High cholesterol life insurance, critical illness cover and income protection
The facts about getting life insurance with High cholesterol
When making any life insurance applications for high cholesterol life insurance or term life insurance, life insurance companies will need to look at your medical history and may request a medical exam. Generally, people with high cholesterol levels should not have difficulty obtaining high cholesterol life insurance at standard rates. If your have a higher HDL ratio, high BMI, related conditions or take multiple medications you may receive increased high cholesterol life insurance premiums.
What does High cholesterol life insurance cost?
When applying for a high cholesterol life insurance policy you will need to answer a few questions about your family history and your insurance agent may request a medical exam. This is standard practice for anyone applying for life insurance with a pre-existing condition. Some questions your life insurance agent may ask you are:
- When were you diagnosed with high cholesterol levels?
- What treatment/medication do you use to control you HDL ratio?
- What are you total cholesterol/ HDL ratio levels?
- What is your BMI?
- Have you developed any related conditions (e.g. high blood pressure, heart disease)?
Your premiums for High cholesterol Life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
High cholesterol life insurance rates/ratings
Most people receive high cholesterol life insurance at standard rates. However, depending on your circumstances, your high cholesterol life insurance premiums could be above standard rates.
Percentage (%) loading for High cholesterol life insurance
If you are unable to find high cholesterol life insurance at standard rates you may have percentage loading applied to your life insurance premiums. Percentage loading will raise your monthly high cholesterol life insurance premiums by a set percentage. This percentage will be calculated during underwriting and the amount of loading that can be accommodated will vary between life insurance companies. Some insurance companies can offer higher levels of loading to high risk clients (e.g. 250%, 400%)
Per mille loadings for High cholesterol life insurance
People suffering from very severe conditions, such as cancer, may have ‘per mille loading’ applied to their life insurance policy. ‘Per mille loading’ will raise life insurance premiums by a set amount (e.g. £1, £2) per thousand £’s of cover and is unlikely to be applied to you high cholesterol life insurance. This method of cover is very flexible and can be added on be added to life insurance in the short or long term.
Exclusions for High cholesterol life insurance, critical illness cover or income protection
‘Exclusions’ can be added to high cholesterol life insurance policies if your life insurance agent views your policy as having an added risk of claim. An ‘exclusion’ will prevent you from claiming for conditions related to you high cholesterol levels such as heart disease or high blood pressure. When taking out any high cholesterol life insurance policies that include an ‘exlcusions’ you may not have access to benefits like, Total and Permanent Disability, Waiver of Premium and Guareanteed Insurability.
How much cover do I need?
Although we can’t tell you how much high cholesterol life insurance you should apply for without knowing your personal circumstance, we can offer some guidelines. It’s important to remember that your high cholesterol life insurance premiums could increase after underwriting.
- The amount left to pay on your mortgage.
- Any outstanding debt (e.g. Loans, second charge, credit cards and other)
- 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 High cholesterol life insurance you will require to secure your family and home, see our Iam Insured High cholesterol life insurance calculator [LINK].
A critical illness life insurance policy is often obtainable when applying for life insurance with high cholesterol levels. If your condition is not well-controlled or you suffer with related conditions, you may find it more difficult to obtain a critical illness high cholesterol life insurance policy at standard rates. A critical illness policy will provide a tax-free lump sum should you become unable to work. Some things to consider when applying for life insurance critical illness policies are:
- Your annual Income (after Tax)
- Mortgage/rental payments (annual)
- Cost of living (annual)
- Any other potential costs (e.g. medical treatment or adaptations)
Criteria for an income protection high cholesterol life insurance policy will often be strict and you will need to provide details such as your HDL ratio to your life insurance agent. An income protection life insurance policy should be available to people with well controlled high cholesterol levels at standard rates. As with any high cholesterol life insurance policies you could see an increase in life insurance premiums, ‘exclusions’ added to your policy, or could even be declined. Some thing you should consider when deciding on the amount of income protection you may need are:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
So long as your high cholesterol levels are well controlled you should have no issue obtaining high cholesterol life insurance at standard rates. For more complex conditions, or people with high cholesterol HDL ratios above 6, you may benefit from seeking out a specialist high cholesterol life insurance company like Iam Insured.
Our expert team can help find the best high cholesterol life insurance premiums for you. To speak with one of expert High cholesterol life insurance advisors, contact us now on [TELE] or send us an email [EMAIL].
There are life insurance companies that will be able to you find the right critical illness and income protection high cholesterol life insurance policy. If you have been declined in the past or are having trouble finding the right life insurance premiums, Iam Insured are here to help.
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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