Many worry that a pre-existing condition will disqualify them from getting a life insurance policy. Those suffering from Crohn’s disease can get approved for life insurance – the key is working with an agent that has experience in helping those with Crohn’s get approved for coverage. In this article I’ll explore what to expect when applying for life insurance with Crohn’s disease.
Some pre-existing conditions can disqualify you from getting approved for life insurance, but not when it comes to Crohn’s disease. It’s important to have an understanding of what insurance companies are concerned with and what metrics they assess risk from. They take into account a number of factors that account for the severity and practical implications of your illness. This can make life insurance a much more viable option than you might think even if you are suffering from Crohn’s disease.
We don’t care what health problems you have, don’t assume you can’t get life insurance. Maybe your application has been declined in the past, give us a call anyways. In this article, we’re looking at ways you can get life insurance with Crohn’s disease.
What Life Insurance Companies Evaluate:
The history of your episodes with Crohn’s disease will be the first thing taken into account. They will look at how long ago you received your diagnosis, and how frequent your episodes are. Some of the most important factors will be how many episodes you’ve contended with in the last six months and the last five years. The frequency of episodes and whether or not you’ve shown a dramatic increase in the number of episodes is one of the more important measures of risk that companies will be concerned with.
Medication is an important factor that you should be prepared to answer about. Companies will want to know your dosages and how frequently you require medication, and for how long. If you have undergone a major change in your medication regimen, they will want to know this, will wish to know when, and will probably have questions as to why.
Hospitalization records will be the last major factor they’ll examine. If you have ever suffered hospitalization as a result of your Crohn’s disease, that will be taken into account, as will any surgeries that you may have required as a result.
These details will be considered with other factors when you are assigned a health rating. Health ratings determine what you have to pay for coverage, and a lower rating is better. If you haven’t suffered many episodes or required hospitalization, you may be able to acquire a standard health rating even though you suffer from Crohn’s disease. At a standard rating, you can expect to pay between $20 and $45 a month for a $250,000, 15-year life insurance plan.
If your Crohn’s disease is more severe, you may receive a substandard health rating between 2 and 4 instead. If your situation is more severe your rating may increase into the 6 to 8 range. This doesn’t disqualify you from participation, but means you can expect to pay more for a policy.
Pre-existing conditions are not the only factors taken into consideration. You can improve your rating by maintaining a healthy, active lifestyle. Exercising regularly and abstaining from things like smoking or excessive drinking can do a lot to improve your health rating and keep your coverage more affordable.
Deciding your Life Insurance Needs?
Let’s do some math! Don’t worry, determining how much life insurance is simple.
To start, crunch your debts. Add all of them up and the sum is your starting number. Life insurance is designed to give family members enough money to pay off debts.
The second step is to take the sum above and add your annual income. Not only should your policy pay off debts, but it should replace your stream of income.
Most professional insurance agents advise clients to get anywhere form seven to ten times their annual income. This rule of thumb may work for you, but doing those quick calculations can ensure your family has enough money.
Getting Lower Insurance Premiums
Now that you know how much life insurance to buy, let’s talk about how much you’ll pay for the plan.
With every applicant, we ask them several questions about their life, and based on those questions, we can give them a rough idea of how much they will pay for life insurance.
After we give them quotes, we can also give them some advice on how they can get a cheap policy. The first thing we tell our clients is to quit any tobacco habits. Using chewing tobacco or puffing on cigarettes is bad for your health and bad for life insurance.
The company is going to want to your overall health information as well as you’re the status of your Crohn’s. Improving your health is going to translate into lower premiums. The best way to do that is by eating healthy and be physically active. Making a few simple lifestyle changes could help you save hundreds of dollars every year.
Now that you’ve improved your application and your health, shop around. Take the time to gather plenty of quotes and insurance options. You need to compare the different companies and options.
This is why we are here. We aren’t employees of one company. Instead, we are representatives of over 30 companies.
Even if you have been denied coverage due to Crohn’s, odds are good that you can find a different policy with a different insurance provider. Having Crohn’s disease is not an insurmountable hurdle that will keep you from getting life insurance to protect your family with in the event of your passing. By keeping yourself apprised of what different insurance providers expect and will judge your health on you can learn how to more effectively work with them and better avail yourself of their services.
We can help provide you with a quote for life insurance with Crohn’s. Call us at 888-552-6159 or fill out our form on this page.