover for £49/mth. For the entire 12mths of year 2 the client has £290K of cover. The day after they were going to cancel! the 5 year level tem policy and on the day after the 2year policy was going to expired they will now cancel the 10year decreasing term policy and are cancelling £230k of cover the day before they had £290Kcover.
The figures above may not be exact but they are fairly close (off the top of my head) to a situation I recently dealt with.
The moral of the story is this- in the above situation the client thought the premium of £78/mth for 2 years cover was extortiante when they could get a 5 year level term for less (bear in mind they had struggled to find a company to do 2year term).
However look at it from the insurance companies persective all the risk is rolled up into 2years and we only have 2years to get our reward. Now look at the figures on the 5&10year policies and the risk and reward for the companies. The 10year decreasing term should the client survive for 10years is the most expensive of the 3 (albeit the client will cancel in 2).
You too with your health problems/complications are, in the eyes of the insurance companies a RISK!!
So the question is at what point do you represent a greater risk to them than they are prepared to take for the usual reward.
The greater the sum assured and the longer the term the greater te risk hence the greater the reward required hence the greater the premium you are charged.
Many companies will accept certain medicial conditions if term of the policy takes you to within a certain age limit and if the sum assured is below a certain level but possibly you will have to pay their minium acceptable premium- (this minium premium may only cover half the sum assured that they would normally offer for the same premium but you have still avoided setting off allsorts of triggers or landmines with them. You do this with one compay and another and another and another until you make up the sum assured that that you require. It may well still cost you twice what it would have had your health have been un-impaired but it may also provide an affordable solution for what you wish to acheieve.
If you can find an adviser that has the knowledge to do this go for it. Without intending to insult anyone though, I would suggest that those with enough knowledge of enoungh companies underwriting criteria to do this would be in the region of 1% of advisors selling this type of product.
If you respond to post I will do what I can to help.