Life Insurance And Pkd: What You Need To Know

Polycystic kidney disease (PKD) is a long-term condition that affects the kidneys and can lead to serious complications, including kidney failure. It is a lifelong condition that increases the likelihood of needing medical care. While it is possible to obtain term life insurance with PKD, the policy terms and premiums may be impacted by the diagnosis. The severity of the condition, the presence of any additional medical issues, and the insured's age are all factors that influence the cost of coverage.

Life insurance for people with PKD

People with polycystic kidney disease (PKD) can often assume that life insurance is either unavailable or unaffordable. However, this is not the case, and various options are available for those seeking coverage. PKD is a chronic condition that affects the kidneys and can lead to serious complications, including kidney failure. While it primarily affects the kidneys, PKD can also cause cysts to form in the liver and other parts of the body. According to Kidney Research UK, there are approximately 70,000 people in the UK with this condition.

Life Insurance Options for People with PKD

People with PKD can still obtain life insurance coverage, depending on the severity of their condition. Some insurers may request additional information or medical evidence when applying for coverage. This is a standard procedure and ensures that the policy is fully valid. Here are some key points to consider:

• Insurers' Approach: Different insurance companies have varying underwriting guidelines and may assess risk differently for individuals with PKD. It is advisable to shop around and compare quotes from multiple insurers to find the most suitable policy.
• Application Process: When applying for life insurance, individuals with PKD will typically need to provide detailed information about their diagnosis, treatment, and any other medical conditions. Insurers may request permission to access medical records to better understand the applicant's health and associated risks.
• Rates and Premiums: The rates offered by insurers will depend on various factors, including age, overall health, and the severity of PKD. Those diagnosed at a younger age and without kidney impairment may qualify for traditional life insurance at a "high-risk" category, usually a Table D-H rating. Rates may increase for those diagnosed after 40 or with more advanced stages of PKD.
• Guaranteed Issue Life Insurance: If an individual with PKD is showing signs of kidney impairment, most top-rated life insurance companies may be reluctant to offer traditional coverage. In such cases, a guaranteed issue life insurance policy could be an option.
• Working with an Agent: It is beneficial to work with a knowledgeable insurance agent who can guide applicants through the process, improve their chances of approval, and help find the most suitable policy.

Critical Illness Cover and Income Protection

In addition to life insurance, individuals with PKD may also consider critical illness cover and income protection:

• Critical Illness Cover: While a PKD diagnosis alone may not trigger a payout, severe cases can lead to complications that may be covered by some critical illness policies. These policies typically have a list of specified medical conditions that qualify for a payout. It is important to review the terms and conditions of different insurers to determine the best coverage.
• Income Protection: Income protection insurance can provide financial support if an individual with PKD is unable to work due to their health condition or other medical issues. This type of insurance usually provides a monthly benefit for a specified period, helping to cover living expenses during difficult times.

Disclosure and Policy Validity

It is crucial to be honest and transparent when providing information to insurers. Failing to disclose PKD or any other health condition may result in the invalidation of the entire insurance policy. Therefore, it is essential to keep insurers updated about any changes in health status or new diagnoses.

Critical illness cover and PKD

Critical illness cover is a type of insurance that pays out an agreed sum of money if you are diagnosed with a condition named in the policy. Conditions typically include cancer, a heart attack, or Alzheimer’s disease.

When it comes to PKD, a diagnosis will not necessarily trigger a payout on critical illness cover. However, PKD can lead to serious complications that might warrant a payout. These complications include cardiovascular issues.

If you already have PKD and want critical illness cover, your policy may have an exclusion for related conditions. It is currently not possible to obtain a critical illness cover policy for PKD due to the risks associated with the condition.

If you are looking for critical illness cover, it is recommended that you use an insurance broker or advisor who can explain the pros and cons of different options. You can find a broker through the British Insurance Brokers' Association (BIBA) or the Association of Medical Insurers and Intermediaries (AMII).

Income protection insurance and PKD

Income protection insurance is designed to provide a monthly benefit for a specified period, usually 12 or 24 months, to help cover outgoings if you are unable to work due to illness or injury. This includes new medical issues, so if you are signed off work due to PKD, your income protection insurance will pay out.

The monthly payment amount is calculated as a percentage of your gross (pre-tax) wage. This can be used to help pay for bills and other household costs.

If you have PKD, you may find that your application for income protection insurance requires you to provide medical evidence from your GP. The severity of your condition and your symptoms will have a major bearing on whether you are able to obtain income protection insurance.

You may also be asked:

• How old you were when you were diagnosed
• What your symptoms are and how severe they are
• Whether you have had any surgery because of your condition
• Whether you have any other health problems

Finding the best income protection insurance can be tricky if you have a long-term condition like PKD. Here are some tips:

• Use an insurance broker: An insurance broker or advisor can explain the pros and cons of different options and what each policy does and doesn't cover. They will also know which companies offer tailored insurance products.
• Do your research: Give yourself plenty of time to read through each policy carefully. What is covered and what is excluded? How much is the premium? What is the maximum claim? Do you need to pay towards a claim (the excess)?
• See what others say: Look for independent customer reviews online to help choose between providers.
• Consider getting separate insurance: If you’re looking for insurance for you and your family, consider whether it is better to get your insurance separately to get a cheaper, standard policy for your family.

Medical exams and PKD

When applying for term life insurance, the insurance company will assess how much of a risk you are to insure. This is called the "underwriting" process. They will typically ask for a medical exam to evaluate your health and want to know more about your occupation, lifestyle, and other things.

If you have a pre-existing condition like polycystic kidney disease (PKD), it is common for some life insurance companies to ask for permission to access your medical records. This allows them to get a better idea of your health and whether there are any additional risks to consider. This will usually be paid for by the insurer and ensures that the policy is 100% valid in the event of a claim.

The main types of medical evidence requests are:

Medical report/GP report

PKD can be diagnosed via a CT scan, MRI, or ultrasound of the abdomen. A physical exam may also reveal an enlarged liver, heart murmurs, and elevated blood pressure. In some cases, genetic testing might be recommended, which involves a blood or saliva test to check for the mutated genes that cause PKD.

While PKD may impact the cost of term life insurance, it is still possible to obtain coverage from many insurers, depending on the severity of your condition.

PKD and insurance brokers

If you have polycystic kidney disease (PKD) and are looking to purchase life insurance, it's important to understand how your condition may impact the process and your options. Here's a comprehensive guide to help you navigate this complex topic:

Understanding PKD and Its Impact on Insurance

PKD is a genetic disorder where cysts form in the kidneys, leading to kidney damage and an increased risk of kidney failure. It can also cause high blood pressure and increase the chances of heart attacks or strokes. As a result, insurance companies will want to thoroughly understand your condition and its management before offering coverage.

Working with Insurance Brokers

When dealing with PKD, it's advisable to work with an experienced insurance broker. They can guide you through the complexities of finding suitable coverage. Brokers can explain the pros and cons of different options and help you navigate the application process. You can find reputable brokers through organisations like the British Insurance Brokers' Association (BIBA) or the Association of Medical Insurers and Intermediaries (AMII).

Being Prepared for the Application Process

Insurance companies will ask detailed questions about your PKD diagnosis, treatment, and any other medical conditions. They may request information such as your symptoms, medications, lifestyle changes, and surgical history. Be prepared to provide honest and complete responses, as inaccuracies could impact your application negatively.

Managing Your PKD and Overall Health

Taking proactive steps to manage your PKD and overall health can work in your favour. Following a healthy diet, avoiding tobacco and alcohol, exercising regularly, and effectively managing your condition can reduce the risk of complications. This demonstrates to insurance companies that you are actively working to maintain your health.

Shopping Around for the Best Rates

Different insurance companies have varying underwriting guidelines, so it's essential to compare rates and policies. Don't settle for the first offer; instead, explore multiple options to find the most favourable coverage for your needs and budget. This process ensures you get the best value and a policy that suits your specific circumstances.

Final Thoughts

While PKD may present challenges in obtaining life insurance, it doesn't make it impossible. By working with knowledgeable brokers, managing your health, and being diligent in your research, you can secure the coverage you need. Remember, each person's situation is unique, so tailor your approach accordingly, and don't hesitate to seek expert guidance along the way.

Frequently asked questions