All you need to know about Fatty Liver Disease Life Insurance
Non-alcoholic fatty liver disease (NAFLD) is the term for a range of conditions caused by a build-up of fat in the liver. The condition is most common in people who are overweight or obese. Up to 1 in every 3 people in the UK suffer from the early stages of NAFLD, with small amounts of fat in their liver.
Although early-stage NAFLD doesn’t usually cause any harm, it can lead to serious liver damage, including cirrhosis if symptoms deteriorate. The condition is also linked to an increased risk of problems such as diabetes, heart attacks, and strokes. For those with the condition, taking out Fatty Liver Disease Life Insurance is a worthwhile option.
A healthy liver shouldn’t contain any fat. If acted upon at an early stage, it’s possible to stop NAFLD from progressing to a worse condition and reduce the amount of fat in the liver. Having Fatty Liver Disease could affect your life insurance premiums, although rates available have improved in recent years. Here at Iam Insured, our team of helpful advisors can assist you in finding the best insurers’ rates for your condition based on the severity of your symptoms.
What does Fatty Liver Disease Life Insurance cost?
If you suffer from NAFLD and need life insurance, critical illness cover, or income protection, then you will need to provide your insurer with some details about the severity of your condition. Insurance underwriters will assess your application for Fatty Liver Disease Life Insurance based on the following:
- The age you were first diagnosed with Fatty Liver Disease
- The underlying cause of your condition (such as obesity)
- Severity and frequency of symptoms
- Any scarring or Cirrhosis
- Any treatment or medications you are currently undergoing or taking
Your premiums for Fatty Liver Disease Life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
In many cases, there will also be a requirement for you to provide medical evidence to support your application for Fatty Liver Disease Life Insurance, such as a medical report from your GP. There may also be additional medical disclosures on a life insurance application, so it could help to speak to a specialist insurance company as Iam Insured. We deal with people such as yourself with Fatty Liver Disease. We understand how the insurers will handle your application, we know what information they will require and we go out to obtain all medical reports, etc that may be required to ensure your application can be considered and cover arranged. Fatty Liver Disease Life Insurance will vary from one insurance provider to another, depending on their underwriting philosophy.
Percentage (%) loading for Fatty Liver Disease Life Insurance
A percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances and the severity of your condition. Your percentage loading will apply a multiple to your Fatty Liver Disease Life Insurance premium, which will be based on your health at the time of your application. You should also know that some insurance providers have different maximum levels to others, so some are prepared to take on higher risks (e.g. 250% or 400%).
Per mille loadings for Fatty Liver Disease Life Insurance
You may also find that a ‘per mille loading’ could be applied to your Fatty Liver Disease Life Insurance premiums, but this is rarer and only tends to be used for more severe conditions. A ‘per mille loading’ will be an additional amount that is applied to your premiums which is based on the amount of cover you are applying for (e.g. £2 per thousand £’s of cover). The other difference with a ‘per mille loading’ is that it can be applied for the whole term of your life insurance policy, or for a period of time from the start of your policy (e.g. 2, 3, 4, or 5 years).
Fatty Liver Disease Critical Illness Cover
Critical illness cover is slightly different from 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 type of cover to illnesses like 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)
Based on your health and the severity of your condition, there are a number of potential outcomes for Fatty Liver Disease critical illness cover. It should also be considered how much the condition has progressed in terms of damage to your liver
As with other Liver-related conditions such as Diabetes and Alcoholism, it may prove challenging to secure critical illness cover, but this is something that is constantly changing in the insurance industry and by speaking to insurance specialists like Iam Insured, we can find you the right cover at an affordable price.
Fatty Liver Disease’s critical illness cover will also be based on other lifestyle factors. Being overweight with a high BMI or a smoker can affect your premiums and produce potential exclusions. In some instances, Fatty Liver Disease critical illness cover is accepted from standard rates all the way up to higher loadings. Your application may even be declined depending on the severity of your condition.
Fatty Liver Disease Income Protection
Income protection is a very flexible product with a lot of options and variables, so you need to consider your own circumstances before you consider this type of policy. If you work, and especially if you are self-employed, a Fatty Liver Disease income protection policy can be a valuable product to give you peace of mind if anything happens to you. Some of the main aspects to consider are:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
It is very possible to be able to get cover for NAFLD income protection based on your BMI and health, the underlying cause of your condition, and whether or not you have had much time off work recently as a result of it. Those with a mild case of NAFLD with a relatively normal BMI may be able to receive income protection at standard rates.
Those with more severe cases with lasting or serious damage to the liver tissue, or those who are obese with high BMI levels may find that income protection cover will be available, but with a premium loading or certain exclusions. You can speak to a member of our team of Fatty Liver Disease income protection experts at Iam Insured, who will be able to tell you whether you can have this type of cover.