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Chronic fatigue syndrome life insurance, critical illness cover and income protection

Chronic fatigue syndrome life insurance, critical illness cover and income protection

Applications for chronic fatigue syndrome insurance can often be obtained at standard terms. Myalgic encephalomyelitis, also known as chronic fatigue syndrome (CFS), can have an adverse effect on your life insurance premiums if you have additional mental health or medical conditions. When making your application for chronic fatigue syndrome life insurance, insurance companies will need to look at your medical history.

What does Chronic fatigue syndrome life insurance cost?

The amount your chronic fatigue syndrome life insurance will cost depends on your medical history. This is standard practice for any pre-existing medical conditions and will help life insurance companies’ asses your level of risk. Some question people with ME (CFS) may be asked are:

  • How old were you when you were diagnosed with chronic fatigue syndrome?
  • How severe are your symptoms of chronic fatigue syndrome?
  • Do you have any other medical conditions?
  • Have there been any issues with your joints or mobility?
  • Have you had to take any time off work because of your chronic fatigue syndrome?

Your premiums for Chronic fatigue syndrome Life insurance will also depend on:

  • Sum assured (£’s)
  • Term of cover (years)
  • Type of policy (e.g. Family, Mortgage, Whole of Life etc.)

Chronic fatigue syndrome life insurance rates/ratings

Although chronic fatigue syndrome life insurance can often be obtained at standard rates, you could see additional loading to your premium. If your medical conditions (chronic fatigue syndrome) are viewed as more severe insurance companies may apply loading or ‘exclusions’ to offset any risk of claim.

Percentage (%) loading for Chronic fatigue syndrome life insurance

If you do not have mild symptoms of chronic fatigue syndrome your chronic fatigue syndrome life insurance could have increased premiums. Percentage loading raises monthly premiums by a set percentage. Life insurance companies will use a risk-based scale to decide how much loading may be needed. The maximum level of loading available will differ between insurance companies. It’s important to remember that other life insurance companies may be able to offer you chronic fatigue life insurance at higher levels of loading (e.g. 250%, 400%) if you have been declined in the past.

EXAMPLE:

Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for Chronic fatigue syndrome life insurance

‘Per mille loading’ is very unlikely to be applied to your chronic fatigue syndrome life insurance cover and is often only relevant in very severe cases. ‘Per mille loading’ would raise your chronic fatigue syndrome life insurance by a set amount (e.g. £1, £2) per thousands £’s of life cover. ‘per mille loading’ is quite flexible and could be applied to the full term of a policy, or for a set period.

Exclusions for Chronic fatigue syndrome life insurance, critical illness cover or income protection

As chronic fatigue syndrome (CFS) can have many triggers (e.g. immune system, mental health) you could have mental health or medical conditions excluded from your chronic fatigue syndrome life insurance. ‘Exclusions’ on your chronic fatigue syndrome life insurance cover would stop you from claiming for related mental health and medical conditions. An ‘exclusion’ could also stop you from accessing additional benefits like Total Permanent Disability, Waiver of Premium and Guaranteed Insurability.

When deciding how much chronic fatigue syndrome life insurance to apply for, make sure to account for all your expenses. Remember your policy could increase after underwriting and this could make it less affordable than you initially thought. Without your personal circumstances we can’t tell you how much chronic fatigue syndrome life insurance to apply for, but we can offer some simple guidelines.

  • The amount left to pay on your mortgage.
  • Any outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependants
  • Spouse or Partner
  • Annual Income (after Tax)
  • Any financial assets (e.g. car, house, business etc.)

If you feel unsure or require more information to decide how much chronic fatigue syndrome life insurance you will require to secure your family and home, see our Iam Insured chronic fatigue syndrome life insurance calculator [LINK].

Chronic fatigue syndrome life insurance critical illness cover provides policy holders with a tax-free lump sum if you become unable to work. For people affected by ME (CFS) with mild symptoms and little history of time off work, obtaining standard rates for Critical illness should be straightforward. If your symptoms are more severe or you have required time off due to Chronic fatigue syndrome (CFS) or related mental health and medical condition your life cover may have ‘exclusions’ or be loaded. Some things to be considered when applying for chronic fatigue syndrome life insurance critical illness cover are:

  • Your annual Income (after Tax)
  • Mortgage/rental payments (annual)
  • Cost of living (annual)
  • Any other potential costs (e.g. medical treatment or adaptations)

Obtaining a chronic fatigue syndrome life insurance income protection policy may require you to seek out a specialist insurer. As income protection provides monthly payments if you cannot work, you will find it hard obtaining a policy if your chronic fatigue syndrome (cfs) has forced you take time off in the past. You may see loading or ‘exclusions’ applied by insurance companies, especially if you have related medical conditions. The amount of chronic fatigue syndrome life insurance income protection you may need will depend upon your:

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)
  • Cost of living

If there are no related mental health or medical conditions and only mild symptoms of chronic fatigue syndrome, obtaining standard chronic fatigue life insurance should be possible. If this is not the case, you may need to consider contacting a specialist chronic fatigue syndrome life insurance company. If you have had difficulty finding the right chronic fatigue life insurance policy or have been declined in the past, Iam Insured can help.

Iam insured are experts on chronic fatigue syndrome life insurance and are authorised and regulated by the financial conduct authority. To speak with one of expert financial services advisors, contact us now on [TELE] or send us an email [EMAIL].

Chronic fatigue syndrome critical illness cover and income protection providers

Critical illness cover and income protection can be found for people affected by ME (CFS), but you may need to speak with specialist chronic fatigue syndrome life insurance companies. However, if your symptoms of chronic fatigue syndrome are mild, you should be able to find standard life cover. If you are having trouble finding a policy that works for you, consider getting in touch with one of our Iam Insured chronic fatigue syndrome life insurance experts.

Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.

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