The facts about getting life insurance with Hemophilia
A haemophilia life insurance policy can provide people with a bleeding disorder like von Willebrand disease or hemophilia immense peace of mind and financial protection. During your life insurance application for hemophilia life insurance coverage, your insurance company will need to look at your medical history. The type of hemophilia you have been diagnosed with and your clotting factors will influence your policy during insurance underwriting. However, most people with mild hemophilia can obtain hemophilia life insurance with standard terms.
What does Haemophilia life insurance cost?
When looking for a hemophilia life insurance policy you will be required to provide medical evidence for purposes of insurance underwriting. This is standard practice for any life insurance application with pre-existing medical conditions. Some questions your insurance company may ask during your hemophilia life insurance application are:
- What type of hemophilia have you been diagnosed with (e.g. Type A or B)?
- What medication do you take for your type of hemophilia?
- Have you had any time off work due to your type of hemophilia?
- When was your last attack?
- Have you been hospitalised due to your hemophilia?
Your premiums for Hemophilia Life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Hemophilia life insurance rates/ratings
Hemophilia life insurance can often be obtained by mild sufferers at standard rates. The severity and type of hemophilia will often influence your premiums. People with lower clotting factors could see premium loading or ‘exclusions’ added to their hemophilia life insurance policy after insurance underwriting.
Percentage (%) loading for Hemophilia life insurance
It’s important to note when making your hemophilia life insurance application that your insurance company may offer cover with some loading. Percentage loading will raise your monthly premiums by a set percentage and will be added after insurance underwriting. It’s important to remember that acceptable levels of loading are different at every insurance company and some can accommodate higher risk clients (e.g. 250%, 400%).
Per mille loadings for Hemophilia life insurance
If your insurance company chooses to add ‘per mille loading’ to your hemophilia life insurance your premiums will be raised by a set amount (e.g. £1, £2). This will be added per thousand £’s of cover applied for and can be added for different periods of time. As ‘per mille loading’ is often only used in the most serious cases, you are unlikely to have ‘per mille loading’ applied to your hemophilia life insurance policy.
Exclusions for Hemophilia life insurance, critical illness cover or income protection
For more severe sufferers, ‘exclusions’ could be added to your hemophilia life insurance policy after insurance underwriting. An ‘exclusion’ on your policy will prevent you from placing any claims that are related to you pre-existing medical conditions. If you choose to take out a hemophilia life insurance policy with a bleeding disorder ‘exclusion’, be sure to check your policy closely. An ‘exclusion’ in your hemophilia life insurance coverage could also prevent you from accessing benefits like, Total and Permanent Disability, Waiver of Premium and Guaranteed Insurability.
How much cover do I need?
Without knowing your personal circumstances, we can’t tell you how much hemophilia life insurance you should apply for. We can, however, provide a few guidelines to help you make an informed decision. Remember your premiums may increase after insurance underwriting and this could affect how affordable you hemophilia life insurance coverage will be.
Hemophilia life insurance amounts of cover
- The amount left to pay on your mortgage.
- Any outstanding debt (e.g. Loans, second charge, credit cards and other)
- Spouse or Partner
- Annual Income (after Tax)
- Any financial assets (e.g. car, house, business etc.)
If you feel unsure or require more information to decide how much hemophilia life insurance you will require to secure your family and home, see our Iam Insured hemophilia life insurance calculator .
Hemophilia critical illness cover amounts
A critical illness hemophilia life insurance policy will offer cover if you become unable to work. During your life insurance application, you will need to provide evidence of your medical conditions for insurance underwriting purposes. Many people with hemophilia or other clotting disorders can obtain critical illness at standard rates. In more severe cases or when there have not been significant periods of time between attacks loading or ‘exclusions’ could be added to your premium. Some things to consider when applying for hemophilia life insurance critical illness are:
- Your annual Income (after Tax)
- Mortgage/rental payments (annual)
- Cost of living (annual)
- Any other potential costs (e.g. medical treatment or adaptations)
Hemophilia income protection amounts of cover
A hemophilia life insurance income protection policy will also offer cover if you cannot work in the form of monthly payments. An income protection life insurance policy should be available to people with mild bleeding disorders at standard rates. Like a critical illness hemophilia life insurance policy, people with more severe symptoms could find ‘exclusions’ and loading applied after insurance underwriting. The amount of hemophilia life insurance income protection you may need will depend upon your:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
Which insurance companies offer Hemophilia life insurance?
Many insurers should be able to offer hemophilia life insurance to mild sufferers at standard rates. If your bleeding disorder is more severe or you are awaiting surgery your life insurance application for hemophilia life insurance may be postponed or declined. If you are having trouble obtaining hemophilia life insurance, you could benefit from speaking with a specialist insurer like Iam Insured.
Iam insured are experts on hemophilia life insurance and are authorised and regulated by the financial conduct authority. To speak with one of expert hemophilia life insurance advisors, contact us now on or send us an email .
Hemophilia critical illness cover and income protection providers
Obtaining a hemophilia life insurance critical illness or income protection policy is very probable for mild sufferers. If you are having trouble finding a policy that works for you, consider getting in touch with one of our Iam Insured hemophilia life insurance experts.