For those who have Hepatitis B, it is possible to be approved for life insurance at standard rates. What is important is that you understand the application process and make adjustments to your lifestyle to insure you are getting the best rates.
Factors Affecting the Underwriter’s Decision
Hepatitis B is a type of serious liver infection, which could in some instances lead to life threatening complications. Currently there is no cure for Hep B and people who have the condition will typically pay more for a policy. This is because having hep B along with any other health conditions can easily get you placed into a high risk category for the insurance company.
There are, however, many people who have made full and successful recovery from hepatitis B and have been able to take out standard life insurance policies, paying average or just slightly elevated premium rates.
The life insurance underwriters that review your application will consider several factors in their decision process. These will typically include:
Your age at diagnosis
Your average LFT readings
Diagnosis of fibrosis or cirrhosis of the liver
Treatments you have received
Frequency and follow-up of treatment and testing
The results of any additional testing you have had performed
Medications you are currently taking
The insurer may also require additional information from you or your medical provider, such as records, blood or urine samples, or other related documentation. If requested, be sure that these are received in a timely manner, as it could hold up the underwriting process.
While it is likely that if you are approved for coverage you will be charged a higher than average premium rate, there are instances where standard rates may be charged if your condition is shown to be under excellent control.
Oftentimes, it will show up as a positive if you have received – or are currently receiving – treatment for your condition, and if you have completed regular follow-up visits per your doctor’s orders. In addition, it is also important to show that various changes in your lifestyle have been made such as no more tobacco or alcohol use.
Getting Lower Life Insurance Rates
Insurance companies will evaluate several different factors when determining your life insurance premiums. These include your health, family history, and occupation. While some factors are out of your control others can be changed to assure you get the best rates.
First you should eliminate any of those bad lifestyle habits, like excessive drinking or smoking. If you’re a smoker or you use chewing tobacco, then you are to pay much higher premiums for your coverage. This means that continuing smoking is going to cost you thousands of dollars over the life of your policy.
Anything you can do to improve your health can make a major difference in your premiums. As an applicant with Hep B, you already have one red flag on your medical record, but that does not mean that you shouldn’t improve your health. Insurance companies will require that you go through a medical examination as part of the underwriting process (you can avoid this by purchasing a no medical exam life policy, but that will come with a higher premium rate). The results of the exam play an important role in your premiums rates. If you can lose weight, lower your blood pressure before the exam your rates can be significantly better.
Each insurance company will have a slightly different underwriting and rating system. That means that the quotes you get from two different companies could vary wildly. Some companies are going to offer applicants with Hep B lower rates compared to what other companies. It’s vital you find one of the companies that have lower premiums.
A final way to get a better price on your insurance rates is to make sure you ware working with the insurance carrier that understands how to underwrite your specific case and can provide you the best rates. Our independent insurance agents work with the best insurance companies across the country and know exactly with company will match up best with your specific needs.
Guaranteed Issue Life Insurance
For anyone who has ever been rejected for a life insurance policy or does not wish to go through the underwriting process, they can purchase a guaranteed issue policy.
These policies are issued by only filling out a set of health and lifestyle questions. You will receive your premium rates and once the first premium is paid the policy will be in effect. The turn around time for a guaranteed issue policy can be as little as one week.
The purchase of a guaranteed issue policy may seem like a no brainer, but there are saw drawbacks that do not make them the best option for most people. The policies are typically very limited in the amount of coverage you can receive. $25,000 is the top amount of guaranteed issue coverage offered by most life insurance companies. For most people this is not enough to make sure all of their families needs are covered.
The plans are also much more expensive per dollar of coverage when compared with traditionally underwritten policies. Without the health information or medical exam, the company is taking a higher risk. The offset that by charging higher rates.
How to Help Your Application Through the Approval Process
There are many insurers that offer life insurance coverage to those who have hepatitis B – and in many instances, the premium rates are very affordable.
In doing so, be sure that you are clear on your condition, as well as on the treatments and tests you have had, medications you have taken (and are currently taking), and on any follow-up treatment that you may be scheduled for in the future.
In getting your application through the approval process, there are also several things that you can do to ensure a more positive result. First, it is essential that you work with an agent who has experience with Hepatitis B cases. A knowledgeable agent can help you to compare the different companies that offer policies to those with hepatitis B, and which plan may be best for you.
Because your application will likely require additional information and documentation, having an agent on your side who is already familiar with this process can mean the difference between holdups in underwriting or moving through the process quickly.
Likewise, your agent should also provide additional assistance such as submitting a letter with your application that stresses any positive factors regarding your lifestyle that may help your application in getting approved for coverage.
If you have Hepatitis B and would like to get a quote for life insurance, contact us at 888-552-6159, or fill out the form on this page and we will get in touch with you.