Life insurance and menopause [Quick summary]

Summary:

  • Menopause life insurance isn’t a specific policy type. It simply refers to a life insurance policy taken out by someone who is going through or has been through menopause
  • As menopause is a natural part of life, this alone may not impact your ability to secure cover and, in some cases, you won’t need to declare it to insurers
  • However, menopause could impact your cover if it’s linked to any health conditions or complications (for example, if you’re experiencing premature or early menopause)
  • It’s estimated that 13 million women in the UK are currently peri or post-menopausal (roughly one third of the UK’s female population)[1]

Can I get life insurance while going through menopause?

Yes, it could be possible to get life insurance if you’re going through or have recently been through menopause.

Menopause (on its own) may not impact your cover. However, there could be complications if your menopause is linked to a health concern.

Finding out about all your options is the best way to find the right life insurance for your personal circumstances.

At Reassured we can provide you with fee-free quotes for a range of life insurance policies from some of the UK’s leading providers.

Why not use our award-winning broker service to compare quotes?

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About menopause

Menopause is a natural part of growing older. It’s defined as when the ovaries stop producing hormones and menstruation stops.

Menopause can affect anyone who has a period. Most commonly occurring in women aged 45 - 55. However, it’s possible for early menopause (before the age of 45) or premature menopause (before the age of 40) to occur.

In the UK, the average age for a woman to go through menopause is 51[2].

Symptoms of menopause include:

  • Hot flashes
  • Night sweats
  • Brain fog
  • Anxiety
  • Mood swings
  • Headaches
  • Difficulty sleeping
  • Low energy
  • Joint pain

Treatments for menopause include:

  • Anti-depressants
  • HRT (Hormone replacement therapy)
  • Testosterone gel
  • Lifestyle changes (such as exercising regularly, eating a health diet, getting enough sunlight/vitamin D)

Is menopause a medical condition for life insurance?

No, menopause isn’t typically classified as a medical condition in terms of life insurance.

This is because it’s a natural process that all women go through at some point in their lives.

However, insurers may ask you about any associated treatment, medication or appointments you have coming up in relation to menopause.

Early or premature menopause can be linked to certain health complications or treatments. For example:

  • Hysterectomy - A hysterectomy is used to treat a variety of reproductive health conditions. If the ovaries are also removed during the surgery, this can cause menopausal symptoms. It’s a procedure that is often only recommended if other treatments have been unsuccessful. If you’ve had a hysterectomy, insurers will need to know about the health condition that required this treatment as well as any other treatments or surgeries you’ve had in the past.
  • Cancer treatment - Premature menopause can be a side effect of radiation therapy or chemotherapy used to treat ovarian cancer. If you’re currently living with cancer your application will be declined. If you have recovered from cancer, it could be possible to secure cover depending on how long you have been in remission (amongst other factors).

In cases where menopause is premature and caused by a pre-existing medical condition, insurers will need to ask further questions to get a better understanding of your personal circumstances.

What will I be asked during the application process?

Typically, during a life insurance application you may not need to declare that you’re going through menopause or have been through menopause.

However, you could be asked about the following which could mean menopause has an impact your application:

  • Age - Due to the age that menopause most commonly occurs, your age at the time of application could lead to higher premiums
  • Mental health - Going through the menopause can be a big change and many women experience mental health conditions, such as anxiety, as a result. This will need to be declared during the application
  • Physical health - While menopause is often a natural occurrence, it can sometimes be brought on by other health factors such surgeries (like a hysterectomy), treatments (cancer treatments including chemotherapy or radiotherapy) or conditions (like endometriosis or other hormonal changes). These are all factors that will need to be declared
  • Weight - Menopause can lead to weight gain. During the application, you’ll be required to provide details on your height and height so that insurers can calculate your BMI

The exception to this is with an over 50s plan, where the only information you’ll need to provide is your age, your required sum assured and your smoking status. No medical factors will be taken into consideration.

Over 50s plans start from just £5 per month + through Reassured, get in touch today for your free quotes.

Why do I need life insurance?

Life insurance can help to provide your loved ones with an essential financial lifeline after your passing.

Should you pass away while your policy is active, your loved ones will receive a lump sum payment which can help them to cover a variety of living costs and other expenses, such as:

  • Mortgage / rent costs
  • Household bills
  • Outstanding debts
  • Funeral costs
  • An inheritance

Reaching this stage of life could also mean that your financial commitments aren’t the same as they once were. For example, your children could be less financially reliant on you or you could be looking to downsize your home.

Why not use our handy life insurance calculator to understand what it is you’d need to cover and how much life insurance you’d need.

Life Insurance Calculator

Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Does HRT affect life insurance?

Insurers will ask about any treatments or medications you’re receiving during the application process.

Whether this has an impact on your application will depend on your personal circumstances and the insurer you apply with.

According to The Menopause Charity, only 14% of women are on HRT in the UK[3].

What policy options are available?

Menopause may not affect what policy options are available to you. The most common types of life insurance include:

  • Level term life insurance - A policy which provides cover for a specified period and offers a fixed lump sum pay out if you pass away during this time. Ideal for helping to protect family living costs and/or a mortgage.
  • Decreasing term life insurance - A policy which provides cover for a specified period and will pay out if you pass away during this time. Your sum assured (cover amount) will reduce over time, ideal for helping to protect a repayment mortgage.
  • Whole of life insurance - A policy which lasts for life and pays out when you pass away (not if). Ideal for helping to cover inheritance tax bills and/or funeral costs.
  • Over 50s life insurance (over 50s plan) - A policy which lasts for life and guarantees acceptance for UK residents aged 50 - 85 with no medical information required. Ideal for helping to cover funeral costs and/or a small inheritance.

Comparing multiple policy types is the best way to find the right option for your needs. Through Reassured and our advised team, it’s possible to secure all the options listed above.

Simply get in touch for your fee-free quotes.

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Menopause support

Women’s health has often been seen as a taboo subject; thankfully, there are now a range of help and support services that aim to raise awareness and educate on menopause.

Resources and charities:

CharityDescription
The British Menopause SocietySince 1898, the BMS have been offering educational programmes, webinars, courses and resource toolkits to those in the healthcare profession.
The Menopause CharityA charity aiming to educate everyone so that menopause is understood. From helping women understand the changes that are happening to their body to providing resources for family, friends and employers to provide the appropriate support.
BalanceAiming to make menopause support accessible to all. Through Balance you can find helpful resources, book a consultations and track your symptoms through their app.
World menopause dayFalling on October 18th every year. This day offers a chance for events to be organised, resources to be shared and for experts to speak on the topic.

Help through insurers:

CharityDescription
VitalityWith their health insurance, policyholders have access to free menopause support through an online hub, personalised app-based care (via Peppy) and referral for certain treatment if required.
Bupa Menopause PlanA private health insurance plan that provides personalised treatment for a year. You can discuss your symptoms with a GP who has additional training in menopause and you’ll also have access to 24/7 support via Anytime HealthLine.

Health insurance isn’t something that’s offered by Reassured. Therefore, you can’t secure the policies discussed above through us

Compare menopause life insurance quotes

If you’ve simply reached that stage of life, the menopause alone may not impact your cover.

However, factors such as your age and other health factors could affect your application.

For this reason, it’s essential to shop around to ensure you’re getting the best deal on a policy that’s right for your personal circumstances.

At Reassured we can help you compare a variety of life insurance types from some of the UK’s leading insurers.

Our broker service is award-winning and fee free, so why not get started through us today?

Compare Life Insurance » Find Our Best Deals

Sources:

[1] https://www.engage.england.nhs.uk/safety-and-innovation/menopause-in-the-workplace

[2] https://www.nhsinform.scot/healthy-living/womens-health/later-years-around-50-years-and-over/menopause-and-post-menopause-health/menopause

[3] https://www.themenopausecharity.org/

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