Critical illness advice for gay men

Gay Critical Illness Insurance - The Issues

Are you paying too much for critical illness insurance? Have your premiums been previously increased just on account of your sexuality?

From 30 September 2005, the UK life insurance industry made a big change to the way it deals with risk.

	The Association of British Insurers' new guidelines (from 30 September 2005) mean an end to the discriminatory lifestyle questionnaires, automatic requests for HIV tests and increased ("loaded") premiums based solely on sexuality.
	In place of the old lifestyle questionnaire, ALL those now applying for critical illness cover, life insurance (life assurance), and income protection plans will have to say if they have been exposed to the risk of HIV infection in the last five years. This can be caught through unsafe sex, injecting a non-prescriptive drug, treatment with a blood product or blood transfusion or surgery undertaken outside of certain countries. Saying yes to any of this will still result in a request for an HIV test.
	It’s no longer allowable to request an HIV test based on occupation, so all you hairdressers, cabin crew and dancers are now able to apply for life insurance for the first time with ease.

Critical Illness Insurance - what is it?

Critical illness insurance is designed to provide you with a lump sum if you are diagnosed with one of a number of specified "critical illnesses" during the term of the policy.

You can use the lump sum for anything you like, but it is primarily designed to cover living expenses, and some policies have a requirement that you survive for a period of 28 days following the date of diagnosis.

You could also use the cash to pay off a debt (such as a mortgage) or to provide you with an income if you become too unwell to continue working.

There is also insurance called Income Protection (also known as Permanent Health Insurance - PHI).

Critical Illness Insurance - what does it cover?

Critical illness insurance policies usually cover a range of core conditions which would include the following:

• Cancer
• Heart attack
• Stroke
• Coronary artery bypass surgery
• Kidney failure
• Major organ transplant
• Multiple sclerosis.

Some critical illness policies may also cover permanent total disability. It is often possible to claim on the policy even if you were to contract an illness that is not immediately life threatening.

Most Critical Illness plans include HIV cover only if contracted as result of following your normal occupation i.e. a doctor accidentally being infected. Otherwise HIV is not covered and is a specific exclusion.

Critical Illness Cover - what types of cover are there?

It is common for a critical illness policy to be combined with a life insurance policy to provide two types of cover. If you decide to purchase one of these combinations you should bear in mind that you will only be able to claim if you contract an illness, as defined in the terms of the policy, and you may lose the life cover element unless you have bought additional life cover.

You can have a joint critical illness policy with your partner, and this may prove to be cheaper than having two separate policies, but bear in mind that if one partner contracts an illness on the policy list, the other partner's cover will cease as the policy has satisfied its intended function.

Critical Illness Insurance - what next?

Firstly, you should decide the sum of money you think you would need if you were diagnosed with an illness which prevents you from working again. You might need to pay off a specific debt like a mortgage, arrange for nursing care or pay for further medical assistance. Any dependents are likely to need an income which will allow them to continue to live in the same way as they had prior to you giving up work.

When you want to compare policies from different Insurance Companies it is very important to consider the illnesses that they cover before you compare the price that they charge. As with car insurance, cheapest is not necessarily the best. Premiums can be either guaranteed or reviewable - where possible opt for guaranteed.

If you have an application for critical illness insurance / life assurance currently going through the system, or if you have received a lifestyle questionnaire, or being advised that you need to take an HIV test – contact us now!

If you have had increased premiums in the past, contact us now!

For a personalised, free critical illness quote contact us now or get a free critical illness quote from this website. BUT, if you are a gay man please talk to us before you make any final decisions - not all companies will be suitable for you.

This site also offers you a free quote for Life Insurance (Life Assurance), income protection/PHI and free quotes for pensions.

Our truly Independent Financial Adviser Consultants at Isis Financial Planners, have helped many gay men find Critical Illness cover at standard premiums.