My client is a 48-year-old successful businessman with a wife and two children. He was a cocaine addict but has been through rehab three times and is currently clean. He also smokes. Having no protection at the moment, he is aware of the need to look after his wife and children. What are his options?
Simon Thomas, LSL Property Services Medical underwriting on any drug or alcohol related symptom or condition is always more difficult due to the underlying effects that the addiction could lead to. Life assurance underwriters are more reticent about this sort of risk than most other risks at present. How long the male client has been free from addiction will dictate the type of cover available. Most life offices are looking for a five-year addiction-free period but even then are only likely to offer cover with a mortality rating; usually they will look for a ten-year free period...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
