Life insurance is important in securing the future of your loved ones. It might have been something you considered in your young age before your testosterone levels took a dip, which works in your favor in terms of the premiums to pay and the amount of coverage you get. However, if you had not taken out a life insurance policy before you got diagnosed with low-T, you are probably wondering how to go about it. You also want to know if your Testosterone Replacement Therapy will affect the potential of getting a life insurance policy.
The kind and amount of life insurance policy product you qualify for is usually determined by a lot of factors including your health, age, gender, smoker or non-smoker, occupation, your health history & that of your family, and the stipulations of the policy. The issue of health and life insurance is a big concern for individuals on TRT. This is because TRT is often associated with some serious side effects like stroke and heart attack, hence individuals may be considered high-risk, especially when the treatment being used is a high dose.
Being a high-risk individual might prevent you from getting life insurance policies with affordable premiums and large coverage. However, this should not prevent you from buying a life insurance policy, you should be able to find a suitable life insurance policy with TRT. Unless you are considered a high-risk individual when under TRT by your insurer, either because of the therapy or other medical conditions, then you are fit to qualify for a life insurance policy.
Types of Life Insurance With TRT
When it comes to the type of life insurance you can qualify for, you would be spoilt for choice because there are different policies to consider. Here are the life insurance options you can consider with TRT.
Term Life Insurance
This is a temporary type of life insurance, meaning that you will get coverage for a specific period of time, ie, 5 years, 10 years, etc, so, it does not provide lifelong coverage. One of the perks of having a term life insurance policy is because you will pay low premiums for a considerable amount of coverage. When compared to other permanent life insurance policies, term insurance is easy to shop for since it is not as complicated. On the downside, it does not have a cash value component like whole life insurance, and the premium amounts are bound to increase after the initial guarantee period lapses.
Whole Life Insurance
This is one of the most popular types of life insurance policies that you can consider with TRT. Simply put, whole life insurance policies give you coverage for the rest of your life. For this reason, whole life insurance policies are usually expensive than temporary policies. But on the upside, in addition to the death benefit, they are also composed of a savings/cash component. When premiums are made, part of it goes to building the savings components while the bigger part makes up the death benefit. Also, whole life insurance policies usually have high coverage.
Universal Life Insurance
Universal life insurance is a combination of different components of both term life and whole life insurance (savings component). As such, you have an insurance policy building up as well as an investment component. While it is similar to term life insurance, the premiums are more expensive but on the brighter side, it gives you the freedom for using the savings component. It works like whole life insurance where while part of the premiums builds up the death benefit, the other part is set aside as the cash value component. But unlike whole life policies, universal life is more flexible and the cash value could yield higher returns since the interest rate it grows at is not fixed.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance policies, just like the name implies are guaranteed, which means that you will qualify for such a policy if you apply. Qualifying for guaranteed issue life insurance does not require you to undertake a medical exam or to answer any health questions so, you won’t be denied a policy because of your current health. Also, since the policy is guaranteed, it is easy to apply. While you don’t need to qualify to get approved for a guaranteed issue life insurance policy, you will pay higher premiums than a policy that requires you to do a medical exam.
Simplified Issue Life Insurance
If you don’t want to get a medical exam or answer any health questions and need to get a policy immediately, then a simplified issue life insurance policy would be a great option for you. However, this kind of life insurance is tailored to provide limited coverage, so if you need a big policy it might not be the best unless you are supplementing an older policy you already have. Since the bigger percentage of low-T patients is elderly men, simplified issue life insurance would be a suitable option because it is the best for individuals in their late years.
Take a No-exam Policy
While most life insurance policies will require you to undergo the underwriting process, there is always an option of buying a no-exam policy. This means that you won’t be required to take a medical examination before you qualify for a life insurance cover. This would be an advantage if you have a medical condition preventing you from getting large policies. So, if you are under TRT and don’t want to take the underwriting process, you can apply for a no-exam policy which takes faster to get approved. This kind of policies, however, have their disadvantages including low coverage and high premiums.
Bottom Line
You shouldn’t shy away from life insurance just because of TRT, there are different policies for you to choose from. When buying your life insurance policy, do enough research prior and find an expert to help you choose the right product for you. Also, if you choose to work with an agent, ensure that they present you with different life insurance policies for you to choose from. This allows you to assess the different available options and choose the best one.
