Addison’s Disease life insurance, critical illness cover and income protection
The facts about getting life insurance with Addison’s Disease
Addison’s disease is a disorder that occurs when your body produces insufficient amounts of hormones produced by your adrenal glands. The adrenal glands produce too little cortisol, and often insufficient levels of aldosterone as well. Treatment for Addison’s disease involves taking hormones to replace the insufficient amounts being produced by the adrenal glands, and other symptoms include fatigue, weight loss and decreased appetite, hyperpigmentation of the skin, low blood sugar, joint pain and depression. The signs and symptoms of Addison’s disease can appear suddenly, resulting in acute adrenal failure. Taking out Addison’s Disease Life Insurance can therefore be a worthwhile option.
What does Addison’s Disease life insurance cost?
Generally where there is a history of Addison’s Disease and you are applying for a new life insurance policy, there may be several additional underwriting requirements to assess your application such as:
- The age you were first diagnosed
- Medications you may be taking
- Date of last attack
- Treatments being undertaken
- Current symptoms and their severity
- Family history
- Related conditions
Your premiums for Addison’s Disease life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Addison’s Disease insurance rates/ratings
Rates for any non-standard cover such as Addison’s Disease insurance will vary from one insurance provider to another depending on their underwriting philosophy. Insurance providers use a risk based scale to determine the amount you will pay for your cover which uses a ‘percentage loading’ or ‘£’s per mille loading’. All insurance companies have their own underwriting criteria which will also change over time, so can be difficult to predict unless you regularly speak to them.
Percentage (%) loading for Addison’s Disease life insurance
A percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances. Your percentage loading will apply a multiple to your Addison’s 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 Addison’s Disease life insurance
You may also find that a ‘per mille loading’ could be applied to your Addison’s Disease life insurance premiums, but this is more rare and only tends to be used for more severe conditions such as Cancer. 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 Addison’s Disease life insurance policy or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).
Another potential outcome when applying for a non-standard cover such as Addison’s Disease life insurance, critical illness cover or income protection is for an ‘exclusion’ to be applied to your policy. This means that you may have certain conditions which can be linked to your Addison’s Disease excluded from your policy. You may also find that certain additional benefits could be excluded such as Total and Permanent Disability, Waiver of Premium or Guaranteed Insurability.
It is difficult to say how much cover you need when you are applying for an Addison’s Disease life insurance, critical illness cover or income protection policy. There are however some simple rules that you can follow which will give you a good idea for how much cover you need before you apply.
You should also be aware that a Addison’s Disease life insurance, critical illness cover or income protection policy could increase after underwriting to reflect any additional risks of claim, so affordability may be a consideration.
- Mortgage amount (£’s)
- Outstanding debt (e.g. Loans, second charge, credit cards and other)
- Spouse or partner
- Income (after tax)
- Assets (e.g. car, house, business etc.)
It is common practice for underwriters to ask for you to disclose additional information about your condition in order for them to make a decision and process your application. For Addison’s Disease life insurance, the levels of cover available and any loadings applied to your premium will depend on several key factors:
- How well your condition is controlled
- Medications taken and frequency
- Date and details of your last attack
- Any history of Adrenal Crisis
Critical illness cover is slightly different to 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 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)
Often, Addison’s Disease critical illness cover is accepted based on standard rates with no special terms added. If the Addison’s Disease has been well controlled and there have been no recent issues with your condition, you should be accepted for critical illness cover.
As with life insurance for Addison’s Disease, insurance underwriters will often want to see medical records to assess the levels of risk for your critical illness cover application. There may be some policy exclusions for critical illness cover.
If you have experienced recent issues of adrenal crisis, then there is a strong possibility that Addison’s Disease critical illness cover could be postponed or denied. The period it is postponed will depend on the severity of the recent problems and any hospitalisation that may have occured. Here at Iam Insured, we can offer helpful advice on what policies are available and relevant to your circumstances.
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 for people who are self-employed, an Addison’s 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
Income protection for Addison’s Disease can be strict in terms of underwriting due to the additional risks of claims on an income protection policy. Most underwriters will want access to a GP report or medical records. If your Addison’s Disease is well controlled, income protection can be offered, but there may be a slight increase (or loading) to your premiums due to the additional risk. If you have had Adrenal Crisis or hospitalisation, then cover may be declined. At Iam Insured we can guide you on the right cover available for your condition and needs.
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