Haemochromatosis life insurance
Getting life insurance can be the best way to protect your family if something happens to you or your partner.
Life insurance can be extremely useful financially for people who are diagnosed with haemochromatosis to help them and their families. There are many reasons why people take out life cover and it is specifically designed to ease the financial burdens of medical problems.
According to figures from Haemochromatosis UK, this is the most common genetic condition in the UK. There are 380,000 people who are currently affected by haemochromatosis and the condition remains under-diagnosed.
Even though haemochromatosis is a chronic disease with no known cure, there is very little impact on life expectancy.
Here we look at how people with haemochromatosis may be able to use their life insurance policies, and how it works for people with the condition wanting life cover.
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Will life insurance payout for haemochromatosis?
YES – in the unlikely event that you die from haemochromatosis or anything linked to this condition then your family will receive a cash lump sum.
Even though haemochromatosis is not generally life-threatening or severe, it is still well worth looking at comprehensive life insurance to protect your family. Most people with dependent children or mortgages have a need for life insurance to protect them against financial loss.
Some of the key reasons why you might consider life insurance:
- Children or dependents
- Tax liability
- Business protection
Your cover will protect your family in the event that something happens to you in the future and you cannot provide for them.
Does critical illness cover payout for haemochromatosis?
A critical illness cover policy is designed to protect you if you’re diagnosed with a serious illness or permanent injury.
It is well-known that haemochromatosis is not a severe medical condition so will not attract a payout from this type of cover. There are however a number of other potential medical problems that may apply to this condition.
Age groups affected: 30 to 60 for symptoms to begin
People who have been diagnosed with haemochromatosis might also be at risk of other medical and health risks. The main issue with haemochromatosis is that the body absorbs too much iron, which can lead to other serious or life-threatening medical problems, including:
If you are diagnosed with a serious medical condition as a result of your haemochromatosis then your critical illness cover may payout.
Will income protection cover me for haemochromatosis?
YES – if you are unable to work for a period of time (usually more than 4 weeks) then your income protection should payout for up to 12 or 24 months.
This type of policy is designed to replace your income for up to 1 or 2 years while you are unable or unfit to work. If you are signed off by your doctor then your claim will be paid from your chosen deferment period.
Most employed or self-employed people will struggle financially if they are unable to work for more than 4 weeks. The current scheme provided by the government (SSP) does not provide anywhere near enough financial support for families.
You might have symptoms from haemochromatosis that may cause you to need time off work for a long period of time.
Income protection can help you to pay for:
- Mortgage or rent payments
- Loans and credit cards
- School fees
- Normal costs of living
Most income protection policies will give you up to 60 or 80% of your gross monthly income equivalent to your Net pay.
About haemochromatosis life insurance
Can I get life insurance with haemochromatosis?
YES – you should have several options when it comes to applying for life insurance with haemochromatosis.
Most insurance providers will accept an application for someone with haemochromatosis to protect their family. You should be able to get cover through the normal insurance companies and premiums should be very reasonable.
You will be asked about your haemochromatosis so it’s important to disclose information about your medical condition.
How much is life insurance with haemochromatosis?
Most life insurance premiums are calculated based on several standard elements which will include:
- Your age
- Amount of cover
- Term of your policy (years)
- Type of cover
- Smoker status
Once you know how much cover you need, you can then start to consider which insurers might be the cheapest for you. It is common for some insurers to be cheaper than others for certain people based on your age and your health.
Cheapest haemochromatosis life insurance
There are also several things that you can do to help you to save money and reduce your monthly premiums with life insurance. If you have a medical condition like haemochromatosis you can get cheaper cover by following some simple steps.
- Whole of market: by speaking to an advisor or broker who has access to the whole market, you will get a better view of all insurers
- Expert advice: a specialist advisor will also know where to apply to for haemochromatosis to get the best rates
- Smoking: if you smoke and intend to quit then you can significantly reduce your premiums 12 months after stopping
- Lifestyle: you can also reduce your premiums if you are trying to improve your lifestyle by reducing your weight or alcohol consumption for example
Best life insurance with haemochromatosis
You can get several different types of life insurance with haemochromatosis and there are several reasons for each type of cover.
- Term life insurance with haemochromatosis (family protection) is the most common type of life cover and is specifically designed to protect your dependents. This will pay out a level lump sum to your family if you die during the policy term
- Mortgage life insurance with haemochromatosis (mortgage protection) is usually cheaper than family protection because the cover reduces with your mortgage. This type of policy is specifically designed to protect your repayment mortgage
- Family income benefit with haemochromatosis is often an alternative to standard life cover and will pay out an income to your family rather than a lump sum
Can I get critical illness cover with haemochromatosis?
YES – it is usually possible to get critical illness cover after you’ve been diagnosed with haemochromatosis.
Most of the normal high street insurers will offer you this type of cover as long as your symptoms are mild or moderate. You should also find that you have a number of options for this type of cover so worth shopping around.
If your symptoms are more severe then you should be able to get critical illness cover through some specialist insurers.
Can I get income protection with haemochromatosis?
YES – you should be able to arrange income protection with haemochromatosis through most of the normal high street providers.
Insurance providers will want to know whether you have been off work recently because of your condition, and how frequent your symptoms are. In most cases where people with haemochromatosis apply for income protection, there should be a number of options.
Medical conditions linked to haemochromatosis
Several medical conditions are normally linked to haemochromatosis or can occur because of this.
- Addison’s disease
- Diabetes (type 2)
- Liver cancer
- Liver disease
Common questions about haemochromatosis
Here are some of the most common questions that people are asking about haemochromatosis and living with the condition.
|What is life expectancy with haemochromatosis?||The majority of people who have been diagnosed with haemochromatosis will live to a normal age (average life expectancy 81.2 years (2019)). |
It can be known to shorten life span where there are more advanced symptoms due to high iron levels that can be damaging.
More information – Average life expectancy UK
|What are the common symptoms of haemochromatosis?||Symptoms for someone with haemochromatosis are similar to some other neurological conditions. |
You can feel lethargic and low energy levels, difficulty in being able to concentrate, weight loss, joint pain, and erectile dysfunction.
|Is haemochromatosis a disability in the UK?||Under the Equality Act 2010 genetic haemochromatosis qualifies as a disability. |
This represents several characteristics of physical and mental impairment that have a substantial impact on someone’s normal day-to-day activities.
There are several useful links and resources available online to people who have haemochromatosis or want more information about it.