In what ways will my medical history affect my premiums?
If you have an existing medical condition or a family history of medical problems then insurance companies are likely to consider you a greater life insurance risk. This means that you may have to pay greater premiums or could in some cases be declined. It is therefore important that you get a good range of quotes. At Life Insure.co.uk we do that process for you as we compare the entire UK market of life insurance providers.
If you do have any health issues then it is common practice for your GP to be contacted to provide more information relating to this.
What kinds of health indicators are used?
Male homosexuality is also taken into account but there are some companies who specialise in this type of insurance so you may still be able to obtain a good rate.
One big factor that will affect your premiums is if you smoke. Insurance companies believe that you will be at an increased risk of contracting associated health conditions and therefore you will be subject to greater premiums.
Will Crohn’s disease affect my life insurance?
Crohn’s Disease is a chronic, inflammatory disorder that usually affects the small and large intestine. When it comes to obtaining a life insurance policy many companies feel that if you have had symptoms in the last 12 months then you will have an increased premium. However if you have been symptom free for a set period of time then you may be able to obtain normal rates. Unfortunately a critical illness policy is likely to be declined.
Will epilepsy affect my life insurance?
In some cases an insurance company may increase your premiums if you are epileptic. It is worth obtaining several quotes to find the cheapest.
Will Multiple Sclerosis affect my life insurance?
Multiple Sclerosis is a chronic disease of the central nervous system and it is worth noting that some companies will charge a higher premium if you suffer.
Will ulcerative colitis affect my life insurance?
If you have or have suffered with ulcerative colitis then a GP’s report will be required.
The premiums you will pay will vary depending on how severe you suffer and if you have had symptoms more recently. Should you have had a successful operation and no symptoms then it is possible you can obtain a more normal rate.
Will Irritable Bowel Syndrome affect my life insurance?
If you suffer from irritable bowel syndrome then you may not have to obtain a report from your doctor and depending on the severity may just have to complete a series of questions. You may find that if applying for critical illness insurance then your GP will be contacted for further information.
Will being diabetic affect my life insurance?
Obtaining life insurance if you are diabetic is not always an easy task. Make sure that you list the full extent of your diabetes and any complications on your form as not doing this could invalidate any claims that you make.
A GP’s report will in the majority of cases be required for further information on the age of diagnosis and treatment received. It is also important for them to ascertain if your blood sugar levels are stable. You will nearly always find that the premiums will be greatly increased for diabetics and that critical illness will be declined.
Will my critical illness policy cover me if I get Breast Cancer?
Different insurance companies provide different policies and therefore you need to check your policy to clarify your cover.
A critical illness policy will only pay when you have been diagnosed by a professional and some may not pay if you die within a pre determined time frame.
You should also be aware that it is very common for cancer in-situ to be excluded as it is not considered life threatening.
Will Kidney disease affect my life insurance/critical illness insurance?
If you suffer from kidney disease you may find that you are charged a higher premium. It is therefore worth seeing if you can find a specialist insurer to obtain a good rate.
Will Heart disease affect my life insurance?
If you have suffered from a heart attack or had to have a heart bypass operation then it is likely you will be charged a greater premium and some companies may in fact decline you. Make sure that you compare the market well as all companies will differ.
What kind of illnesses does Critical illness insurance usually cover?
- Alzheimer’s disease
- Aplastic anaemia
- Bacterial Meningitis
- Benign brain tumour
- Coronary artery by-pass surgery
- Creutzfeldt-Jakob disease
- Heart attack
- Heart valve replacement or repair
- HIV or AIDS from assault
- HIV or AIDS from blood transfusion
- HIV or AIDS from occupational duties or accident
- Kidney failure
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ transplant
- Motor Neurone disease
- Multiple Sclerosis
- Paralysis – Paraplegia
- Parkinson’s disease
- Total permanent disability to age 65
These are the conditions most often covered, but you may be able to obtain cover for additional illnesses. As with all policies, make sure that you check the terms and conditions before you agree to them.