Barrett's Oesophagus life insurance, critical illness cover and income protection
The facts about getting life insurance with Barrett's Oesophagus
Barrett’s Oesophagus is a serious complication of Gastroesophageal Reflux Disease (GERD), in which the tissue lining of the esophagus becomes so damaged by repeated gastroesophageal reflux that it begins to take on the form of an intestinal lining. Around 10% of people suffering from GERD will go on to develop Barrett’s Oesophagus.
Barrett’s Oesophagus becomes a concern for life insurance companies because there is an increased risk of developing cancer of the Oesophagus, although this is less than 1%, so is very rare. If your GERD has caused you to develop Barrett’s Oesophagus, you’ll generally find that insurance companies may ask you some additional questions about your GERD so that they can determine the degree of risk. Taking out Barretts Oesophagus life insurance may be a worthwhile option for you.
What does Barrett's Oesophagus life insurance cost?
You will need to provide insurers with information about your condition. Insurance underwriters will assess your application for Barrett’s Oesophagus life insurance based on the following:
- The date you were first diagnosed with Barrett’s Oesophagus
- Any related issues or conditions (e.g. cancer)
- General health and fitness levels
- Other medical conditions you may suffer from
- Current treatments being undertaken
- Medications taken
Your premiums for Barrett's Oesophagus life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Barrett's Oesophagus life insurance rates/ratings
Rates for any non-standard cover such as Barrett’s Oesophagus 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 Barrett’s Oesophagus 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 Barrett’s Oesophagus 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 Barrett’s Oesophagus life insurance
You may also find that a ‘per mille loading’ could be applied to your Barrett’s Oesophagus life insurance premiums, but this is more rare and only tends to be used for more severe related 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 Barretts Oesophagus 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 Barrett's Oesophagus life insurance, critical illness cover or income protection
Another potential outcome when applying for a non-standard cover such as Barrett’s Oesophagus 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 condition excluded from your policy. There is also usually a requirement to allow underwriters to view your medical records. Barrett’s Oesophagus life insurance rates will depend on several key factors, including:
- The age you were first diagnosed with Barrett’s Oesophagus
- Treatments undertaken (and the success of them)
- Ongoing relevant conditions
- The cause of your Barrett’s Oesophagus
Barrett’s Oesophagus life insurance rates can vary from standard rates where the condition is mild with no ongoing issues, all the way to decline because the condition is severe. At Iam Insured, we can help you find the right policy depending on your circumstances.
It is difficult to say how much cover you need when you are applying for a Barrett’s Oesophagus 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 Barrett’s Oesophagus 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)
It is possible to get Barrett’s Oesophagus critical illness cover in the case of mild conditions with no long term effects. Depending on the individual risks acssociated with your condition, an underwriter will generally want to view your medical records before making a decision. For those with pre-exisiting medical conditions, premiums may be higher. There may also be a cancer exclusion on some applications for Barrett’s Oesophagus critical illness cover due to the added risks of developing cancer from the condition.
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 Barrett’s Oesophagus 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
You should be aware that it may not be possible to get a Barrett’s Oesophagus income protection policy depending on your condition and associated risk of developing cancer. Some insurance providers may not accept or consider income protection for Barrett’s Oesophagus purely because of the element of risk. If you have had issues getting Barrett’s Oesophagus income protection in the past, talk to our experts at Iam Insured, as we can offer helpful advice on options open to you.
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