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Parkinson’s disease life insurance, critical illness cover and income protection

The facts about getting life insurance with Parkinson’s disease

When applying for a Parkinson’s disease life insurance policy, you should be able to obtain life insurance coverage with some loading to your premium. People with Parkinson’s disease will often have a family history of Parkinson’s disease so medical history is often very important for any insurance applications. As Parkinson’s disease is a neurological condition, you will be asked to provide your insurance company with your medical history before financial services can be obtained.

What does Parkinson’s disease life insurance cost?

During any insurance application for Parkinson’s disease life insurance, your insurance company will need to look at your medical history closely. This is standard practice for any insurance application featuring a pre-existing condition. Some questions insurers may ask are about your Parkinson’s disease are:

  • When were you diagnosed with Parkinson’s disease?
  • What medication do you take for your Parkinson’s disease?
  • How frequently do you experience symptoms and at what severity?
  • Are you able to work or drive?
  • Do your require mobility aids?
  • Do you have any surgery planned?

Your premiums for Parkinson’s disease Life insurance will also depend on:

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

Parkinson’s disease life insurance rates/ratings

Many people with Parkinson’s disease experience a good quality of life and no change in life expectancy, however as there is no cure for Parkinson’s disease you are likely to receive increased rates. Your rates for Parkinson’s disease life insurance will be influenced by the severity of your Parkinson’s disease symptoms and any planned surgery.

Percentage (%) loading for Parkinson’s disease life insurance

Any insurance applications for Parkinson’s disease life insurance is likely to contain some level of loading. If percentage loading is applied to your Parkinson’s disease life insurance coverage your monthly premiums will be raised by a set percentage. The ability to insure you will depend on the underwriting criteria of your insurance company. This will vary between providers and specialist Parkinson’s disease life insurance companies will be able to accommodate you at higher levels of loading (e.g. 250%, 300%).

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 Parkinson’s disease life insurance

‘Per mille loading’ is not commonly applied to life insurance coverage and is usually only relevant in very severe cases. If ‘per mille loading’ is applied to your Parkinson’s disease life insurance coverage your monthly premiums will be raised by a set amount (e.g. £1, £2) per thousand £’s of cover applied for. ‘Per mille loading’ is very flexible and can be applied to a Parkinson’s disease life insurance policy for varying periods of time.

Exclusions for Parkinson’s disease life insurance, critical illness cover or income protection

Any Parkinson’s disease life insurance coverage will likely have medical condition ‘exclusions’ applied. An ‘exclusion’ will prevent you from filing any claims against your Parkinson’s disease life insurance for related medical conditions. It is very important you pay close attention to your policy wording before agreeing to a Parkinson’s disease life insurance policy so you aware of what will not be covered. ‘Exclusions’ in your Parkinson’s disease life insurance policy could impact your rights to benefits such as Total and Permanent Disability, Waiver of Premium or Guaranteed Insurability.

We can’t tell you what amount of Parkinson’s disease life insurance you should apply for without knowing your personal circumstances. We can, however, provide a few simple guidelines which can help you to make an informed decision. It is important to remember that your Parkinson’s disease life insurance quote may go up after underwriters have assessed your medical history.

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

Critical illness cover for people with Parkinson’s disease could be available from your insurance company but will likely feature ‘exclusions’ and premium loading. Parkinson’s disease life insurance critical illness cover will provide you with a tax-free lump sum if you become unable to work. ‘Exclusions’ on your critical illness cover would prevent you from claiming for any medical conditions related to your Parkinson’s disease. If you are having trouble deciding how much Parkinson’s disease critical illness cover you may need, make sure to consider:

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

A Parkinson’s disease life insurance income protection policy will provide you with monthly payments if you are unable to work. Underwriting criteria for income protection policies are often very strict and people with Parkinson’s will often have to speak with a special Parkinson’s disease life insurance company to find appropriate life insurance coverage. The amount of Parkinson’s disease life insurance income protection you should apply for will depend upon:

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

Many people with Parkinson’s disease can easily obtain Parkinson’s disease life insurance but this will often feature medical condition ‘exclusions’ and/or higher monthly premiums. If your neurological condition is more severe and you’re having difficulty finding adequate Parkinson’s disease life insurance coverage you may benefit from seeking out a specialist Parkinson’s disease life insurance company.

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

Parkinson’s disease critical illness cover and income protection providers

Obtaining critical illness cover or income protection can often seem impossible for people with Parkinson’s disease, but a specialist Parkinson’s disease life insurance company can help you. If you are finding it hard to obtain critical illness and income protection Parkinson’s disease life insurance, don’t hesitate to contact Iam Insured for specialist advice.

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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