fbpx

Haemophilia life insurance, critical illness cover and income protection

The facts about getting life insurance with Haemophilia

A haemophilia life insurance policy can provide people with a bleeding disorder like von willebrand disease or haemophilia immense peace of mind and financial protection. During your life insurance application for haemophilia life insurance coverage your insurance company will need to look at your medical history. The type of haemophilia you have been diagnosed with and your clotting factors will influence your policy during insurance underwriting. However, most people with mild haemophilia can obtain haemophilia life insurance with standard terms.

What does Haemophilia life insurance cost?

When looking for a haemophilia life insurance policy you will be required to provide medical evidence for purposes of insurance underwriting. This is standard practice for any life insurance application with pre-existing medical conditions. Some questions your insurance company may ask during your haemophilia life insurance application are:

  • What type of haemophilia have you been diagnosed with (e.g. Type A or B)?
  • What medication do you take for your type of haemophilia?
  • Have you had any time off work due to your type of haemophilia?
  • When was your last attack?
  • Have you been hospitalised due to your haemophilia?

Your premiums for Haemophilia Life insurance will also depend on:

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

Haemophilia life insurance rates/ratings

Haemophilia life insurance can often be obtained by mild sufferers at standard rates. The severity and type of haemophilia will often influence your premiums. People with lower clotting factors could see premium loading or ‘exclusions’ added to their haemophilia life insurance policy after insurance underwriting.

Percentage (%) loading for Haemophilia life insurance

It’s important to note when making your haemophilia life insurance application that your insurance company may offer cover with some loading. Percentage loading will raise your monthly premiums by a set percentage and will be added after insurance underwriting. It’s important to remember that acceptable levels of loading are different at every insurance company and some can accommodate higher risk clients (e.g. 250%, 400%).

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 Haemophilia life insurance

If your insurance company chooses to add ‘per mille loading’ to your haemophilia life insurance your premiums will be raised by a set amount (e.g. £1, £2). This will be added per thousand £’s of cover applied for and can be added for different periods of time. As ‘per mille loading’ is often only used in the most serious cases, you are unlikely to have ‘per mille loading’ applied to your haemophilia life insurance policy.

Exclusions for Haemophilia life insurance, critical illness cover or income protection

For more severe sufferers, ‘exclusions’ could be added to your haemophilia life insurance policy after insurance underwriting.  An ‘exclusion’ on your policy will prevent you from placing any claims that are related to you pre-existing medical conditions. If you choose to take out a haemophilia life insurance policy with a bleeding disorder ‘exclusion’, be sure to check your policy closely. An ‘exclusion’ in your haemophilia life insurance coverage could also prevent you from accessing benefits like, Total and Permanent Disability, Waiver of Premium and Guaranteed Insurability.

Without knowing your personal circumstances, we can’t tell you how much haemophilia life insurance you should apply for. We can, however, provide a few guidelines to help you make an informed decision. Remember your premiums may increase after insurance underwriting and this could affect how affordable you haemophilia life insurance coverage will be.

  • 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 haemophilia life insurance you will require to secure your family and home, see our Iam Insured haemophilia life insurance calculator [LINK].

A critical illness haemophilia life insurance policy will offer cover if you become unable to work.  During your life insurance application, you will need to provide evidence of your medical conditions for insurance underwriting purposes. Many people with haemophilia or other clotting disorders can obtain critical illness at standard rates. In more severe cases or when there have not been significant periods of time between attacks loading or ‘exclusions’ could be added to your premium. Some things to consider when applying for haemophilia life insurance critical illness are:

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

A haemophilia life insurance income protection policy will also offer cover if you cannot work in the form of monthly payments. An income protection life insurance policy should be available to people with mild bleeding disorders at standard rates. Like a critical illness haemophilia life insurance policy, people with more severe symptoms could find ‘exclusions’ and loading applied after insurance underwriting. The amount of haemophilia life insurance income protection you may need will depend upon your:

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

Many insurers should be able to offer haemophilia life insurance to mild sufferers at standard rates. If your bleeding disorder is more severe or you are awaiting surgery your life insurance application for haemophilia life insurance may be postponed or declined. If you are having trouble obtaining haemophilia life insurance, you could benefit from speaking with a specialist insurer like Iam Insured.

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

Obtaining a haemophilia life insurance critical illness or income protection policy is very probable for mild sufferers. If you are having trouble finding a policy that works for you, consider getting in touch with one of our Iam Insured haemophilia 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.

Get a quote

All it takes is a couple of minutes to get covered.

Request a callback

Speak to a an expert adviser for tailored advice.