Parkinson’s disease life insurance
People who have been diagnosed with Parkinson’s disease may have a number of reasons for needing and using life insurance.
Ultimately, life cover can protect you and your family if you get diagnosed with Parkinson’s disease or you might want cover after diagnosis. It’s important to make sure that you and your family are properly protected should anything happen to you.
According to figures from Parkinson’s UK, approximately 145,000 in the UK have been diagnosed with Parkinson’s disease (1 in 350 adults). There are just over 17,000 new cases every year for people who are aged over 45 years.
People who have been diagnosed with Parkinson’s disease at age 60 generally will live between 10 and 20 years from diagnosis.
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In this article, we look at how life insurance works for someone with Parkinson’s disease and what it can do to help if you’re diagnosed with this condition.
Does life insurance cover Parkinson’s disease?
Yes – if you die from Parkinson’s disease during the term of your life insurance policy then your family should receive a tax-free lump sum.
Anyone with an existing life insurance policy will automatically be covered for anything that they are diagnosed with throughout the term of that cover. You might have taken out a policy several years ago and want to know how it works anything happens to you in the future.
Your existing cover will payout a cash lump sum to your beneficiaries that can be used for:
- Clear a mortgage balance
- Pay off debts
- Tax liability (IHT)
- School fees
- Legacy planning
More information about Life Insurance
Is Parkinson’s disease covered by critical illness insurance?
Most critical illness cover policies will include an element of protection for Parkinson’s disease.
The cover amount may vary from one insurer to another depending on which insurer you are with. It is always advisable to check with your insurance provider to make sure that your policy provides you with the cover you need.
Age groups affected: 50+
A diagnosis of Parkinson’s disease can have a range of symptoms that can have very little impact on lifestyle up to severe limitations. There are several potential uses for a critical illness payment, such as:
- Mortgage or rent payments
- Loans or debts
- School fees
- Costs of living
More information about Critical Illness Cover
Does income protection payout for Parkinson’s disease?
Yes – if you’re unable to work for over 4 weeks (usually) due to symptoms of Parkinson’s disease then your income should be covered.
This type of policy is designed to replace your income for a period of up to 12 or 24 months if you are signed-off work due to sickness or injury. Most policies will pay up to 60 to 80% of your gross monthly income.
You can claim for symptoms of Parkinson’s disease while you are unable to work and you should also get support to help you return to work.
Any existing income protection policy should cover you for Parkinson’s disease if you are diagnosed after the date of acceptance.
More information about Income Protection
About Parkinson’s disease life insurance
You might also have already been diagnosed with Parkinson’s disease and want to get cover to protect your family. There are a few common questions that we aim to answer below to help you to make the best decisions.
Can I get life insurance with Parkinson’s disease?
Yes – there are usually a number of life insurance options for people who have been diagnosed with Parkinson’s disease.
You may also be able to get life cover from the normal insurers depending on your symptoms and your age. However, there are also several other options to get some cover in place that might also be more suitable or affordable.
Parkinson’s disease can be a complicated medical condition so it is important to speak to an expert to get the best cover.
Often we speak to people with Parkinson’s disease who have been declined life insurance elsewhere which can put you off. The good news is that we’re the experts and we can get cover for people where other companies have failed.
How much is Parkinson’s disease life insurance?
Your premiums will always be based on some standard elements that determine the cost of cover, such as:
- Your age
- How much cover do you need
- How long are you taking the cover for
- Are you a smoker
When you disclose that you’ve been diagnosed with Parkinson’s disease then you’ll also be asked questions about your condition. This will help insurers to determine how severe your symptoms are and provide you with a suitable premium.
Cheaper life insurance for Parkinson’s disease
It is also possible to reduce your life insurance premiums for someone with Parkinson’s disease by following several simple steps.
Some of the best ways to reduce your premiums are:
- Speak to an expert: a specialist insurance company will be able to get you the best quotes based on your health
- Underwriters: you can also reduce the premiums that you pay with a properly underwritten application
- Smoking: if you are currently a smoker, then you can significantly reduce your premiums 12 months after quitting smoking
- Lifestyle(e.g. weight loss, alcohol, exercise, etc.)
Does life insurance exclude Parkinson’s disease?
Generally, the answer is no, especially if you take out a life insurance policy from a mainstream insurer.
There are some insurance policies that may exclude your Parkinson’s if they are provided by a specialist insurer. These tend to be slightly cheaper than the ‘standard’ insurer equivalent, but you need to be clear about what is not included in your cover.
Can I get critical illness cover with Parkinson’s disease?
There are a number of options available for people with Parkinson’s disease looking for critical illness cover.
You might be able to get critical illness cover through mainstream insurance providers depending on your health. If your symptoms are mild and you have little or no restrictions to mobility then this should be available through most insurers.
There are also specialist insurance products that can provide you with specific coverage options that may be more affordable and suitable.
Will I need a medical for Parkinson’s disease life insurance?
In most instances where we have been processing an application for someone with Parkinson’s disease, insurers will request GP evidence.
This is completely normal and simply means that insurers need to see your medical records to get the fairest price. You won’t need to pay for this report and it will be provided to the insurer directly from your medical practice.
Conditions linked to Parkinson’s disease
The most common conditions that can be linked to someone being diagnosed with Parkinson’s disease are:
- Melanoma (Skin cancer)
- Neurogenic Orthostatic Hypotension
- Pseudobulbar Affect (PBA)
- Chronic Neurological conditions
Common questions about Parkinson’s disease
Here are some of the most common questions that people ask about Parkinson’s disease:
What are the five stages of Parkinson’s disease?
There are 5 known stages of Parkinson’s disease which show different symptoms and levels of severity.
- Stage 1: Mild mobility issues and changes to facial expressions
- Stage 2: Moderate balance, mobility, posture problems
- Stage 3: More severe symptoms than Stage 2 with difficulty performing daily tasks
- Stage 4: No longer able to live independently (requires care)
- Stage 5: Becomes immobile, requires full-time care, and further impairments
How do you get Parkinson’s disease in the first place?
This is known as a genetic disorder and therefore will be part of genetic structure (DNA). It commonly runs in your family (hereditary) so you might be more at risk if your parents or grandparents had Parkinson’s disease. Approximately 15% of people diagnosed with Parkinson’s disease have a family history of the condition.
Does Parkinson’s disease affect life expectancy?
According to statistics provided by the Michael J. Fox Foundation, people diagnosed with Parkinson’s disease at age 60 will live between 10 and 20 years from diagnosis. The most common cause of death in people with Parkinson’s disease is pneumonia and serious falls.
Useful resources for Parkinson’s disease
We have found several useful links and resources that provide more information about Parkinson’s disease and living with the condition.
NHS Choices – Parkinson’s disease
Parkinson’s UK – Charity
Cure Parkinson’s – Charity
Parkinson’s Care and Support UK – Charity