Life Insurance with Vitamin Deficiency Anaemia

11 min Read Published: 15 Oct 2020

Life Insurance with Vitamin Deficiency AnaemiaArranging 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 necessarily. The underwriters (the team responsible for assessing your application at the insurance company) need to understand all of the details regarding your Vitamin Deficiency Anaemia. The details would normally be supplied by your doctor with your consent however there are advantages to providing the information yourself because you'll save the additional time that it takes for a report to be compiled by your GP and sent back to the insurer.

Additionally, you should consider using a specialist life insurance broker (something we explain in detail later in this article) as their knowledge and experience can be invaluable in helping to choose the insurance company that best fits your needs. Remember, if you receive a decision that you are not happy with, you are free to apply elsewhere but remember that this will mean starting a whole new application which will make the application process longer.

How much does life insurance cost if you have Vitamin Deficiency Anaemia?

Life insurance premiums are calculated using a number of key factors such as your age, your gender and your smoker status. This is the amount you see when you use an online comparison site and is often referred to as the 'quoted premium'.  The amount of life insurance you need is often referred to as the 'sum assured' and this and the policy term (the number of years you wish the policy to run for) will determine the overall cost and make up your 'quoted premium'.

If your Vitamin Deficiency Anaemia symptoms are mild and you haven't needed to consult your GP in the last 12 months then you should not have to pay an increased premium and you policy should be accepted from the application as standard.

Choosing the right life insurance company for your diagnosis is essential. Zurich, AIG and Royal London are companies that tend to provide the best underwriting decisions when it comes to Vitamin Deficiency Anaemia. Remember though that there may be other insurance companies that will provide a better premium or more comprehensive cover for you and so it would be wise to speak to an independent specialist* who can help you save time with the application and get you the best possible price.

Can you get critical illness insurance or income protection if you have Vitamin Deficiency Anaemia?

Yes. Critical illness and Income Protection insurance will be underwritten more rigorously than life insurance as there is a greater possibility of a claim. If your treatment is keeping vitamin readings and blood count within a healthy range then you should be able to take out both insurances with little complication. Remember that with income protection insurance (sometimes referred to as sick pay insurance), the time you have taken off work is likely to impact the decision that the underwriters make.

How to get the cheapest life insurance if you have Vitamin Deficiency Anaemia?

While you might be tempted to apply for life insurance through a comparison site, we would recommend that you consider using an independent life insurance specialist as you are likely to save both time and money.

Using a specialist broker such as LifeSearch* will mean that you get free impartial adviser from an expert adviser that has experience in arranging life insurance for someone with your condition. An adviser can make a recommendation on how much cover you may need and the how long you should take it for, as well as offering to help place your policy into trust (meaning your intended beneficiaries will not need to worry about paying inheritance tax). Additionally, if you take out a policy you will qualify for a £50 cashback reward. Simply complete this short form* so that you can arrange a callback at a time that is convenient for 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