Ulcerative colitis life insurance, critical illness cover and income protection
The facts about getting life insurance with ulcerative colitis
Ulcerative colitis is a type of inflammatory bowel disease that can severely affect a patient’s quality of life. People diagnosed with ulcerative colitis will often have their condition linked to family history and are at a higher risk of developing medical conditions such as liver disease. However, people with ulcerative colitis are often able to obtain ulcerative colitis life insurance, travel insurance and critical illness cover on favourable terms. When making any application for ulcerative colitis life insurance coverage with pre-existing medical conditions, insurance underwriters will need to look closely at your medical history before providing any insurance quotes.
What does Ulcerative colitis life insurance cost?
When deciding how much your ulcerative colitis life insurance will cost you, insurance underwriters assess your medical history and related medical conditions. Some factors that could influence your life insurance policy are:
- When were you diagnosed with ulcerative colitis?
- How frequently do you experience flare ups?
- Do you take any medication to control your symptoms (e.g. abdominal pain)?
- Do you have any related medical conditions (e.g. liver disease)?
- Have you recently had or are due any surgery?
Your premiums for Ulcerative colitis Life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Ulcerative colitis life insurance rates/ratings
Life insurance policies for people with ulcerative colitis are often obtainable at standard terms. If you experience frequent symptoms or have experienced flare ups in the last 12 months your ulcerative colitis life insurance quotes may receive some loading or added terms. Furthermore, if you have recently been diagnosed with ulcerative colitis, are awaiting surgery or suffer from related medical conditions such as liver disease your application ulcerative colitis life insurance may be declined.
Percentage (%) loading for Ulcerative colitis life insurance
If insurance underwriters identify additional risk to your ulcerative colitis life insurance coverage, your life insurance company may choose to apply percentage loading to your premium. How much loading insurance underwriters recommend will depend upon your medical history and medical conditions. Percentage loading to your insurance quotes will apply a set amount to your ulcerative colitis life insurance policy per monthly premium. The amount of risk insurance underwriters are able to accommodate will vary with each life insurance company, some are able to provide ulcerative colitis life insurance coverage at higher rates (e.g. 250%, 400%).
Per mille loadings for Ulcerative colitis life insurance
‘Per mille loading’ is rarely used and often only applied by insurance underwriters in very severe cases. As such your life insurance company is not likely to apply ‘per mille loading’ to your ulcerative colitis life insurance coverage. ‘Per mille loading’ will add a set amount (e.g. £1, £2) per thousand £’s of cover to your ulcerative colitis life insurance. This method of loading is very flexible and insurance underwriters can choose to apply it to a life insurance policy in the short or long term.
For people with ulcerative colitis that are experiencing severe/frequent symptoms or medical conditions such as liver disease, Insurance underwriters may choose to apply an ‘exclusion’ to your ulcerative colitis insurance policies. ‘Exclusions’ will prevent you from placing a claim with your life insurance company if you develop medical conditions related to being diagnosed with ulcerative colitis. A ‘exclusion’ on your ulcerative colitis life insurance policy could also make you ineligible for additional benefits like, Total and Permanent Disability, Waiver of Premium and Guaranteed Insurability. If you are offered ulcerative colitis life insurance coverage with an ‘exclusion’, be sure to confirm with your life insurance company what will or will not be covered.
When making an application for ulcerative colitis life insurance, the amount of life insurance coverage you need will depend upon your personal circumstances. Without a consultation we can’t advise you on how much you should apply for, but we can provide a guideline.
It is important to remember that your insurance quotes for ulcerative colitis life insurance may increase. Insurance underwriters will need to fully assess your medical history and their decision could affect your ulcerative colitis life insurance policies affordability.
- 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 Ulcerative colitis life insurance you will require to secure your family and home, see our Iam Insured life insurance policy calculator [LINK].
Critical illness cover is often obtainable for people with ulcerative colitis. Critical illness insurance policies will provide a tax-free lump sum should you become unable to work. Insurance quotes may vary depending on the life insurance company and will be related to your medical history. If your symptoms are considered severe and you have had frequent flare ups over the last 12 months, insurance underwriters may apply loading or ‘exclusions’ to your premium. Some things to consider when looking at critical illness life insurance coverage are:
- Your annual Income (after Tax)
- Mortgage/rental payments (annual)
- Cost of living (annual)
- Any other potential costs (e.g. medical treatment or adaptations)
People with ulcerative colitis should be able to obtain life insurance from their chosen life insurance company provided their condition is well controlled. Insurance quotes may vary between insurance underwriters and will depend on your medical history. If you suffer from severe symptoms or associated medical conditions, you may have difficulty finding People diagnosed with ulcerative colitis, are often able to obtain ulcerative colitis life insurance policies on favourable terms. If you have had your application for ulcerative colitis life insurance declined in the past, you may benefit from contacting a specialist life insurance company like Iam Insured.
Iam Insured have over 20 years of experience helping people with ulcerative colitis and related medical conditions obtain life insurance coverage at the right cost. To speak with one of our ulcerative colitis life insurance experts, contact us now on [TELE] or send us an email [EMAIL].
Critical illness cover and income protection are often obtainable ulcerative colitis life insurance policies. If you suffer from associated medical conditions such as liver disease, you may find it harder to obtain favourable ulcerative colitis life insurance quotes. Insurance underwriters could choose to apply premium loading or ‘exclusions’ to your insurance policies. If you are having difficulty finding ulcerative colitis life insurance quotes for critical illness and income protection after being diagnosed with ulcerative colitis, don’t hesitate to contact Iam Insured for specialist advice.