Getting approval for life insurance after having any kind of weight loss surgery can be challenging.
While this is not considered to be an adverse health condition of sorts, by simply having the surgery, it can deem you as being a higher health risk to the insurance company – and therefore, it can also put you at risk of having your application for coverage denied or being approved as a substandard rating.
In many cases, however, if the results of your surgery demonstrate positive improvements in your lifestyle, then it is highly probable that you can not only get coverage, but you may even be able to qualify for Standard policy rates.
If you’ve had weight loss surgery in the past, you’re going to face some unique questions and hoops other applicants won’t be forced to go through.
What the Underwriters Are Looking For
After applying, the first step is to go through an in-depth application, which allows the underwriters to get an idea of what they’ll need to follow up on as it relates to any sort of weight loss or weight loss surgery.
These will likely include:
- The date of your surgery.
- Your pre-operative weight.
- Your most recent follow-up visit with your physician.
- How much weight you have lost at various stages following your surgery.
- Whether you have had any complications after surgery.
- Improvement of risk factors following your surgery.
- The medications you have been prescribed.
Likewise, your activity level is also important. This is because the underwriters need to know whether or not you are exercising regularly and taking care of your body. In doing so, this is a good sign that you are working towards becoming healthier. If you are, it is important to note this on your application for insurance, as it could have a positive effect on your potential policy approval.
These aren’t the only questions they are going to ask. In total, they will ask you a bunch of questions about your surgery, your hobbies and activities, and your family history. They are going to take in all of this info, look at it as a whole, and then see how it stacks up to their rate classes.
How the Results Factor In
When considering an applicant who has just had weight loss surgery, the underwriting factors can become somewhat complicated. This is because there are some variables in play. However, the more time that has passed since the surgery – and the better your history of weight control becomes – the easier it will become to qualify for coverage.
In some cases, you may only qualify for a substandard rating. This translates to higher premiums because the insurance sees you as a higher risk; the two are linear.
The good news here is that oftentimes, after a certain amount of time has passed, you may be able to apply for a re-rating. This means that you can go back through the medical examination process. However, in so doing, provided that your health is better, you could substantially lower your policy’s premiums.
Something you ought to know is about the possibility of a waiting period. In some instances, it may require up to 12 months post-procedure or weight loss until you can be considered. However, this usually only happens for the most significant cases.
Getting Better Rates
Now, let’s talk about ways you can save some cash. Do you want to pay more than you have to? We didn’t think so.
First, you might need to wait. If it hasn’t been at least a year since your surgery, then you’re going to be too much risk. Sometimes, the best thing you can do is nothing.
You should also consider making a few day-to-day changes. We will warn you, they aren’t easy. The insurance company wants to see you can keep the weight off. Losing weight and gaining it right back won’t help you when it comes to life insurance.
To do this, you’ll need to recover from the surgery and then show them you’ve made some changes to keep the weight from coming back. Make those changes and listen to the advice from your doctor, it will save you money and trouble in the future.
Taking care of yourself is not only important for your health, but it’s the make or break for your insurance overage. Taking extra care of your health could save you thousands of dollars. If you’re looking for motivation, just imagine the extra dough in your wallet.
Taking the Next Step to Getting Life Insurance Coverage
If you think now is the right time, and a waiting period isn’t likely, you may want to go ahead and start the application process. It can take several weeks, so starting sooner than later will at least get the ball rolling.
First, as we always recommend, it’s best to align yourself with an agency who specializes in high-risk cases. This way, you can be more assured that your application will include the additional information and paperwork that it needs to go through the underwriting process due to your specific situation.
Many agents who aren’t familiar with higher risk cases don’t realize that often such applications need additional work. This tends to slow down the process – unless it is taken care of up front. By working with specialists in this field, however, not only are you more assured of being approved – but more assured of being approved quickly.
There are companies out there which take hard stances on applicants who have undergone weight loss surgery. Those particular carriers are going to be stricter on how they rate you and the premiums you’ll receive.
Just like there are bad companies for people who’ve had weight loss surgery, there are also good companies. These are the carriers you should try and connect with when shopping.
Being a high-risk applicants doesn’t mean you’re forced to settle for a sub-standard policy. There are still plenty of ways you can grab a cheap policy to meet your needs.
Also, the agency you work with should also be affiliated with several insurance companies. This way, you will have access to a number of different insurers and policies to compare in determining the very best one for your specific situation, coverage needs, and budget.
At BestLifeQuote.com we represent over 30 life insurance companies. Get a quote by using the quote form on this page, or call us at 888-552-6159.