Addison’s Disease

Addison’s Disease life insurance, critical illness cover and income protection The facts about getting life insurance with Addison’s Disease Addison’s…

Alcoholism

Alcoholism life insurance, critical illness cover and income protection The facts about getting life insurance with alcoholism Life insurance applications…

Angina

Angina life insurance, critical illness cover and income protection The facts about getting life insurance with angina Angina life insurance…

Ankylosing Spondylitis

Ankylosing Spondylitis life insurance, critical illness cover and income protection The facts about getting life insurance with Ankylosing Spondilitis Ankylosing…

Anorexia

Anorexia Life Insurance, critical illness cover and income protection The facts about getting life insurance with Anorexia Mental health conditions…

Warnings over extended mortgage and credit card payment holidays

Warnings over extensions of mortgage and credit card payment holidays

Mortgage payment holidays were released by the government in March 2020 to help people who were financially impacted by COVID-19.

Since the beginning of March, around two million mortgage borrowers have taken advantage of up to three months payment breaks.

As well as this, members of the UK Finance trade association have offered 27 million interest-free overdraft buffers, provided 961,700 deferred payments on credit cards and 688,900 personal loan payments deferred.

In these cases, interest will more than likely continue to build during the deferred period or payment holiday, unless specified by the lender. Customers should carefully consider their options before accepting any such scheme and especially for further deferment.

On average, the payment deferral equates to £755 per month which is the amount of the suspended payment.

It is also suggested by UK Finance that 1 in 6 mortgages has been or is now subject to a payment holiday. This equates to over 1.9 million mortgage payment breaks.

As many borrowers now come to the end of the initial 3 month payment holiday period, lenders will be contacting them to make sure that they are still supported. Mortgage borrowers may now be offered further options which will include:

  • Continued full or partial payment holidays
  • Switch to interest-only temporarily
  • Extend mortgage terms to reduce payments

It has been suggested that mortgage lenders are now able to offer further mortgage payment holidays until the end of October. The reason for the extended payment periods is to assist those still experiencing financial difficulties, such as those still on furlough.

Our advice to people who are considering extending their mortgage payment holiday, is to be very careful. These options have been put in place to assist people who really need it and not to simply ease the pressure for a few months.

Lenders are expected to be more rigorous with their checks on the extended payment holidays. Some will be offering debt counselling as well as other possible alternatives before accepting an application to extend.

You should also be aware that even though your credit rating will not be impacted, your options for future borrowing could reduce. Some lenders are taking a dim view on borrowers who have taken advantage of payment holidays for further borrowing or new mortgage applications.

If you want to know more about mortgages then you can contact our team of qualified iam|MORTGAGES experts on 01244 732899 or visit www.iammortgages.com.

Why have I been refused life insurance and can I still get cover?

What to do if you’ve been declined life insurance in the past

(Author – Daniel Sharpe-Szunko)

A lot of people come to us after they’ve been declined life insurance previously. Nobody likes to be turned down for anything and life insurance is no exception. It can feel demoralising or even offensive if you have a medical condition and you get told cover isn’t available.

There are several main reasons why you might have been declined for life insurance by an insurer. It’s important to remember that insurers are all different so just because you’ve been told no before, that’s not always the end of the road. Feeling annoyed or frustrated is totally understandable and it’s natural to question whether applying again is worthwhile.

Why have I been declined life insurance?

You could have been refused cover for several reasons which are unfortunately quite common. Most life insurance applications are declined because of medical conditions, occupation or dangerous activities.

If you’ve applied for cover in the past and your application was refused, then it might be because of:

  • Insurance advisor might not have the expertise and the skills to find an appropriate or suitable insurer
  • Insurance providers have different underwriting philosophies so some may decline cover where others could accept. Your adviser should be able to identify which insurers are best for each situation and persons circumstances
  • Medical disclosures might be incorrect or inaccurate so it might be that there was a simple error with submitting your application
  • Medical evidence may be requested in some instances which can expose additional elements which can cause concern. It’s important to know what might be on your medical report before applying for cover
  • Timing could be wrong so you might have applied when your medical readings were high or not as well controlled. If you’ve made changes to your lifestyle or treatment which has improved your condition then things will have changed
  • Smoking is sometimes a red flag with life insurance and especially with certain medical conditions, such as diabetes, cardiovascular and lung disorders. If you quit smoking more than 12 months ago then definitely try again
  • Underwriting changes could mean that cover which wasn’t available before has now become available. Underwriting philosophies can and do change so you should keep checking just in case this happens

Does being refused life insurance have any impact on future applications?

You should know that insurers do not share personal information about individuals. The only real reason why being declined cover might have an impact in the future, is if you re-apply to the same provider.

It may just be as simple as you didn’t remember which company had declined you in the past, or you didn’t know who they were. It’s a common and simple mistake so don’t worry if this happens. This happens to lots of people and is certainly not an issue so let someone find the right insurance provider for you.

What are the main medical reasons for declined life insurance?

Some of the main things that could cause a medical decline for a life insurance application are:

  • Recent diagnosis such as cancer or heart attack
  • Ongoing treatment which includes chemotherapy and radiotherapy
  • Combinations of conditions such as Diabetes and Heart Attack
  • Undiagnosed conditions where symptoms are identified
  • Outstanding investigations, results or surgeries
  • Higher than normal results or readings (such as blood sugar, cholesterol or blood pressure)

You should know that there are usually other options and solutions in a lot of these instances so don’t be put off. It might also be a case that cover may not be available now through mainstream insurers but there are other options.

Do life insurance companies share medical information?

The simple answer is no they don’t unless it is agreed by the insurance companies and the applicant. Generally this does not happen more often than not because of the potential issues around data protection and sharing of personal data.

Do I have to pay more for life insurance because I’ve been declined?

Again the answer isn’t necessarily yes and some insurance companies might still offer cover and even be cheaper. Insurance underwriting is a complex calculation which is individual to each company and pricing will vary from one company to another.

If you’ve had a quote from a company in the past then by shopping around and applying to the right insurer, you might still be able to get cover cheaper. Your insurance adviser should help you to find which provider is cheapest and who will accept you.

 

Life insurance Guide for People Living with Ulcerative Colitis

If you have Ulcerative Colitis and are considering life insurance, then this guide will help you understand how your condition could affect your applications

People with ulcerative colitis will have things to consider and questions to answer when applying for life insurance. We’ll explain the medical condition and then how that could impact insurance premiums.

Our aim is to provide you with a useful guide to help you make an informed decision and give you support through the application.

What is Ulcerative Colitis?

Ulcerative Colitis is similar to other inflammatory bowel diseases (IBD) in how it affects the body and treatments. It is a lifelong (chronic) condition of the large intestine, with no known cure. Primarily this type of condition causes ulcers and inflammation around the colon and rectum areas.

Symptoms can include abdominal pain which can be extremely strong and diarrhoea with blood. People with ulcerative colitis may lead fairly normal lives with no or few symptoms but it can also be more severe, potentially life-threatening.

Inflammatory bowel diseases are a group of medical conditions and diseases that affect the gastrointestinal tract. The most common conditions under IBD’s are Crohn’s disease and Colitis which can also have similar symptoms. These conditions are also classed as autoimmune diseases which is simply where the immune system does not function properly.

Symptoms of Ulcerative Colitis

The severity of this condition can vary dramatically from one patient to another. The types of symptoms can also change as time passes which cause other potential issues. As with other IBD’s, there can be periods of few or even no symptoms (remission) and periods where symptoms are regular or acute (flare-ups).

Most common symptoms of Ulcerative Colitis:

  • Abdominal pains.
  • Blood in stools.
  • Diarrhoea.
  • High temperature.
  • Rectal pain.
  • Weight loss.

There are also potential complications which may occur as a result of ulcerative colitis which can include:

  • Dehydration.
  • Eye swelling.
  • Joint pain / swelling.
  • Mouth sores.
  • Skin problems.
  • Nausea and loss of appetite.

What causes Ulcerative Colitis?

The exact cause of ulcerative colitis is still a mystery to medical experts around the world. There are several theories which are similar to other inflammatory bowel diseases like Crohn’s. It was previously thought that the cause was stress and diet but we now know that these just aggravate it.

It is strongly believed that the cause of UC is because the immune system is overactive. This is when your immune system fights off invading bacteria or viruses, unusually the immune response causes it to attack cells in the digestive tract as well.

Another possible view on the potential cause of ulcerative colitis is that it is a hereditary condition. There are a number of patients who do have a family history of UC but there are also many instances where this isn’t the case.

Complications with Ulcerative Colitis

There are a number of main issues that people with ulcerative colitis tend to experience either frequently or infrequently. These complications can vary from moderate risk to severe health problems.

Some of the main complications connected to this condition are:

  • Perforated colon.
  • Liver disease.
  • Osteoporosis.
  • Colon cancer.
  • Rapidly swelling colon.

What types of Ulcerative Colitis are there?

The various types are ulcerative colitis are classified based on where they are located on the body. Main types include:

  • Acute severe ulcerative colitis is a rare type of colitis that affects the colon and would cause severe pain, extreme diarrhoea, bleeding, high temperature and loss of appetite.
  • Left-sided colitis which is where the inflammation would move from the rectum to the sigmoid and descending colon. Main symptoms for this include bloody stool, diarrhoea, cramp and abdominal pain and weight loss.
  • Pancolitis commonly is known to impact the entire colon which can cause bloody diarrhoea (potentially severe), cramps and pains around the abdomen, tiredness and unexplained weight loss.
  • Proctosigmoiditis is an inflammation of the rectum and sigmoid colon (lower section of the colon). Symptoms are bloody diarrhoea, pain and cramp of the abdomen and constipation.
  • Ulcerative Proctitis causes inflammation around the anus (rectum) and bleeding around the rectum. This type of UC is known to be the mildest.

List of Ulcerative Colitis Statistics (UK)

According to recent statistics published by National Institute for Health and Care Excellence for 2014, the most recent figures show:

  • Approximately 146,000 patients (240 per 100,000).
  • Most common age group is 15 to 25.
  • Next highest age group is 55 to 65.
  • Approximately half (50%) of people with UC have 1 or more relapses annually.
  • 80% of patients are mild to moderate.
  • 20% are severe.
  • Approximately 25% of patients have 1 or more severe episodes in their lives.

*statistics provided by NICE 2014 report on inflammatory bowel disease (https://www.nice.org.uk/guidance/qs81/documents/inflammatory-bowel-disease-briefing-paper2).

Can I get life insurance with Ulcerative Colitis?

In almost all cases it is possible and can be even simple to get life insurance for someone with this condition. Because of the simple fact that nearly three-quarters of UC patients have either mild or moderate symptoms. The vast majority of cases that we deal with where we help people with ulcerative colitis, the cover is available instantly.

An application for life insurance for someone with ulcerative colitis will consist of several main questions about the condition. The most common questions regarding UC will include:

  • When were you diagnosed?
  • Are you currently undergoing or awaiting hospital treatment, tests or surgery?
  • Have you had surgery for this condition?
  • Has this affected your eyes, joints, liver, bile duct or stomach?
  • What treatment have you received?
  • How many flare-ups have you had in the past 2 years?

These are just an example of some of the most typical questions that we are asked by insurers. The questions can vary from one insurance company to another so these are just a guide. You should also know that a growing number of insurers are offering cover without the need for medical evidence (GP reports).

Has Coronavirus (COVID-19) affected life insurance for people with Ulcerative Colitis?

Coronavirus has caused some unprecedented changes to the underwriting philosophies from insurance providers. Most of the medical conditions where symptoms are more severe have been affected, unfortunately. Life insurance underwriting was affected in the short term and there may be longer-term changes.

Some of the questions that were asked as a result of Coronavirus were:

  • Have you been told to self-isolate?
  • Are you currently or have you experienced any symptoms of COVID-19?
  • Have you been exposed to the risk of Coronavirus?
  • Do you know anyone who has contracted COVID-19?

This was an unprecedented global event and a lot of decisions to make changes were made by re-assurers. These companies are global companies and therefore were making decisions about underwriting based on some of the worst-affected countries.

Some of the restrictions that were brought in to play included:

  • Limits to the amount of cover being offered (sum assured).
  • Restrictions around certain medical conditions considered to be high risk.
  • Terms of policies being offered.

There is a possibility of longer term changes to the life insurance industry depending on how the situation develops.

Which are the best life insurance providers for Ulcerative Colitis?

There are a number of circumstances where premiums can be unaffected by having UC. If your symptoms are mild or in some cases moderate then you could be offered good rates by some insurers. The terms that are offered to people with ulcerative colitis can be very different depending on which insurance company you apply to.

It’s important to remember that insurance underwriting is a complex process and there are various calculations involved. There are some insurance companies who will target certain medical conditions due to a good claims experience for example. It’s the job of an expert or trained adviser to search the market for you to find the best rates.

You’ll need to complete a medical fact find with the adviser you’re dealing with and make sure that you give honest answers. Also, you should be aware that underwriting guidance changes so the best companies for you and your condition can be different over time.

Can I get critical illness cover if I’ve got Ulcerative Colitis?

This type of policy is a good way to ensure that you’re covered if you get diagnosed with a serious illness like Cancer, Heart Attack, Stroke, MS and more. Someone with ulcerative colitis who wants to be insured against a critical condition should definitely consider applying. It’s also often possible to get critical illness cover if you’ve got this condition and again terms can vary between insurers.

There will be some main factors that will be taken into consideration when applying for critical illness cover with UC:

  • When did you last have symptoms?
  • Are you a smoker?
  • Have you had any hospital treatment or surgery?
  • Do you have any restrictions to daily living?

If you’re well managed with mild to moderate symptoms then you should be able to get this type of policy without any problems. Often in these types of applications will be considered and can be offered with no medicals required. If you are asked to provide a medical report from your GP then this just means that it will be reviewed by underwriting.

You should also remember that cheapest is not always best when it comes to critical illness cover. This can be especially important when you have a medical condition such as ulcerative colitis. Higher premiums can often mean more comprehensive cover, so you should always check terms being offered.

There are also products available from more specialist insurers if your symptoms are more severe. For example, if you’ve had recent treatment or surgery as well as people who have greater restrictions on lifestyle.

Can I have income protection if I’ve got Ulcerative Colitis?

This type of cover can be extremely important to protect you and your home if you’re not able to work. You can cover yourself against being off work due to an accident or long term sickness if you’re employed or self-employed. People with ulcerative colitis can get income protection or accident and sickness cover in most cases.

If your symptoms are mild and you have not experienced any recent symptoms or flare-ups then it can be simple to get income protection. There are more options when it comes to looking for this type of policy so carefully consider your requirements. People with ulcerative colitis might be offered terms with some elements excluded so read your documents properly.

People suffering from more severe symptoms such as hospitalisation or surgery can get more specialist cover. You may have been refused this type of policy in the past but that doesn’t necessarily mean that you can’t get cover. There are options to make this type of policy more affordable as well so check to see what’s available.

How much is travel insurance for people with Ulcerative Colitis?

It is definitely possible and often simple to get travel insurance for someone with ulcerative colitis. There are some hints and tips that you could consider when travelling to help manage the cost of cover, such as:

  • Travel when symptoms are stable where possible.
  • Get quotes from a specialist insurance company.
  • Disclose accurate details about your condition.
  • Travel with your required medication

Travel insurance for people with pre-existing medical conditions can be easy to arrange but there can be a big difference between price, cover options and quality of cover. It’s very important to make sure that you check with your travel insurance provider that everything declared is covered.

It is very important to disclose all information requested about your medical condition to avoid any questions at claim stage. If you fail to disclose material facts then you may find unnecessary questions when it comes to paying out claims. The cost of medical treatment overseas can be extremely high so best not to risk it.

What are some common issues with getting life insurance for someone with Ulcerative Colitis?

We don’t like to focus on negatives but it’s important to make sure that we give you the full picture. Some of the things that can cause either a need for further underwriting or potentially some restrictions are:

  • Recent surgery or outstanding investigations can make it slightly more complicated and may mean a delay (postponement) to your insurance offer. You should disclose this information (e.g. colectomy or ileostomy) on your application but it’s not the end of the road.
  • Liver disease can also be a bit of an issue when combined with ulcerative colitis and especially where there has been recent hospitalisation or surgery.
  • Medication or treatment such as immunosuppressants can be a problem if symptoms are moderate or severe so there could be underwriting considerations.

We often speak to customers who have had problems applying for cover previously or been declined by another broker. Don’t be disheartened, we’re very often able to get cover for people who’ve been refused elsewhere.

Ulcerative Colitis Awareness Events

Here’s a list of some of the events that we follow every year to find out what’s happening in the world relating to ulcerative colitis. Each year these amazing events help to raise thousands of pounds for charities.

  • Crohn’s disease awareness week is a national event through Crohn’s & Colitis UK. This event usually takes place on the 1st week in December to raise awareness and funds for colitis research.
  • Crohn’s and Colitis awareness month is a global event in November to increase awareness for people living with the condition.
  • World IBD (Inflammatory Bowel Disease) Day is an event held in May across the globe with most national charities involved.
  • IBD awareness month is held in the United States in December by leading charities to help raise awareness. There are approximately 3 million people in the US living with Crohn’s disease or Colitis which is 1.3% of the population.
  • Ulcerative colitis charities and support for colitis (UK).

List of Ulcerative Colitis Charities

There are a number of charities dedicated to helping people with Ulcerative Colitis and other inflammatory bowel diseases (IBD’s). These organisations provide vital guidance, help and support for those living with this condition.

References:

As a team of experts who regularly help people with medical conditions like Ulcerative Colitis (UC), to get life insurance, our mission is to ensure that everyone who needs it stands the best chance of getting it and that they don’t pay over the odds for it too. Over the past 20 years, we’ve helped thousands of families to get life insurance, critical illness cover and income protection.

If you’ve got ulcerative colitis and you want to know more then read this article where we explain how it works. As the first team of experts in the UK to focus our efforts on helping people like you to get cover, we understand your needs. We’re committed to providing the best advice to our customers regardless of their health.

You can also check out what other people think about iam|INSURED by reading our Feefo reviews. It’s important to know what other people think about the service we provide.

MS Life Insurance Guide – For People Living with Multiple Sclerosis

A Comprehensive Guide to Life Insurance for People Living with Multiple Sclerosis

If you’ve got multiple sclerosis and you need some information about how to get life insurance to protect you, family, then please read on. Our mission is to provide support and help to people with medical conditions, assisting them to get the right life cover at the right price.

iam|INSURED is a leading life insurance specialist, and we’ve been helping people with multiple sclerosis (MS) and other medical conditions to get cover for 20 years. Life cover can protect your family and your home, and for people with MS, it’s essential to understand what the best options are, which is where we can help.

Over the past 20 years, our team has helped thousands of people with multiple sclerosis to get the insurance they need to protect their loved ones. It’s important to us to know that we’re doing our utmost to make sure that you’re getting the best cover for your family or your mortgage.

We’ve worked with some of the UK’s top MS experts over the past 20 years as well as working closely with some incredible MS charities. It’s been a privilege to offer support to people with multiple sclerosis and to help raise funds for various MS charities and non-profit organisations.

We want to help you to understand life insurance for ms patients and travel insurance, critical illness cover and income protection with MS too. A lot of people with MS have put off insurance because it can seem difficult or even impossible, which we think is wrong and we want to change this.

What is Multiple Sclerosis?

Multiple sclerosis (MS) is a neurological condition which affects the brain and the spinal cord. People with MS have damage to the coating that protects their nerves (myelin) which causes various symptoms, including issues with mobility and blurred vision.

There is a substance in the body called myelin which protects the fibres that make up our nerves in our central nervous system. Myelin helps messages to travel through our bodies quickly between our brain and our body and limbs.

In someone with multiple sclerosis, their immune system (the bodies way of fighting infections), mistakes Myelin as a foreign body, attacking it. That can causes damage to the Myelin, stripping some or all of it off the nerves, sometimes leaving scarring, known as lesions or plaques.

The effect that this process can have on the body causes disruptions to the messages travelling through our central nervous system. These messages can either be slowed considerably, distorted or even blocked completely.

What are the different types of Multiple Sclerosis?

There are three well known and more commonly referred to as types of multiple sclerosis which are:

  • Relapsing-Remitting MS (RRMS): is where people will have intermittent periods of symptoms, known as a relapse which can vary dramatically from one person to another. Roughly 85% of people diagnosed with MS have relapsing-remitting, which is often treatable with a disease-modifying therapy (DMT).
  • Secondary Progressive MS (SPMS): is very often the next stage of the condition beyond relapsing-remitting. In this type of MS, the person will often experience progressively worsening symptoms and disabilities. The main difference between this and relapsing MS is that you would no longer have periods of no symptoms or relapses.
  • Primary Progressive MS (PPMS): is known to affect approximately 10-15% of people diagnosed with MS. The name primary comes from the simple fact that from the very first symptoms, they get progressively worse.

How many people does Multiple Sclerosis affect in the UK?

There are an estimated more than 130,000 people in the UK living with multiple sclerosis and that nearly 7,000 people are newly diagnosed each year. Roughly 1 in 500 people living in the UK have MS, and there are 130 new people diagnosed each week.

These statistics and estimates are provided by MS Society who work in partnership with Public Health England:

  • MS affects more than double the number of females as it does males (per 100,000 people in the UK = 272 females / 106 males).
  • Females between 50 – 59 are three times more likely to get diagnosed with MS.
  • People (both male and female) are most likely to have MS between 60 – 69.
  • MS is more likely to appear in ex-smokers than for the general population.

Statistics are from Public Health England.

Can I get Life Insurance with Multiple Sclerosis?

Life insurance is essential for anyone who has either financial dependents (e.g. children, partner or family members) or to cover for debts such as mortgages, loans and businesses. Some people with medical conditions such as multiple sclerosis feel discouraged in applying for life cover, which is incredibly concerning for us. It is often far easier to get life insurance for people with MS than you might think, and we can help.

The main questions that insurance providers will ask someone with multiple sclerosis are:

  • When were you diagnosed with MS?
  • Which type of multiple sclerosis do you have?
  • What type of treatment or therapies are you receiving or have you received in the past?
  • Do you have any issues eating, swallowing or do you need to spend most of your time in bed?
  • Do you use walking aids (e.g. wheelchair, scooter, walking stick or crutches)?
  • Are you working, or are you able to work?

Your answers to these questions, in addition to general health and lifestyle-related facts, will be taken into consideration. It is even possible to get life insurance accepted without additional medical evidence from your GP, which is a significant step forwards.

Which types of Multiple Sclerosis can get Life Insurance?

Generally, the type of multiple sclerosis will have a bearing on how easy it is to get life cover as well as the severity of your symptoms. People with Relapsing-Remitting MS will be slightly easier to get protection for than people with Primary or Secondary Progressive. Because of how the symptoms and affect on lifestyle, for people with relapsing-remitting MS, these can be less severe than for someone with primary or secondary MS.

It is now possible to even get immediate cover for someone with relapsing-remitting multiple sclerosis, which is a big step in life insurance underwriting. Previously you would have always needed to provide your GP details on your application so that the insurance provider can request to see a copy of your medical history; now this isn’t always the case.

MS life cover is usually available for the vast majority of people with MS regardless of the type of the condition. The same rules apply to life insurance underwriting with multiple sclerosis as any other medical condition and consider your overall health and your lifestyle too.

Which insurance companies are best for Multiple Sclerosis?

Our insurance partners include some of the UK’s biggest and best brands such as Aviva, AIG, Aegon, L&G, Zurich and LV. It is fair to say that some of these insurance companies are better at underwriting different types and severities of medical conditions which is the same for MS.

Our many years of experience and expertise means that we’re able to reasonably quickly identify which insurance companies will be best for you, based on your disclosures to us. We also know from our close links to these insurers that their underwriting philosophies can change quite quickly and dramatically. At the point that I am writing this article to explain which insurance providers are best for MS, this will no doubt have changed by the time you are reading it.

It’s incredibly difficult to say which insurance companies are best for MS because each application is usually very different, but also things change over time. We keep in close contact with underwriters in the top insurance companies to help us to understand any changes and get the best outcomes for you. Something else to consider is that the difference in terms being offered for you by one insurance company will often be very different from another, which is where we can help.

Can I get Critical Illness Cover if I’ve got Multiple Sclerosis?

It’s advisable to consider all types of cover when looking at the best ways to protect your family and your home. Critical illness cover is the second most popular type of cover for people who are looking for financial protection. This type of cover provides you with a lump sum payment which is often tax-free if you have a diagnosis of severe illness such as Cancer, Stroke, HIV, Heart Conditions and MS.

Generally, someone with a family history of multiple sclerosis will be able to get critical illness cover after age 40 if they’re in relatively good health. People diagnosed with MS already usually won’t be eligible for standard critical illness cover. However, there are alternative types of insurance cover available.

Some specialist insurance products are available which would provide cover for non-related conditions such as cancer, HIV or Heart Conditions.

Is Income Protection available for people with Multiple Sclerosis?

There are some income protection style products which are available for people with MS and other pre-existing medical conditions. We’re continually searching for more products such as income protection to help people with multiple sclerosis because of the restrictions that insurers put in place.

Income protection is something that can be important to someone with MS, so there are some options available. We’ve sourced several unique products that will pay out for some time if you’re unable to work due to sickness or injury. Some people wrongly assume that people with MS don’t work which we know isn’t the case, which is why we’ve worked hard to offer cover. MS doesn’t mean that you can’t work and people with mild symptoms can function normally, so we want to make sure you’re protected.

Over the years, we’ve found several products which are exclusive to insurance experts like iam|INSURED because of the work we do. You should speak to one of our team of experts about it, and we’ll be happy to tell you what’s available to you and how much this will cost you each month.

How much does Travel Insurance cost for Multiple Sclerosis?

If you need travel insurance and have multiple sclerosis, then you’ll generally find that prices will be different. Our travel insurance partners offer expert advice for people with MS and other medical conditions to get the best cover from the UK’s best travel insurers. If you’ve got benign, relapsing-remitting or progressive MS then you’ll need to disclose details about your health to us so we can give you the lowest premiums.

Travel insurance is essential for anyone with a pre-existing medical condition, and MS is just as critical because of how unpredictable symptoms can be. You should make sure that you’ve got sufficient cover in place when travelling abroad to protect if anything should happen.

You should make sure that if anything happens to you while you are abroad that you have proper cover to avoid costly medical bills. Medical treatment can be expensive when outside the UK, so your travel insurance policy will protect against this eventuality. It’s essential to disclose everything about your MS to our travel insurance team to make sure that you are correctly covered.

Travel insurance for people with MS will also take account of equipment you may need for mobility such as walking aids or wheelchairs. You may also travel with other special equipment or medication that requires cover which should be taken into consideration by our travel insurance team.

What are common issues for people with MS getting life insurance?

It’s fair to say that not all multiple sclerosis life insurance applications are simple or straight forward so there can be challenges. We’d like to share some of the common problems that we have to overcome when applying for life insurance with this condition. It’s important to remember that just because you have a medical condition, that shouldn’t mean that you can’t get or can’t afford life insurance.

  • Mobility: People with MS can often use walking aids such as sticks, crutches or chairs depending on their symptoms or type of MS. If you use walking aids then we’ll find the best insurer for you based on the equipment you use and how regularly.
  • Complications: Some of the main difficulties connected to MS that would come upon a life insurance application are problems eating, breathing or memory issues. Again these are all relatively common and shouldn’t stop you from getting cover with the right insurance provider.

If you’ve applied for life insurance in the past and either been declined or told that cover will be unaffordable then speak to us. As specialists, we can provide life insurance cover for many more people than many other insurance companies, and we pride ourselves on going the extra mile for our clients.

List of Multiple Sclerosis (MS) Awareness Events

Many national and international awareness events have been running for some years to help raise awareness and fundraise for MS:

  • MS Awareness Week: is a UK event which is run by UK based MS charities and often run towards the end of April.
  • World MS Day is held on the 30th of May every year.
  • MS Awareness Month: is held in the United States by the Multiple Sclerosis Foundation.

Multiple Sclerosis Charities and Online Resources

There are several major MS charities and non-profit organisations in the UK that help people with MS to manage on a day-to-day basis, as well as provide vital support. As well as the major charities, there are some local MS support facilities which provide treatment for people with MS. Some of the main MS charities and online resources relating to MS in the UK include:

  • MS-UK: Website: https://www.ms-uk.org. Address: Unsworth House, Hythe Quay, Essex, CO2 8JF. Telephone: 0800 783 0518.
  • MS Trust: Website: https://www.mstrust.org.uk. Address: Spirella Building, Bridge Road, Letchworth Garden City, Hertfordshire, SG6 4ET. Telephone: 0800 032 3839.
  • MS Society: Website: https://www.mssociety.org.uk. Address: 372 Edgeware Road, London, NW2 6ND. Telephone: 0800 800 8000.

The NHS Choices website contains a lot of useful information relating to Multiple Sclerosis: https://www.nhs.uk/conditions/multiple-sclerosis/.

We would be delighted to help and to answer any questions that you may have. Please feel free to contact us online or, you can call us on 01244 732890.

Facts about Diabetes Insurance

Facts about Diabetes Insurance

(Author: Daniel Sharpe-Szunko)
iam|INSURED is the #1 life insurance expert for people with Diabetes Type 1 and Type 2 as well as other medical conditions. Over the past 20 years we’ve worked with some of the UK’s leading insurance and medical experts to help our customers to get the best cover to protect their families and homes.

We’re proud to have been part of several major initiatives and product development forums to help improve diabetes life insurance for our clients. Through our many years of working hard to get people the cover they need to protect their loved ones, we’ve developed an in depth understanding of the condition and underwriting terms. Our management team has also been part of helping to develop new ways to offer cover for people with diabetes which includes life insurance, critical illness cover and income protection.

Our mission is to make sure that people with diabetes are treated fairly and to give you the best cover as well as saving you money. I personally have helped to develop some incredible products for people with diabetes and worked out new ways to help people with diabetes to get life insurance much quicker.

What is Diabetes?

Diabetes is a serious medical condition which has two main types known as type 1 and type 2, but there are also a number of other types of diabetes as well. It is also a chronic condition which means that once you have diabetes then you will generally have it for the rest of your life.

The body normally produces glucose (sugar) which we all need for energy and insulin which is a hormone that allows the glucose to enter our blood stream to fuel our bodies. Glucose which gives us energy is produced when our bodies break down a thing called carbohydrates which comes from the food we eat and what we drink, the glucose then gets released in to our blood.

Our pancreas produces insulin which the body uses to control the amount of glucose that we have in our bloodstream. This process then allows the body to manage how much glucose getting in to our cells, but for people with diabetes this system doesn’t work properly.

Some of the main symptoms for someone with diabetes include:

  • Excessive urination, usually at night
  • More thirsty
  • Being tired and lethargic
  • Weight loss
  • Thrush or genital itch
  • Blurred vision
  • Scars and wounds don’t heal as quickly

Some people with type 2 diabetes live with these symptoms for up to 10 years before they get them checked by a medical professional.

What are the main types of Diabetes?

There are two main types of diabetes as well as a number of other less common and less well known types.

Type 2 diabetes is the most common type which affects roughly 90% of people who have been diagnosed with diabetes in the UK. People most commonly and mistakenly in a lot of cases, associate this type of diabetes with a poor diet, lack of exercise and being overweight. But this is not necessarily the case as type 2 diabetes can develop for a number of different reasons.

Generally type 2 diabetes will develop later in life and occurs because the body still produces insulin but the insulin can’t work properly which means that glucose levels continue to rise. Over time, higher than normal sugar levels in the body can cause potentially serious and long lasting damage to your heart, eyes, feet and kidneys.

Managing type 2 diabetes is usually done with diet, tablet (Metformin) or in some cases insulin injections. It has been known in recent years for people with mild type 2 diabetes to reverse the condition with a specific diet and healthy lifestyle including exercise.

Type 1 diabetes is a lifelong (chronic) and serious medical condition which is currently found in approximately 8% of people with diabetes in the UK. Generally this type of diabetes occurs more in younger people and is also known as ‘childhood diabetes’ or ‘juvenile diabetes’.

The main difference between type 1 diabetes and type 2 diabetes is that in type 1, the body actually attacks the cells in your pancreas that would normally produce insulin. Whereas in type 2 the body can still produce insulin, in type 1 the body simply does not produce any insulin which can have a dramatic effect on the us and our entire bodies.

Having known someone with quite severe type 1 diabetes for many years I can say from personal experience that this condition can be very scary. Treatment that has included many years on kidney dialysis, eventually receiving a full kidney transplant after several years on an NHS waiting list and almost complete loss of sight in both eyes.

Gestational diabetes is the last of the more common types of diabetes which gets its name from how it develops in pregnant women. This type of diabetes can affect almost any woman at any stage of pregnancy regardless of your diet, lifestyle or health. Gestational diabetes will also generally go after the pregnancy or can sometimes develop in to type 2 diabetes.

Pre-diabetes is a newer type of diabetes which has been developed in the modern medical world to help people to manage their health and make sure that they don’t develop full blown diabetes. Someone may be told by their GP or a medical professional that they have pre-diabetes and then advised on how to manage their health to stop them getting diabetes.

Diabetes Statistics (UK)

According to the latest statistics by the leading diabetes charity, Diabetes UK, the latest figures for the UK are:

  • 3.9 million people living with diabetes (plus almost a million with undiagnosed diabetes – making the total over 4.8 million people)*
  • More than 100,000 people were diagnosed with diabetes in 2019 in the UK (projected to increase to 5.3 million by 2025)*
  • 1 in 15 people living in the UK has diabetes
  • 6 in 10 people with type 2 diabetes has no symptoms
  • People with type 2 diabetes are approximately 50% more likely to die early*
  • Risks of Heart Attack or Heart Disease is much more likely in someone with type 2 diabetes (almost 2 to 2.5 higher risk)*

*The latest figures are provided by Diabetes UK, Diabetes Prevalence 2019 report.

Does diabetes affect me being able to get Life Insurance?

People living with diabetes can be extremely healthy and should not be too greatly affected when applying for life insurance. It is increasingly likely that you’ll also be able to get accepted for life insurance without the need for further medical underwriting so can be covered immediately so you won’t need to provide evidence from your GP or Diabetic Nurse. Our experts at iam|INSURED has worked very closely with some of the UK’s biggest and best insurance companies to make sure that people with diabetes get the lowest rates available and the best cover.

A standard life insurance application will ask questions about your general health and lifestyle to gather information about you. In the case of someone with diabetes, you’ll be asked to provide specific information about your condition, such as:

  • Do you take insulin?
  • Which type of diabetes do you have?
  • When were you first diagnosed with diabetes?
  • Has your diabetes affected any other areas of your body (e.g. eyes, kidneys, nerves or limbs)?
  • Have you ever been hospitalised because of your diabetes?
  • When did you last get your blood glucose levels checked by your GP?
  • What was latest HbA1c (or Mmol) reading?
  • Have you been diagnosed with High Blood Pressure or Raised Cholesterol?

These types of questions and some others will enable underwriters to assess your application and apply an accurate decision. Another major positive impact on premiums for people with diabetes over the past 15 years has resulted from insurers competing for policyholders with diabetes. You should also know that life insurance rates and terms for people with diabetes are constantly improving so it’s always worth reviewing existing policies as well.

What about Diabetes and Coronavirus (COVID-19) for Life Insurance?

It is also usually not an issue to get life insurance for someone with diabetes regardless of whether we are in a state of national emergency such as during Coronavirus. These were unprecedented times in 2020 which caused a huge impact on the diabetes community due to the additional cardiovascular risks on these people.

From a life insurance point of view there are no issues with getting cover for people with diabetes as long as they are not exposed to risks or displaying symptoms. This is a highly unusual situation and questions such as:

  • Are you currently self-isolating?
  • Do you currently have any symptoms of Coronavirus (COVID-19)?
  • Have you been exposed to the risk of contracting Coronavirus?
  • Do you know anyone with symptoms who you have been in contact with?

While this is a one off and isolated event, we wanted to mention it as it may have longer lasting effects on life insurance and this is a common question we get asked about.

Which Types of Diabetes get Life Insurance?

It is and always has been possible to get life insurance for both type 1 and type 2 diabetes. The main difference between getting life insurance for people with type 1 diabetes and type 2 diabetes is that generally people with type 1 diabetes will require some additional medical underwriting. We are increasingly seeing applications for type 2 diabetes accepted instantly with no further underwriting requirements which is a smaller percentage for people with type 1 diabetes.

Both type 1 and type 2 diabetes life insurance rates have reduced dramatically over the past 20 years thanks to better treatments, more information about the conditions and higher survival rates which means that people are living longer. All of this has had a positive impact on the cost of cover for people with diabetes which we expect to continue for many years to come.

Which are the Best Life Insurance providers for people with Diabetes?

There are several major life insurance providers in the UK currently which include Aviva, AIG, Aegon, L&G, Zurich and LV. iam|INSURED works with all of the TOP insurance companies in the UK as well as some specialist insurers who provide more bespoke or unique solutions for people with more severe symptoms of diabetes and other conditions.

We know the best insurance companies for each person based on their medical history, health and age but this can vary dramatically. It’s very difficult to say which insurers are best for each condition simply because of the fact that people’s circumstances are so different and no application is generally the same. Also the fact that underwriting can change dramatically and quickly which means that there can be a major shift in the insurers we would go to at any time.

Once we know more about you and your medical history then we can simply apply our expertise to help get you the best cover to protect your family. The main reason why you would use an expert like iam|INSURED is to save time and money to make sure that you get the cover you need at the right price.

How does my HbA1c reading affect Life Insurance rates?

The main consideration and influencing factor for underwriters looking at life insurance for people with diabetes is their HbA1c (Mmol) reading which is the blood sugar levels. The term HbA1c is an abbreviation for Glycated Haemoglobin which develops when haemoglobin (a protein in red blood cells that carries oxygen through the body) meets glucose in the blood, which becomes glycated.

There are two types of measurements for this type of reading which is usually taken by your doctor, the readings can be given as mmol/mol or % (HbA1c).

HbA1c levels for people with diabetes are as follows:

    Levels Mmol/mol Percentage (%)
    Normal Under 42 Under 6.0%
    Prediabetes 42 to 47 6.0% to 6.4%
    Diabetes Over 48 Over 6.5%

In terms of life insurance underwriting for people with diabetes there are several levels to consider that have an impact on your premiums:

    Levels Mmol/mol Percentage (%)
    Low (good control) Under 53 Under 7.0%
    Moderate (could improve) 54 to 74 7.0% to 8.9%
    High (poor control) 75 to 85 9.0% to 9.9%
    Very High Over 86 Over 10.0%

You should also know that in recent years there has been changes to the acceptable levels so more and more we are seeing decisions for people with readings over 10.0% (86Mmol/mol). We also appreciate that this is not an exact science and there are situations where people are asked by their GP to maintain higher readings, such as sports people.

Can I get Critical Illness Cover with Diabetes?

In recent years we’ve found that more and more that people with diabetes are able to get critical illness cover again thanks to changes in underwriting rules. Currently critical illness cover is only available for type 2 diabetes from the mainstream or more popular high street insurance providers. It is possible to get more specialist critical illness style products for people with type 1 diabetes which come with slightly different terms to standard cover.

You can now get critical illness cover through the major insurance providers as long as you fit certain criteria. These criteria questions include:

  • Do you smoke?
  • Have you got type 2 diabetes?
  • Do you have any diabetes complications (e.g. Retinopathy, Neuropathy or Nephropathy)?
  • What is your height and weight (BMI)?
  • Is your diabetes well controlled and readings low (HbA1c / Mmol)?

As long as you can answer these questions positively then you should have no problem being able to get critical illness cover. These terms are constantly changing so you’ll find that this will change over a period of time which we’ll be able to keep you informed about through our blogs and news articles.

Can I get Income Protection if I’ve got Diabetes?

It is also now possible to get income protection insurance with diabetes which is a more recent development and again shows promising signs for the future. In previous years it would have seemed almost impossible to get more strictly underwritten products like income protection insurance for someone with diabetes so this is good news. We appreciate that this may not seem incredibly positive to everyone but from our perspective it shows that things are progressing.

Income protection can provide cover for someone if they were unable to work because of long term sickness or because of an accident. The reason that diabetes has historically been difficult to get this type of cover is because of the strict underwriting guidance but with new technologies and bespoke products, this is changing.

There are also products that are available through some of the major insurance companies that offer a short term income protection cover (called Accident and Sickness) with no medical underwriting. This type of product is quite unique and we’re delighted to be able to offer this as a solution to our diabetes clients. This type of cover can be incredibly cost effective to people with both type 1 and type 2 diabetes to you with the solution that you need.

How much is Travel Insurance for Diabetes?

Anyone who is travelling overseas who has a medical condition such as diabetes, should have adequate travel insurance in case anything happens to them whilst abroad. Diabetes travel insurance is no different and as long as you disclose details about your medical condition then you will be fully covered. You should be aware that if you fail to disclose certain information about your medical history then you may not be covered.

The main reason why it is essential to have appropriate levels of cover when travelling abroad is to make sure that you don’t get stuck with expensive medical bills if anything happens to you. It can be extremely difficult and costly to get treatment or medical attention in a foreign country, and especially for those with a pre-existing medical condition such as diabetes. If you’ve got diabetes then you’ll know that your health and your symptoms can be unpredictable which is why it’s important to be covered.

You should also be able to get travel insurance which can cover any specific diabetes equipment whilst you are abroad. There are policies that will cover your medications and specialist equipment which includes diabetes pumps, insulin injections, tablets and other related items.

What about Diabetes Complications with Life Insurance and other type of Cover?

There are a number of diabetes related complications which can have an effect on all types of insurance when making an application. The main types of diabetes complications that can impact your insurance terms include:

  • Retinopathy which is a common form of eye disease in people with diabetes which is most common in people who have had diabetes for longer periods of time
  • Neuropathy is a nerve disorder which comes in three main categories including Sensory Neuropathy, Motor Neuropathy and Autonomic Neuropathy
  • Nephropathy also known as Kidney Disease which will affect approximately 40% of people with diabetes

Anyone with diabetes who has any of these complications will usually still be able to get cover and may find that there are some limitations such as insurers prepared to offer terms.

Diabetes Awareness events

Due to the high levels of diabetes both in the UK and globally, there are a number of major events that have been dedicated to raising awareness for diabetes. These events are annual events which help to raise money for research as well as raise awareness for people living with diabetes and the risks of developing diabetes.

Diabetes events include:

World Diabetes Day which is held every year on November 14th to increase awareness around the world for diabetes. The reason that the event is held on this specific date is that it coincides with the birthday of Dr. Frederick Banting who helped to discover insulin

Diabetes Awareness Week is held in the UK usually in June and is operated by Diabetes UK which is the biggest British diabetes charity

National Diabetes Month is primarily an American event which is held by the JDRF (Juvenile Diabetes Research Foundation) and the American Diabetes Association

Diabetes Charities and Support organisations (UK)

Over the past century there have been a number of organisations that have been established to help people living with diabetes. These charities and companies provide vital information, guidance, support and services to people with diabetes. Some of the main organisations include:

Diabetes UK

Link: https://www.diabetes.org.uk

Helpline: 0345 123 2399

Address: Wells Lawrence House, 126 Back Church Lane, London, E1 1FH

Diabetes Research and Wellness Foundation

Link: https://www.drwf.org.uk

Helpline: 0239 263 7808

Address: Building 6000, Langstone Technology Park, Havant, Hampshire, PO9 1SA

Diabetes.co.uk

Forum: https://www.diabetes.co.uk/forum/

Address: Technology House, Sir William Lyons Road, University of Warwick Scient Park, Coventry, CV4 7EZ

For more information or if you’ve got any questions about insurance for people with diabetes, call iam|INSURED on 01244 732894 or submit an enquiry

Cancer Survival Rates and Critical Illness

Cancer Survival Rates and Critical Illness

The facts about Cancer Survival Rates and Critical Illness Cover

With increases in knowledge, funding and research, Cancer survival rates in England and Wales are continuing to improve. Figures from a recent study conducted by Cancer Research UK have shown that around 50% of Cancer patients are surviving for at least a decade after their treatment and diagnosis. This is a vast improvement from figures in the 1970s, in which around 50% of Cancer patients died within the first year following their diagnosis. This does however depend on the type of Cancer that has been diagnosed. Breast Cancer is now one of the most treatable Cancers, with a high success rate. In comparison, only 1% of pancreatic and 5% of lung Cancer patients can expect to survive for 10 years. If you are or have been a Cancer patient, you may want to investigate Critical Illness Cover to protect you and your family.

How do Cancer survival rates affect critical illness cover or income protection?

As an example of a well-known underwriter, in 2012 Aviva paid out over £77 million to just below 1,000 of its customers with critical illness cover who had been diagnosed with Cancer (an average of £79,500 per customer). Aviva also paid 157 individual income protection claims for cancer over the same period. The most frequent Cancers claimed for through Aviva in 2012 were the following:

  • Breast
  • Gastro-intestinal
  • Skin
  • Haematological (relating to the blood)
  • Gynaecological
  • Prostate
  • Testicular
  • Thyroid
  • Head and neck
  • Kidney

Cancer critical illness cover amounts

Critical illness cover is slightly different to life insurance in the sense that it is designed to provide a lump sum payment if you are diagnosed with a critical or serious illness. Most people relate this typeof cover to Cancer, which is the biggest reason for claims for critical illness cover. Things to consider are:

  • Income (after Tax)
  • Mortgage payments (annual)
  • Cost of living (annual)
  • Any other possible costs (e.g. medical treatment or adaptations)

Up to recently it has been either very difficult or impossible in a lot of cases to get Cancer critical illness cover, but that is changing so it is definitely worth speaking to a specialist at ian|INSURED, who will help you get the best cover for your circumstances at an affordable price.

Life insurance for Newly Weds

Life insurance for Newly Weds

Get Married… Get Insured with newly wed life insurance

Getting married is one of the most exciting and most incredible experiences of our lives leading to a new life with your new partner. Most of us know that the cost of modern weddings can be extremely high so the last thing we need is to think about spending even more money on newly wed life insurance. The reality is that getting married is an ideal time to consider what may happen in the future, good and bad. When you think about your new spouse you should also think about caring for them if you are no longer able to look after them financially. Newly wed life insurance, critical illness cover and income protection can provide a vital cash lump sum in the event that something happens to you or to them which could seriously impact your household income.

The majority of people who are planning on getting married, even the idea of thinking about ‘life insurance’ is mind blowing and will usually be low on the long list of priorities. The costs of the BIG DAY are usually well in to the thousands of £’s with the increasing price of venues, entertainment, catering and all the other things you will need to pay for.

Life insurance is easier and cheaper than you think…! Most newly weds will be younger people so life insurance premiums for those people will be CHEAP. Getting married is a major commitment so what better way to show how much you care by helping to secure your new husband or wife’s future with a newly wed life insurance policy.

FAQ’s for Newly Wed life insurance:

  • What makes getting married a good time to consider life insurance?
  • How does Newly Wed life insurance work?
  • Which is the best life insurance or cover for Newly Weds?
  • Is joint life insurance or single life insurance for each of us better?
  • How much Newly Wed life insurance do I need?
  • Will I pay Tax if I claim on my policy?

What makes getting married a good time to consider life insurance?

If you are involved in a relationship with someone special to you, whether
or not you’re about to lead your partner down the aisle, it is always wise
to consider your financial future and any potential issues such as:

  • Will you be starting a family in the near future or any time in the future and could you afford to raise a child if one of you was to become ill or even worse? Getting married and starting a family usually come hand in hand which is also one of the most important times to consider life insurance.
  • Whether you already own your home, intend to buy a home or rent a property, then you should definitely have life insurance to protect those things. Would your partner be able to continue to pay your mortgage or rent payments if something was to happen to either of you?
  • Do you already have individual life insurance? Then you might want to review those policies to make sure that they are sufficient and appropriate to protect your partner in the event of something happening to you.
  • You may also have been married before or have life insurance with a previous partner so now may be an ideal time to review that life insurance for your new partner. Often we forget about our existing life insurance arrangements which can leave us with inappropriate and unsuitable cover.

How does Newly Wed life insurance work?

Getting life insurance for newly weds can be one of the most important financial decisions you can make for you and your partner. Life insurance premiums are generally MUCH CHEAPER than people think and you might be amazed by how much cover you can get within your budget. The best thing about getting your newly wed life insurance sorted is the peace of mind knowing that your loved ones are protected, including:

  • You know that your partner will be financially secure in a very difficult time
  • Life insurance benefit payments can be used to clear a mortgage, pay rent, clear debt, pay for funeral costs and almost anything else you need money for
  • Most importantly, your children and dependents will be financially looked after if you were no longer around to provide for them
  • Getting life insurance at a younger age will be cheaper than waiting for later life where you may develop health or medical problems as well as being older than you are now
  • Smoker status (have you smoked in the last 12 months)
  • BMI (Height and Weight)
  • Occupation
  • Health and Lifestyle
  • Medical history
  • Family medical history

‘Ready to get a Quote for your Newly Wed Life Insurance’

Call our team of experts on 01244 732890 or complete our form in ‘less than 60 seconds’

Which is the best life insurance or cover for Newly Weds?

Getting life insurance can be confusing and especially when you are taking more than one person in to consideration, which is why it is so important to speak to a trained advisor. Newly Wed life insurance can be tailored to suit your needs and your budget with several main options for cover including life insurance, critical illness cover and income protection. Some key products to consider include:

Level Term Life Insurance

Also known as ‘Family Protection’ or ‘Term Assurance’ which as the name suggests, is designed to provide cover to protect your spouse, children and other members of your family. The main point to consider for this type of product is that the amount of cover you take would always remain the same throughout the term of the policy. The main use for this type of life insurance is for parents or for couples where a partner is financially dependent.

Decreasing Term Life Insurance

This product is also known as ‘Mortgage Life Insurance’ which is simply because this type of cover is specifically designed for protecting a mortgage (Capital and Repayment). If you have a mortgage or a loan then you should consider ‘decreasing term life insurance’ to ensure that it will be repaid in the event that either you or your partner was to pass away. The main feature of this type of cover is that your sum assured (amount of cover) will decrease at roughly the same rate as your mortgage or loan.

Critical Illness Cover

A critical illness cover or serious illness cover policy is designed to provide you with a ‘cash lump sum’ in the event that you or your partner were to be diagnosed with an illness as listed on your policy wording. Some things to consider for critical illness cover are that the amount of conditions covered can vary from one insurance provider to another and your pay-out can vary for some insurance providers (partial payments). The main point to remember when buying critical illness cover is that ‘cheapest does not mean best cover’ in this instance.

Income Protection

Anyone with a job or especially those who are self-employed should also strongly consider income protection to cover if they are unable to work for a period of time due to sickness or injury. Most employers would generally provide you with sick pay for a period of 2 weeks to several months (for public sector workers) which will provide you with an income for a period of time. Also if you’re self-employed it is absolutely crucial to make sure that you’re protected because if you can’t work then you don’t earn.

Is joint life insurance or single life insurance for each of us better?

Joint life insurance policy

A joint life insurance policy will provide you and your partner or spouse with a single policy to pay out once if either of you pass away. Some of the main Pro’s and Con’s include:

Pro’s

A joint life policy is cheaper than two single life insurance policies because it only ever pays out once.

Joint life insurance will be guaranteed to pay out during the term of the policy regardless of which partner passes away.

Con’s

Once the policy has paid out if you or your partner passes away then your policy will end at that point. A policy can be set up on joint life ‘first death’ or joint life ‘second death’ which means that it will pay out on the death of the first or second policy holder.

If you separate from your partner at any point then your policy will need to be reviewed to make sure that it fits your new circumstances.

Two single life policies

There are several potential points to consider for and against having 2 single policies which you should think about before taking your Newly Wed life insurance.

Pro’s

A single life policy will provide cover for one individual so 2 single policies will therefore provide you with technically double the amount of cover. You can also easily vary the amount of cover for each person to reflect the level of income that they bring in to the household.

If in the event that you separate from your partner, you can keep your policy and your partner can keep their policy as they are based on your own life. If you have children at this point you can write your policy in to Trust to make sure that the benefit is allocated properly.

Con’s

Two single policies can often be higher premiums than one joint life policy depending on the amount of cover required for each individual on the policy. This is not always the case as cover amounts can be adjusted to suit your budget.

How much Newly Wed life insurance do I need?

The main point to consider when buying life insurance for Newly Weds is that you should take as much cover as you can afford or enough cover to protect your partner financially if you pass away. Life insurance is difficult to figure out how much cover you need but consider what you think you would want your partner to get if you were no longer around.

Some basic calculations for figuring out how much newly wed life insurance or any other type of life insurance policy are:

  • A multiple of your income (e.g. 10 x salary)
  • An amount per dependent (e.g. £50,000 or £100,000 per person)
  • Your mortgage or loan amounts

There are various ways you can determine how much cover you need and you should also think about looking at our life insurance calculator.

Will I pay Tax if I claim on my policy?

You also have the option of avoiding Inheritance Tax (IHT) by writing your policy in to Trust which will mean that any benefit of over £325,000 will not be taxed. Your estate will be calculated as your assets so your policy being written in to trust will fall outside of your estate and therefore avoid tax.

Also the main advantage to writing your newly wed life insurance policy in to Trust means that you will avoid probate. Anyone who has been through probate in the past will know how difficult and how much time this legal process can take which can be extremely distressing, especially if your partner needs money. A Trust Deed will ensure that your policy does not fall in to the probate process so pay out will be fast.

iam insured will advise you on the basic elements of Tax efficiency and will help you to avoid your Tax liability as much as possible. Our policy ‘Trust Service’ is absolutely FREE so speak to one of our experts to find out more.

To find out more about Newly Wed Life Insurance or to speak to one of our team of ‘iam experts’ call 01244 732890 or complete our forms in ‘less than 60 seconds’.

  • A multiple of your income (e.g. 10 x salary)
  • An amount per dependent (e.g. £50,000 or £100,000 per person)
  • Your mortgage or loan amounts

There are various ways you can determine how much cover you need and you should also think about looking at our life insurance calculator.