Obtaining life insurance when you have various health conditions can be difficult. Any time that an applicant has an ailment that could have an effect on his or her life expectancy, it will also impact their ability to qualify for coverage. This is because they are seen as more of a risk to the insurance carrier.
While all life insurance companies consider an applicant’s overall health when underwriting a potential insured for coverage, insurers will oftentimes use different methods for qualifying individuals. Therefore, while one company might outright reject someone for coverage, another may accept them.
This is why it is important to know what insurers look for when underwriting an application, as well as to be as detailed as possible when submitting an application for coverage, as it could truly make the difference between securing long term financial protection for your loved ones or not.
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What the Underwriters Look For
When you have anemia, life insurance underwriters will analyze several key factors on your application. These will determine whether or not you will qualify for coverage, and if so, what your policy’s rating will be.
In most cases, the life insurance company will want information on the following criteria:
How long you have had anemia.
The underlying cause of your condition.
Whether or not you have ever been hospitalized due to your condition and if so, for how long.
What symptoms you have suffered due to your anemia within the past six months.
The results of your most recent blood tests.
The medications and / or supplements that you take for your condition.
It is important that you provide as much information as possible on the application, as this can prevent the underwriters from having to ask for additional details. Should this happen, it can slow down the underwriting process, lengthening the time before you hear back from the insurer regarding your approval for coverage.
In addition, by providing more detailed answers, you are also showing the underwriters that you have your condition under control. This can actually improve your chances of being approved for the life insurance coverage.
Your Policy’s Rating
Once the underwriters have analyzed your application, they will either approve it or decline it for coverage. In most cases, an applicant who has anemia due to aplastic anemia disease, as well as those who are not properly treating their condition, may be declined. This is because these individuals present a high risk of a claim to the insurance company.
Otherwise, however, it is likely that you application could be approved. Many of those who have anemia are approved either at a Standard or a Substandard (or Table) rating. With a substandard rating, your policy’s rating will actually depend upon the actual cause of your condition, as well as your overall health.
If you are in relatively good health and have not had any incidents in the past year, it is possible that you could qualify for a Standard policy rating – provided that you have normal blood levels. A standard policy rating is the rating that most life insurance policy buyers who are of “average” health, height, and weight qualify for.
While most insurance companies also offer Preferred and even a Preferred Plus ratings for those who are in excellent and superior health, it is unlikely that individuals with health conditions such as anemia would qualify for a policy in these rating categories.
No Exam Life Insurance
One option for getting quality life insurance is to purchase a no exam life insurance policy. As you can imagine from the name, these policies allow you to purchase insurance coverage without being required to take a medical exam. On the surface, it seems like a great option, life insurance without the medical exam. There are several advantages and disadvantages to these plans that you should be aware of when you’re shopping for protection.
The most obvious advantage is that without the medical exam, the insurance company will not get an idea of what your current health is, which means if you’ve recently been diagnosed with a health problem, then they won’t see those health complications and they are not going to impact your life insurance rates. The company is still going to look at your medical records and prescription records.
Another benefit of these policies is that you can be approved much faster than you can with a traditional policy that requires a medical exam. With a typical term life insurance policy, you could wait several weeks to be approved or even a month. With a no exam plan, you can be approved in a matter of days. If you’re wanting to get life insurance as fast as possible, then a no exam plan is going to be the best choice for you.
There are several notable drawbacks of these as well. The most notable one is that these plans are going to be much more expensive than a normal plan. The purpose of the medical tests is to give the insurance company an idea of your overall health and how much risk you are to accept for insurance coverage, but without that exam, the company is taking a higher risk to give you life insurance protection. They are going to offset that additional risk by charging you higher insurance premiums. If you want to get the cheapest life insurance, then you will need to apply for a plan that requires the medical exam.
The other disadvantage is that you’ll be limited by how much life insurance coverage that you can buy. With a no exam policy, you will only be able to purchase around $250,000 worth of insurance coverage. For most families, this won’t be a large enough policy. Not having enough coverage is one of the worst mistakes that you can make for your loved ones. There are a few companies that will sell you more life insurance without the exam, but those policies are rare and expensive.
Taking the Next Step to Getting Coverage
When you’re ready to take the next step towards applying for coverage, it is best to work with an agency that specializes in high risk cases. That way, when your application is submitted, it will be much better prepared with any of the necessary additional paperwork that may be required. This can help to alleviate hold-ups in the underwriting process.
The agency you work with should also have access to several insurance companies. This will allow you to compare a number of insurers and their policies in order to determine the best term life insurance policy that will fit best with your coverage needs and your budget.
Having a health condition such as anemia can make obtaining life insurance coverage difficult. However, by working with an agency that is armed with experience in high risk cases and a number of different insurers to choose from, you will increase your chances of approval exponentially from the start.
We are a group of independent insurance agents, which means we don’t work with one single insurance company. Instead, we represent dozens of highly rated companies across the nation and we can bring all of the best plans and premiums directly to you. There are hundreds of insurance companies on the market, and each of them is going to have different medical underwriting and will view a person with anemia differently. You’ll get drastically different rates depending on which company that you get the quote from. Instead of wasting hours and hours calling different companies, let one of our experienced agents do all of the work for you. It’s our mission to ensure that you’re getting the best life insurance plan at the lowest rates.
We know that nobody wants to think about his or her death, but not planning for the inevitable is one of the worst things that you can do for your loved ones. If something tragic were to happen to you, and you didn’t have life insurance coverage, your loved ones would be left with all of your debts and other final expenses. Losing someone that you love is never going to be an easy experience, but being left with a mountain of debt is going to make the situation a thousand times worse. You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. If you have any questions about getting life insurance with anemia or ways that you can secure the lowest possible insurance rates, please contact us today.
You can compare rates using the quote form on this page, or call us at 888-552-6159 to get rates for life insurance, or apply for coverage.