Basal Cell Carcinoma life insurance, critical illness cover and income protection
The facts about getting life insurance with Basal Cell Carcinoma
Basal Cell Carcinoma is generally the least lethal of all cancers. This type of cancer is typically more common with people who are out in the sun for long periods of time. If this applies to you, (for instance, you may have a job that involves you to be outdoors a lot), it may be worth investing in a Basal Cell Carcinoma life insurance, critical illness cover and income protection policy.
The cause of Basal Cell Carcinoma is over-exposure of the skin to (UV) rays from the sun. UV rays cause the skin’s basal cells to become deformed, causing the DNA in the cell itself to become affected, and for rough-looking patches to form on the skin.
The growth of the cancer cells in this form of cancer are very slow, and the cancer hardly spreads at all, making it generally low risk. Once it is treated and surgically removed, you will be able get standard life insurance rates in many cases.
What does Basal Cell Carcinoma life insurance cost?
For anyone who has previously been diagnosed with Basal-Cell Carcinoma looking for life insurance, critical illness cover or income protection, there will be additional information to provide to underwriters, such as:
- When you were first diagnosed with Basal-Cell Carcinoma
- The number of Carcinomas you have had
- Affected areas
- Current treatment you may be undergoing
- Medications being taken
- Other underlying medical issues
If you have experienced problems getting life insurance previously because you have been diagnosed with a medical condition such as Basal-Cell Carcinoma, contact us at Iam Insured and we can guide you on your available options for getting cover.
Your premiums for Basal Cell Carcinoma life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Basal Cell Carcinoma life insurance rates/ratings
Rates for any non-standard cover such as Basal Cell Carcinoma 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 Basal Cell Carcinoma 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 Basal Cell Carcinoma life insurance premium which will be based on your health and condition 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 Basal Cell Carcinoma life insurance
You may also find that a ‘per mille loading’ could be applied to your Basal Cell Carcinoma life insurance premiums. This 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 Basal Cell Carcinomar 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 Basal Cell Carcinoma life insurance, critical illness cover or income protection
Another potential outcome when applying for a non-standard cover such as Basal Cell Carcinoma 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 Basal Cell Carcinoma 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.
How much cover do I need?
It is difficult to say how much cover you need when you are applying for a Basal Cell Carcinoma 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 Basal Cell Carcinoma 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)
Applying for Basal-Cell Carcinoma critical illness cover can result in a number of different outcomes depending on your medical history, and whether you have a single case of Basal-Cell Carcinoma with no other linked conditions. Rates for Basal-Cell Carcinoma critical illness cover vary from standard rates for single occurances, to higher premium loadings for multiple carcinomas, or where there are other underlying medical issues affecting your health.
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 Basal Cell Carcinoma 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 Basal Cell Carcinoma income protection policy depending on your condition and current health. Like critical illness cover, income protection can be accepted at anything from standard rates to a higher loading or even a decline if your condition is more severe. Iam Insured can help you find the best cover for your circumstances and keep your premiums low.
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