This article will cover life insurance options with polycythemia. If you’re reading this you probably already know what polycythemia is, but let’s review. Polycythemia is a disease that attacks the body by causing an exponential increase in the red blood cell to plasma ratio. For your body to work effectively, there must be a balance between red blood cells and plasma. Having too much of one and too little of the other causes a significant risk to one’s health.
Polycythemia vera, a rare version of Polycythemia, occurs over a long period of time. Because of the slow process in which the red blood cells increase, symptoms are almost undetectable unless one takes regular blood tests.
A number of treatments exist for the Polycythemia condition, but the most common is simply drawing a certain amount of blood out without withdrawing plasma. This method is known as a phlebotomy. Other forms of treatment include medication, and sometimes even a mild prescription of aspirin.
One of the biggest categories that the insurance company is going to review is your health, and if you’ve been diagnosed with polycythemia, you’re going to have more obstacles when looking for affordable coverage.
Life Insurance Options Available
Depending on the severity of your condition as well as the treatment you are receiving, you can get approved for a life insurance policy with this condition. Approval for a regular term or permanent life policy is usually offered to more stable instances of this health condition. In these cases you would typically get a “rated” policy, with rates a bit higher than the standard rates.
In most cases, you’ll be able to get an affordable insurance policy, regardless of your polycythemia diagnosis. Yes, you’re going to pay more than other clients that are getting a preferred rating, but you can still qualify for a plan that doesn’t break your bank every month.
Whenever we work with a client, we want to help them find a plan which will comfortably fit in their budget without having to make any significant financial changes.
Getting Lower Insurance Premiums with Polycythemia
It’s not as easy as taking advantage of a buy one get one free deal for life insurance, but you can make some health changes and save some dough.
Let’s get started saving you money! As an applicant with Polycythemia, you have a big red flag on your application. To counteract this red flag, we need to improve the rest of your application.
A lot of your health information is going from the results of the medical exam. Before you take this exam, whip yourself into shape. They will want to see your heart rate, blood pressure, and your weight.
Just like the told you in gym class, exercise and healthy food choices will give you energy, help you maintain a healthy weight, and much more. What they didn’t tell you was it can save you hundreds of dollars.
Each company has different standards they will use for people with Polycythemia. Some companies have never encountered an applicant with these types of conditions, which means they probably won’t have the best prices.
How do you know which companies have experience working with Polycythemia? You don’t have to worry about that, you just have to contact us. Through our years in the insurance industry, we’ve helped clients with just about every condition possible.
Determining Your Rate
The rate of your life insurance policy is highly determined by how well your health condition is controlled. For conditions considered under control, “substandard table ratings” are usually provided. The definition of this term essentially refers to a policy where one would pay a higher rate known as a “table rating” as opposed to lower preferred or standard rates.
Table ratings range between 1-8, or A-H. These number and letter representations refer to life insurance cases of higher risk. Higher number or letter values indicate higher risks and therefore higher prices for the policy.
Individuals suffering from Polycythemia who have their condition generally stable and under control can expect a table rating of two to six. Other components that influence your rating are your medical history and current overall health.
Life Insurance Alternatives
In some cases where the condition is not considered to be under control, approval for regular life insurance policies may not be granted. Fortunately, coverage options are still available for these circumstances. One of the better options out there is a graded benefit policy. There are a few drawbacks in that it is pricier than a regular life insurance policy and a period of 2 or 3 years must pass before the benefits are in full effect, but it still exists as one of the only options available to those who are not approved for regular life insurance.
Another alternative is to consider an accidental death life insurance policy. Anyone can get approved and it still provides coverage in the event of accidental death.
How Much Life Insurance Coverage Do You Need?
Let’s do some counting. Do understand your life insurance needs, you have to do some number crunching.
The most important number to calculate is your total number of debts. Add up all of your unpaid bills and other major expenses. The number you get is the first block of your life insurance needs.
The second block is your paycheck. Hopefully you know how much you are paid every year. Take this yearly number and multiply it by seven. If you have people who need your paycheck, make sure they will still have it.
If you’ve never shopped for life insurance before, it can be rough. If you’re an applicant with Polycythemia, it’s going to be even more difficult. Don’t get discouraged, it’s still possible to get a quality policy.
If you’re ready to get life insurance, there are two ways you can do it. Either give us a call at 888-552-6159 or fill out the form.