Ankylosing Spondylitis life insurance, critical illness cover and income protection
The facts about getting life insurance with Ankylosing Spondilitis
Ankylosing Spondylitis is a form of arthritis that primarily affects the spine, although it can affect other joints, too. It causes inflammation of the spinal joints (vertebrae) that can lead to severe, chronic pain and discomfort. The symptoms of Ankylosing Spondylitis include
back pain and stiffness, fatigue, pain and swelling in other parts of the body, and inflammation where a tendon joins a bone (enthesitis). The condition tends to develop in teenagers and young people under 30, with symptoms developing gradually, usually over several months or years. For some people, Ankylosing Spondylitis can improve over time, while in others it can deteriorate. If you have Ankylosing Spondylitis, taking out Ankylosing Spondylitis life insurance may be a worthwhile option.
What does Ankylosing Spondylitis life insurance cost?
If you suffer from Ankylosing Spondylitis and need life insurance, critical illness cover or income protection then you will need to provide insurers with information about your condition. Underwriters will assess your application for Ankylosing Spondylitis life insurance based on the following:
- The date of your initial diagnosis
- Symptoms and their severity
- Any treatments undertaken or medications you may be taking
- Any forthcoming surgery for the condition
Your premiums for Ankylosing Spondylitis life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Ankylosing Spondylitis life insurance rates/ratings
Rates for any non-standard cover such as Ankylosing Spondylitis life 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 Ankylosing Spondylitis 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 Ankylosing Spondylitis 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 Ankylosing Spondylitis life insurance
You may also find that a ‘per mille loading’ could be applied to your Ankylosing Spondylitis 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 Ankylosing Spondylitis life insurance policy, or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).
Exclusions for Ankylosing Spondylitis life insurance, critical illness cover or income protection
Another potential outcome when applying for a non-standard cover such as Ankylosing Spondylitis 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 Ankylosing Spondylitis 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 Ankylosing Spondylitis 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 an Ankylosing Spondylitis 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.)
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)
Critical illness cover for an Ankylosing Spondylitis sufferer will depend on your medical records, as these will need to be seen by underwriters as part of your application for cover. You may also be invited to attend a medical screening, which involves answering a series of questions about your current state of health. Terms for Ankylosing Spondylitis critical illness cover can vary from standard rates with no exclusions, to increased premiums with exclusions. Severe cases may even be declined by insurers. Ankylosing Spondylitis is a progressive condition, and many underwriters will consider this when assessing any application for cover. Talk to us at Iam Insured today where we can guide you through your options.
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, a Ankylosing Spondylitis 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
If you are seeking income protection for Ankylosing Spondylitis, you may find it difficult to get cover from high street insurance providers because of your risk status as a claimer. For example, there is a high chance that you could claim for time off work, or for mobility issues. Specialist insurers however can provide cover for you, but this is on the basis that your condition is not classed as severe. There may be restrictions imposed on your policy, but this will be on a case-by-case basis.
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