The facts about life insurance with Irritable bowel syndrome
Although irritable bowel syndrome (IBS) is still considered a pre-existing condition, people with IBS are often able to obtain irritable bowel syndrome insurance at standard rates from many insurance companies. Before making any decisions about your insurance policy, your life insurance company will need to look at your medical history and health condition closely.
What does Irritable bowel syndrome life insurance cost?
The cost of your irritable bowel syndrome insurance will depend upon the severity of your health condition and the outcome of the medical screening process. Some questions underwriters may have regarding your pre-existing medical conditions are:
- Do you take any medication for your irritable bowel syndrome (IBS)?
- How often do you suffer from irritable bowel syndrome symptoms (e.g. Stomach cramps)?
- When were you diagnosed with irritable bowel syndrome?
- Has your irritable bowel syndrome been linked to any other conditions (e.g. stress, anxiety)?
- Have you ever had to take time off work due to irritable bowel syndrome?
Your premiums for Irritable bowel syndrome Life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life, etc.)
Irritable bowel syndrome life insurance rates/ratings
People with IBS will often find little difficulty obtaining an insurance policy with standard rates and favorable terms so long as their IBS is well maintained through diet and lifestyle. However, as irritable bowel syndrome is often linked to other health conditions insurance companies could offer you premiums with some loading. If you have had to take time off work due to your IBS in the past or a related health condition is discovered during the medical screening process this could affect your insurance policy.
Percentage (%) loading for Irritable bowel syndrome life insurance
If insurance companies believe your insurance policy is a higher risk due to your pre-existing medical conditions, percentage loading could be applied to your insurance policy. Insurance companies apply a risk-based scale to determine what set percentage should be added to your insurance policy. Insurance companies have different guidelines on how much risk they can accommodate, meaning you may require an insurance company that can offer financial services at higher levels of loading (e.g. 300%, 400%).
Per mille loadings for Irritable bowel syndrome life insurance
‘per mille loading’ is rarely applied by insurance companies and is often only relevant to very severe health conditions. As such, people with IBS are unlikely to have ‘per mille loading’ applied to their insurance policy. An insurance policy with ‘per mille loading’ will apply a set amount (e.g. £1, £2) per thousand £’s of cover to your irritable bowel syndrome insurance. This type of loading is often considered very flexible as insurance companies can apply it on either a short or long-term basis.
Exclusions for Irritable bowel syndrome life insurance, critical illness cover, or income protection
When making an application for an insurance policy with a pre-existing medical condition there is a likelihood that insurance companies may decide to add an ‘exclusion’ to your insurance policy. If an ‘exclusion’ is added to your irritable bowel syndrome insurance policy you will be unable to place a claim with your insurance company if you develop an irritable bowel syndrome-related health condition. People with IBS that are deemed more severe could see exclusions added to their critical illness cover, or income protection insurance policy. It is important to note that an ‘exclusion’ could affect your eligibility for benefits such as Total and Permanent Disability, Waiver of Premium, and Guaranteed Insurability.
How much cover do I need?
The amount of Irritable bowel syndrome insurance you need to apply for will depend upon your personal circumstances. Although we can’t tell discuss financial services with you without consultation, there are some guidelines we can offer to help you choose your insurance policy.
Be aware that your application for irritable bowel syndrome insurance could change after undergoing the medical screening process if your insurance company believes there is an additional risk. This could have an impact on the affordability of your insurance policy.
Irritable bowel syndrome life insurance amounts of cover
- The amount left to pay on your mortgage.
- Any outstanding debt (e.g. Loans, second charge, credit cards, and others)
- 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 Irritable bowel syndrome life insurance you will require to secure your family and home, see ouriam|INSURED insurance policy calculator.
Irritable bowel syndrome critical illness cover amounts
A Critical illness cover will provide a tax-free lump sum should they be forced to take time off work. People with IBS are unlikely to have any difficulty obtaining an insurance policy for critical illness cover however, this can vary between insurance companies. As with any pre-existing conditions your insurance company could choose to apply premium or loading or health condition ‘exclusions’ if they feel there is an additional risk of a claim. When discussing the amount of critical illness cover you may need, consider:
- Your annual income (after Tax)
- Mortgage/rental payments (annual)
- Cost of living (annual)
- Any other potential costs (e.g. medical treatment or adaptations)
Irritable bowel syndrome income protection amounts of cover
An income protection insurance policy provides policyholders with monthly payments should they require time off work. For people with IBS that experience mild irritable bowel syndrome symptoms, insurance companies will often offer income protection at standard rates. If your health condition is considered severe and you have taken a lot of time off work your insurance company could apply loading to your insurance policy or decline income protection. The amount of income protection you require will depend upon:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
Which insurance companies offer Irritable bowel syndrome life insurance?
As irritable bowel syndrome is often mild, insurance companies will often have little issue offering people with IBS an insurance policy at standard rates. If you believe your health condition is more severe, contacting a specialist insurance company could help you to find more favorable insurance rates.
iam|INSURED has over 20 years of experience helping people with health conditions like irritable bowel syndrome obtain financial services. iam|INSURED are authorised and regulated by the financial conduct authority and are registered in England and Wales. To speak with one of the expert advisors, contact our registered office now on or send us an email.
Irritable bowel syndrome critical illness cover and income protection providers
People with IBS should find little difficulty obtaining critical illness cover or income protection from most insurance companies. This applies to any application for irritable bowel syndrome where there has been no significant time off work or any other pre-existing medical conditions. If your application for irritable bowel syndrome critical illness cover or income protection has been declined due to your health condition or medical history, please consider contacting our iam|INSURED customer service team.