We have talked about various aspects of insuring against accident, sickness and unemployment, most recently about new policies that support those with Diabetes. Just this week I went to an event where we were given some statistics on the different health concerns that will affect many of us at some point in our lives. I thought it would be useful to share the information.
Anxiety and Depression
According to the charity MIND, in England, 1 in 6 people report experiencing a common mental health problem such as anxiety and depression in any given week. While our view of mental health has changed in recent years with more people talking about it and acknowledging its impact on lives, has the insurance industry kept up? Anyone with a history of anxiety or depression may well be required to answer additional questions for the insurer to be able to underwrite the application. Often these can be actioned immediately, and instant decisions provided. However, if there are any further complications or related conditions then insurers may need to contact your GP or investigate further.
Recent research by Macmillan suggests that there are an estimated 2.5 million people in the UK who have been diagnosed with cancer, an increase of 400,000 people in just five years. Thanks to developments in treatment for several types of Cancer the number of people who survive longer than five years after this diagnosis is predicted to more than double between 2010 and 2030 to 2.7 million. Given the prevalence of Cancer guarding against the possibility is clearly sensible, planning the insurance needs of you and your family is important. If you’ve been diagnosed with cancer or you are in partial or complete remission, getting life insurance and critical illness cover is possible, but premiums may be affected.
Being Overweight can influence your life insurance premiums. Certain life insurance companies are more tolerant to high body mass indexes (BMI) than others. There are certain insurers who will provide cover for those with a BMI over 48. With the NHS estimating that 1 in 4 people have problems with their weight this is another area of health concern that insurers need to consider.
The best solution to all these and other concerns is to maintain as healthy a life style as possible. Avoiding smoking and having a moderate intake of alcohol will help. The main thing to do is plan ahead, you cannot tell what life will throw at you so having the cover in place to protect your mortgage payments and other outgoings will provide peace of mind. The average length of time an Income Protection Policy pays out for is 54 months, meaning that the right insurer will be with you for the duration of a problem.
While policies to protect you while you are healthy are plentiful, having cover that meets your personal situation needs experience of the market to match up, especially if there is a pre-existing condition to consider. Insurance can be a vital safety net for families. It is worth considering the consequences of not being adequately covered if the unthinkable happens. As always, I am happy to review your specific circumstances so get in touch if you need advice.
Payment Protection Insurance is optional. There are other providers of Payment protection insurance and other products designed to protect you against loss of income