My neighbour is a fireman and trying to get inexpensive critical illness or income protection has proved to be difficult for him.
This is because he is classed as an unusual or ‘adverse’ risk because of his occupation.
Other people who find it difficult to get life insurance - or more affordable life insurance - include people who have risky hobbies, such as kite-boarding or those suffering from chronic conditions, such as HIV.
Emma Thomson, life office relations director for Lifesearch, says: “Unusual or adverse risk will apply to anyone not underwritten on standard terms, because they are deemed to be more likely to make a claim due to their health, occupation or status.”
This guide aims to explore what developments have been happening in the market to make it easier for people with certain illnesses and conditions to get affordable insurance.
The guide also explores the advantages and disadvantages of specific types of cover and what needs to be done to remove cost disadvantage for people with certain jobs or ailments.
There is a specific article devoted to helping clients with HIV and information on how to go about sourcing specialised insurance for ‘unusual risk’ clients.
Contributors of content to this guide include: Emma Thomson, life office relations director for Lifesearch; Deepak Jobanputra, deputy chief executive at VitalityLife; Charlie Campbell, protection and health policy adviser for the Association of British Insurers; Andy Doran, protection underwriting philosophy manager for Aviva; Chris Morgan, lead financial adviser for Compass Independent and Unusual Risks; Paul Reed, director at Vita; and Jeff Woods, business development director for Sesame Bankhall Group.
Supporting information supplied by consultancy Willis Towers Watson.