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Should living with a medical condition mean living without cover?

March 10th, 2020

Life has a habit of going off track … Are you and your family protected when things take a downturn?

Today, there are an estimated 7 million people in the UK living with a heart condition¹, over 4 million people with diabetes² and 1 in 2 of us will suffer cancer during our lifetime³. Makes for depressing reading, but the simple fact is that the risk of suffering a serious medical condition is a harsh and somewhat inevitable reality of today’s busy lifestyles.

And whilst we are often supported through medical and emotional impacts of these conditions, we are not always prepared for the long-term financial implications of living with a long term or critical illness; not being able to work, or provide for your family in the event of long-term illness or death.

You can also find a guide on the protection cover offered by CMME here

Unprotected or excluded?

When it comes to financial protection, there’s a widespread assumption that insurance companies won’t be interested in covering those with ill health and pre-existing medical conditions.

Recent research has suggested that less than half of the UK’s obese population and those living with the type two diabetes have financial protection and two-thirds of cancer sufferers have no financial protection at all. This means that they have no ability to replace lost income or pay their mortgage should they not be able to work or if they become critically ill. it also means that if they pass away, there will be no financial support available to their families.

Some of the benefits of income protection can also include:

  • On average a longer term is paid for sickness
  • Can cover you as a limited company contractor, umbrella or permanently employed
  • Indefinite income for however long you are unable to work due to sickness or illness
  • You can claim as often as you need to as long as the policy is open

People suffering from mental health conditions is another grey area for insurance companies. Those who have complex mental health history including conditions related to drugs and/or alcohol wouldn’t be considered by most insurers. Even those who suffer from stress and anxiety can represent a high-risk factor for insurers who may opt to decline supporting them financially.

Even if you seek help via a financial adviser, many will struggle to advise on financial protection if you have a pre-existing medical condition, with the result likely to be high monthly premiums or conditions excluded from the cover entirely.

Are you planning on moving into IR35? You can also read this article and why protect yourself from financial uncertainty

Help is at hand

The good news is there are a number of open-minded and supportive financial advisors and insurers out there that recognise that living with a medical or mental health condition is often an inevitable part of life and not an exception to the rule.

Pre-existing life insurance Image

They will gladly recognise people who live with serious medical conditions and support those who suffer from mental health problems.

One such insurer is The Exeter. They’ve been recognised for their innovation within the income protection market, pioneering simple, quality cover to protect against loss of income in the event of injury or illness.

This innovation also extends to their Managed Life cover – for people living with a high BMI or type 2 diabetes – which rewards clients that make positive changes to their health through discounted premiums.

CMME are delighted to work with The Exeter.  As specialists in financial services for Contractors and self-employed professionals, CMME recognises the challenges faced by those who choose to work for themselves, not least the financial pressures clients face in the event they are unable to work through injury or illness.

Mike Coshott, CEO of CMME said “Every day we see clients who are living with medical or mental health conditions with no financial protection in place to support them.”

“Working with The Exeter has enabled us to offer our clients a way to secure financial peace of mind, so they can continue to enjoy the benefits of working independently.”

Speak to CMME today

CMME will provide you with confidential and unbiased advice, tailored to your specific needs and situation.

Whether you are living with a pre-existing condition, or simply want to understand how best to protect you and your family in the event of injury or illness, call CMME today on 01489 223 968 or click the link below and compete the form to arrange a call back.

CMME is one of the UK’s leading providers of financial advisory services for Contractors, specialising in Mortgages, Protection and Financial Planning through their sister company Contractor Wealth.

Sources: ¹bhg.org.uk, ²diabetes.org.uk, ³cancerresearch.org.  1 in 2 people in the UK born after 1960 will be diagnosed with some form of cancer during their lifetime.

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