Non-Hodgkin Lymphoma life insurance, critical illness cover and income protection
The facts about getting life insurance with Non-Hodgkin Lymphoma
Non-Hodgkin Lymphoma is a type of Cancer that develops in the lymphatic system – a network of vessels and glands spread throughout your body. In the UK, more than 13,000 people are diagnosed with Non-Hodgkin Lymphoma each year. The condition can occur at any age, but an individual’s chances of developing it increase as they get older, with just over a third of cases diagnosed in people over 75. If you have Non-Hodgkin Lymphoma and require life insurance, taking out a Non-Hodgkin Lymphoma life insurance, critical illness cover and income protection policy could be worthwhile.
What does Non-Hodgkin Lymphoma life insurance cost?
If you suffer from Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma life insurance based on the following:
- The age your were first diagnosed
- The type of Non-Hodgkin Lymphoma
- Treatment undertaken
- Medications you are taking
- Any periods of time since treatment for the condition
- Grade and stage of Non-Hodgkin Lymphoma
Your premiums for Non-Hodgkin Lymphoma life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Non-Hodgkin Lymphoma life insurance rates/ratings
Rates for any non-standard cover such as Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma life insurance
You may also find that a ‘per mille loading’ could be applied to your Non-Hodgkin Lymphoma life insurance premiums. 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 Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma life insurance, critical illness cover or income protection
Another potential outcome when applying for a non-standard cover such as Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma 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 Non-Hodgkin Lymphoma 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 of how much cover you need before you apply.
- You should also be aware that a Non-Hodgkin Lymphoma 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)
It is possible to receive Non-Hodgkin Lymphoma critical illness cover if you have had a period of several years since you had any symptoms or received any treatment. Insurers will want to see proof that this has happened, such as a GP’s medical report of your current health. In some cases, you may be offered cover with an increase in premiums to reflect the levels of risk involved, or find that a Cancer exclusion is applied to your policy.
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 Non-Hodgkin Lymphoma 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
It is possible to get income protection for Non-Hodgkin Lymphoma if you have had no recent issues or treatment. Talk to us at Iam Insured where we can find you the right policy that suits your circumstances for the right rate of cover.