Marfan Syndrome life insurance, critical illness cover and income protection
The facts about getting life insurance with Marfan Syndrome
Marfan syndrome is a genetic disorder of the connective tissue. Its degree of severity can vary from person to person. People who suffer with Marfan Syndrome typically have flexible joints and scoliosis. There is currently no cure for Marfan syndrome, so treatment focuses on managing the symptoms and reducing the risk of complications. One of the most serious problems caused by Marfan Syndrome occurs if the heart and the aorta, the body’s main artery, are significantly affected. This can lead to hospitalisation and a general lower life expectancy. If you have Marfan Syndrome, life insurance may be a worthwhile option.
What does Marfan Syndrome life insurance cost?
If you suffer from Marfan Syndrome and need life insurance, critical illness cover or income protection, then you will need to provide insurers with information about your condition. Insurance underwriters will assess your application for Marfan Syndrome life insurance based on the following:
- The age you were first diagnosed
- Frequency and severity of symptoms
- Medications you are currently taking
- Treatment undertaken for the condition
- Any surgeries you may have needed for the condition
Your premiums for Marfan 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.)
Marfan Syndrome life insurance rates/ratings
Rates for any non-standard cover such as Marfan Syndrome 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 Marfan Syndrome 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 Marfan Syndrome 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 Marfan Syndrome life insurance
You may also find that a ‘per mille loading’ could be applied to your Marfan Syndrome life insurance premiums, but this is more rare and only 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 Marfan Syndrome life insurance policy or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).
Another potential outcome when applying for a non-standard cover such as Marfan Syndrome 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 Marfan Syndrome (e.g. Cardiovascular, eye problems etc.) 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.
It is difficult to say how much cover you need when you are applying for a Marfan Syndrome 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 Marfan Syndrome 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)
Where there is a high risk of cardiovascular-related issues, it can be difficult to get cover, or your premiums could increase. Marfan Syndrome critical illness cover may be available through a limited number of insurers, but this will depend on your circumstances. Talk to our experts at Iam Insured today where we can find you the right cover for an affordable price.
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 Marfan Syndrome 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
There may also be some specialist insurers who will consider applications for Marfan Syndrome income protection depending on your symptoms and health. This is often the case for individuals living with a degree of Marfan Syndrome which has scope for further health complications.
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