High net worth individuals or couples wishing to obtain greater than average sums of life insurance can do so but life insurance companies may require more in depth medical information before agreeing to offer cover.
High value life insurance of say £500,000 to £1,000,000 or above is seen as more of a risk to a life insurance company than a typical £150,000 policy.
Life insurance policies are available up to as much as £10,000,000 from select insurers while others limit the maximum amount of life insurance to £5,000,000 or £7,500,000.
As you might expect, very high value life insurance will require detailed analysis of the applicant’s circumstances and health before cover is offered.
Typically the amount of information a life insurance company will require for high net worth clients wishing to insure large sums ranges from a simple GP report all the way up to genetic screening for potential health threats.
The test or examinations that may be required consist of:
Nurse Screening (Basic medical)
Full Medical Examination
Liver Function Test
Resting & Exercising ECG
Renal Function Test
Full Blood Count
Fasting Blood Sugar
Cotinine Testing (presence of smoking related chemicals)
Naturally the actual amount of information required will depend on the individual case and the presence of any underlying health issues may result in a lesser amount of cover being offered than is requested.
Different insurers have different limits and asses cases in different ways.
Speaking with an adviser can help make the process of finding and obtaining cover much quicker and easier.