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Iron Deficiency Anaemia life insurance

There are many different types and forms of anaemia that have different levels of impact on your body. Even though anaemia isn’t life-threatening, it’s still worth considering how it can affect your life insurance and how life cover can help.

Types of anaemia (anaemia)

  • Aplastic anaemia
  • Iron deficiency anaemia
  • Sickle cell anaemia
  • Thalassaemia
  • Vitamin deficiency anaemia

Life insurance, critical illness cover, and income protection can all help to protect you and your family due to sickness from anaemia.

According to World Health Organisation (WHO), anaemia affects 1 in 4 people (25%) around the world. Iron deficiency anaemia is regarded to be the biggest cause, and that is thought to affect around 2 billion people.

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Will life insurance payout for anaemia?

YES – it is unlikely that anaemia will be fatal but in some situations, it can cause complications that can be life-threatening.

If you die because of something related to anaemia then your family will be protected financially with life cover. Life insurance will pay out a cash lump sum on death to your loved ones.

You can use life insurance for:

  • Mortgage
  • Rent
  • School fees
  • Cost of living

Life insurance will provide you and your family with financial security if you pass away.

Does critical illness insurance cover anaemia?

YES – some critical illness cover will pay out a cash lump sum if you are diagnosed with certain types of anaemia.

What’s covered on critical illness?

Aplastic anaemia: with bone marrow failure

Most insurers will pay out for this type of anaemia and you’ll also usually receive 100% benefit payment (so all of your cover). Some insurers will also payout for less severe aplastic anaemia depending on your symptoms.

Life insurance with anaemia

Can I get life insurance with anaemia?

YES – it is highly likely that you’ll be able to get a new life insurance policy if you’ve been diagnosed with anaemia. Most insurers will also offer instant cover without the need for further medical underwriting.

Most life insurance providers don’t consider anaemia to be serious unless you have other health or medical problems.

Is anaemia a pre-existing medical condition for life insurance?

Insurers all have very similar questions when asking about your health and medical history. Almost all will ask about anaemia in the last 5 years to find out whether you have had symptoms or treatment.

If you’ve not had any symptoms or treatment for anaemia for over 5 years then you’ll usually not need to disclose this.

Medical questions for life insurance for anaemia

Some of the most common questions that you’re going to be asked if you disclose anaemia on your life insurance application.

  • What type of anaemia do you have, or have you had (e.g. iron deficiency anaemia, Vitamin B12 anaemia, aplastic anaemia, sickle cell anaemia, or other)?
  • Have you had any medical treatment or specialist referral for your anaemia?
  • When were you first diagnosed with anaemia?

Will I need a medical for anaemia life insurance?

Life insurance companies can request to view your medical records or ask for a nurse screening. This is absolutely normal and it can be for several reasons so might not be due to your medical history.

Types of medical requests for anaemia life insurance:

  • Nurse screen: this is a technical term for a nurse visit or check-up, and this usually involves a blood test, height and weight check, and cotinine test (smokers)
  • Medical report: insurers can ask for your permission to review your medical records from your GP or doctor. Again this is normal and often all that is needed from you is verbal approval or acceptance

There are a few different types of life insurance policies that you can choose from. All you need to do is to think about what’s most important for you to protect, and what you can afford.

Term life insurance for anaemia (family protection) is the most common type of life cover. This is simply because it is designed to protect your family financially if you die, and it pays out a cash lump sum. You should be able to get this type of cover with most types of anaemia, and you should have several options.

Mortgage life insurance for anaemia (decreasing protection) is designed specifically to protect a repayment mortgage. The amount of cover reduces at a similar rate to your mortgage balance to make sure that your mortgage is repaid if you die. This is the same type of life cover as family protection except that the cover amount decreases.

Critical illness cover for anaemia is usually available through most of the top UK insurers and can be affordable. This is the best option for anyone looking to protect themselves and their families in the event of diagnosis of a serious illness, such as cancer, heart attack, stroke, and many more.

Income protection for anaemia is also available through most of the big insurers and can often be a great option for anyone concerned about the loss of earnings. You’ll be protected against sickness, accident, and injury for 12 or 24 months generally.

Family income benefit for anaemia is a less common type of life cover but can be a cheaper way to make sure that your family are protected. You can provide your family with an income if you die.

Medical conditions linked to anaemia

Several medical conditions are commonly linked with anaemia, such as:

Here are some of the most common questions that people ask about anaemia or what to do about anaemia.

What are the symptoms of being anaemic?There are several key symptoms of anaemia that can include:

Lack of strength
Pale or yellow skin
Difficulty breathing
Chest pain
Heartbeat irregularity
What causes a person to become anaemic?The other name for anaemia is ‘iron-poor blood’, a condition that is caused by red blood cells having a deficiency, that impedes oxygen delivery throughout the body.

The most common cause is reduced iron levels in your blood (iron-deficiency anaemia).
Can you die from anaemia?There are several reasons why anaemia may be fatal in more severe cases. Complications can include enlarged heart or heart failure, sickle cell anaemia can also reduce life expectancy.

The average life span is increasing due to modern medicine and better treatment.

Find out more – Average life expectancy UK

Useful resources for anaemia

Here are a few links that we have found that might be useful if you have anaemia or if you’re concerned about this condition.

NHS Choices – Iron deficiency anaemia

The Aplastic Anaemia Trust – charity

Anaemia community – charity

Guts UK – Iron deficiency day

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Can I get life insurance with pre-existing conditions?

Yes, you will be able to get life insurance with almost any pre-existing medical condition, as long as it is not terminal. If traditional life insurance is not available due to the severity of your symptoms, then there are other guaranteed and specialist life insurance options, such as:

  • Accidental death
  • Over 50s life insurance
  • Guaranteed life insurance

Some of the most common examples of life insurance with pre-existing conditions are:

  • Overweight or High BMI life insurance
  • Diabetes life insurance (e.g. Type 2 or Type 1 diabetes)
  • Cancer life insurance
  • Heart attack or heart disease life insurance
  • Mental health life insurance
  • Multiple Sclerosis life insurance
  • Autoimmune disorders life insurance
  • HIV life insurance

There are literally thousands of types and variations of pre-exisiting medical conditions and so your situation is likely to be different to someone else. Life insurance with pre-existing conditions will take a number of elements in to account:

  • Severity and type of symptoms
  • Dates of diagnosis, episodes or attacks, and treatments
  • Any ongoing treatment and medications

Your life insurance premiums will be based on your own individual circumstances and how much cover you need. You should be able to adjust the levels of cover to suit your budget and it’s just as important to make sure that you at least have some cover in place.

What does Martin Lewis say about life insurance with pre-existing conditions?

MoneySavingExpert.com suggests that life insurance will ‘cost a lot more’ with a pre-existing medical condition. This is not true and it really does depend on your own individual circumstances so don’t be put off by this as they are not experts in this area.

It is true that some circumstances where the pre-existing medical condition is serious or severe, premiums can be higher to reflect the additional mortality risks. Ultimately, your life insurance premiums are unfortunately based on how likely you are to claim or if you have a higher chance of death within the policy term.

Martin Lewis doesn’t provide any real substance to his comment about pre-existing conditions life insurance and that’s not good enough. You should speak to a medical life insurance specialist to get a fully underwritten quote before you make any final decisions about whether or not you can afford to protect your family.

How much is life insurance with pre-existing conditions?

Most traditional life insurance providers will accept applications for people with pre-existing medical conditions. Often, you will have a number of potential options from several different insurance providers so you can usually save money as well by shopping around.

Historically you might have had less offers when you apply for life insurance with pre-existing conditions, but fortunately that is changing. Most of the more well-known high street life insurance brands are now offering more competitive rates and more flexible underwriting.

Top tips to save money on life insurance with pre-existing conditions:

  • Speak to pre-existing medical conditions specialist (these companies will understand the market better and should know which insurers will be cheapest for you)
  • Shop around and get different quotes (same as everything else, by shopping around you’ll get a better idea of what a good price is and what different companies offer)
  • Apply at the best time (timing can be important when applying for life insurance with pre-existing conditions, usually when symptoms are stable and not before or after treatment)

There are also other things to take into consideration, such as if you’re a smoker or if your weight is higher than normal. Can you do anything to improve your situation that might help to reduce your life insurance premiums.

Best life insurance for pre-existing conditions?

The best life insurance for pre-existing conditions will be different for each individual, based on their circumstances and the details of their health or medical history. There are certainly some insurance providers who are better for people with pre-existing medical conditions than others, such as:

  • The Exeter (better for people with more severe symptoms and serious health problems)
  • Legal & General (can sometimes be good for certain pre-existing medical conditions, especially mild to moderate symptoms)
  • Royal London (offers a number of specialist products and policies for certain pre-existing medical conditions such as diabetes and mental health)
  • Scottish Widows (sometimes good for moderate medical conditions and offers flexible underwriting for certain conditions)
  • The Guardian (also offers flexible underwriting towards some pre-existing medical conditions)
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