Arranging life insurance if you have Vitamin Deficiency Anaemia linked to Vitamin B12 or Folic Acid can be straightforward with the right information to hand and have access to some guidance. Here we will show you the way that an insurance company will assess your Vitamin Deficiency Anaemia so that you don't waste time applying to the wrong insurers and so that you get the best price possible. We'll also show you how you can get £50 cashback once your life insurance policy is in place.
What is Vitamin B12 / Folate Deficiency Anaemia?
Vitamin Deficiency Anaemia, linked to Vitamin B12 or Folic Acid, can occur for several different reasons. It is the most common of the megaloblastic anaemias and it affects your body's ability to produce enough red blood cells. Red blood cells are needed to carry oxygen around your body, helping it function properly. If you have Vitamin Deficiency Anaemia then your symptoms can be very varied and range from tiredness, shortness of breath and nausea to rapid heart beat, trouble walking and numbness and tingling in your hands and feet.
A blood test revealing a low blood count (Hb g/dL) alongside a low vitamin reading will indicate that you have this type of Anaemia. The underlying causes of a Vitamin Deficiency Anaemia can be your diet, your genetic history, medication that you take, as well as contributing conditions such as Lupus, Crohns or HIV. Normally, you're prescribed Vitamin B12 injections (Hydroxocobalamin or Cyanocobalamin) or tablets and folic acid tablets to treat the deficiency.
Almost half of Vitamin B12 deficiencies are caused by Pernicious Anaemia. This occurs when your body lacks a protein called Intrinsic Factor needed to absorb vitamin B12. If you suffer with Pernicious Anaemia then its likely that you will be receiving regular Vitamin B12 injections.
Can I get Life Insurance if I have Vitamin B12 / Folate Deficiency Anaemia?
The factors that will determine whether you can arrange life insurance and, importantly how much it will cost you are as follows:
- When was your anaemia diagnosed?
- What symptoms has your anaemia caused and which of these are ongoing?
- What treatment are you receiving for your anaemia?
- What were the results of your blood tests?
- What is the cause of your anaemia?
- What impact has your anaemia had on your daily living?
- How much time have you had to take off work due to your anaemia?
Applying for Life Insurance if you have Vitamin B12 / Folate Deficiency Anaemia?
In all but a few scenarios, you can expect to be accepted for life insurance if you have Vitamin Deficiency Anaemia (VDA). As long as your anaemia has been investigated and the underlying cause has been determined, you'll be in a good place to apply for the life insurance you need.
If your VDA is caused by a separate condition then your life insurance will be dependent on the details of that condition. This might be Crohns, Lupus or another diagnosis that is being treated alongside your VDA. Speaking to an independent life insurance specialist* is the best route for anyone with a medical condition to secure the best price for your life insurance but especially if your diagnosis is slightly more complex.
To achieve the best price, your Vitamin Deficiency Anaemia needs to be fully investigated so that the cause is understood. Your symptoms need to be controlled over a period of time - usually 12 months and your blood results should show that your blood count and vitamin readings are being maintained at an acceptable level.
If you are still undergoing investigations to establish the cause of your anaemia then it is more than likely that your application will be postponed until these have been concluded. Anaemia can take some time to stabilise with treatment so it does help if your blood tests have begun to show improvement with treatment when you apply for your life insurance.
Will a life insurance provider write to your doctor about your Vitamin Deficiency Anaemia?
Not always. The underwriters (the who people at life insurance companies responsible for assessing your application) need to understand the full details of your Vitamin Deficiency Anaemia. But, it doesn't matter whether this information is provided by you or by your doctor with your consent. There are advantages to providing the information yourself because you'll save the couple of weeks that it takes for a report to be completed by your doctor and returned to the insurer. Also, if you decide to use a specialist life insurance adviser, (something we would recommend and explain in more detail how to do later on) knowing a lot of the key information upfront can help your adviser to eliminate the insurers who may increase your premiums or provide inadequate cover. There is nothing stopping you from applying to another insurance company if the terms you receive are not acceptable to you but this will mean completing another application which will take more time.
An excellent tip is to speak your doctor's surgery to ask if copies of your blood test results and any other information about your anaemia that can be shared with you. Remember that making complete and accurate disclosures to an insurance company will also prevent any dispute at the claim stage if needed.
How much does life insurance cost if you have Vitamin Deficiency Anaemia?
The cost of your life insurance is calculated using your age, your gender and your smoker status. This cost is referred to as your 'quoted premium' or the 'standard rate' for your life insurance. This is what you'll see if you've tried to look for prices online for your life insurance. How much life insurance you want - 'the sum assured'; how many years you want insurance for - 'the term' and the type of insurance you select also determine what your 'quoted' premium' is.
You can select different types of life insurance depending on what it is for. For example, you might choose a decreasing term assurance policy to protect your repayment mortgage so that if you die before it is repaid, the remaining balance can be covered by a life insurance payout. It's important that you choose the right type of life insurance for your needs.
If you have been diagnosed with Vitamin Deficiency Anaemia, your symptoms are mild and have been controlled for more than 12 months, you shouldn't need to pay any more than the standard rate for your life insurance.
Choosing the right life insurance company for your diagnosis is essential. At Money to the Masses, we have found that Royal London, Zurich and AIG are companies that offer fair rates for Vitamin Deficiency Anaemia. However, there may be other companies that are better suited to you and so getting some help and guidance is key to making the right choice here. Speaking to an independent specialist* will help you save time and get the best price.
Can you get critical illness insurance or income protection if you have Vitamin Deficiency Anaemia?
Yes, it is possible to arrange both critical illness insurance and income protection if you have VDA. These insurances will be assessed more rigorously than a life insurance policy because there is a greater likelihood of claim. Again, if your symptoms are mild and controlled and your treatment is keeping your blood count and vitamin readings within a healthy range then you should have no issues putting this insurance in place. It is worth pointing out that for income protection (often referred to as sick pay insurance) any time you have had to take off work due to your diagnosis will impact the decision that you receive.
How to get the cheapest life insurance if you have Vitamin Deficiency Anaemia?
There are a number of ways to arrange life insurance; you can apply through comparison sites, directly through insurance companies or via your mortgage adviser. Having researched the numerous ways, we have found that the best way to arrange your life insurance is by speaking to a specialist life insurance adviser who has access to the whole market.
We have vetted the services of LifeSearch* who are a specialist life insurance broker. Their expert advisers are knowledgeable and have access to the entire life insurance market, enabling them to complete a thorough search on your behalf. Earlier in this article we mentioned selecting the right type of insurance and this is something that an adviser can help you with so that your life insurance does exactly what you expect and need it to do. Placing your life insurance into a trust enables you to nominate your intended beneficiaries and makes the claim process quick, as well as ensuring the proceeds are free of any potential inheritance tax. LifeSearch provides free advice for all of this and as a Money to the Masses reader, you'll be able to claim a £50 cashback reward for arranging your life insurance too. Simply complete this short form* to arrange a callback at a time that suits you.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses and do not wish to qualify for the cashback referred to in the article - LifeSearch
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