Anemia can come in different forms which means different outcomes for your life insurance. Life insurance companies base your qualifications on the type of risk you pose, so the type of anemia you have will influence the outcome. The good news is you can get life insurance so let’s talk about getting coverage.
In summary, here is what you need to know about attaining a policy with anemia:
- You can get life insurance with anemia.
- Iron deficiency anemia and hemolytic anemia can qualify for Preferred rates in the best case scenario.
- Aplastic anemia will be declined by most companies for a typical coverage. If declined, you can apply for guaranteed issue coverage.
- Sickle cell disease can qualify for a substandard rating.
- Sickle cell trait can qualify for standard rates.
Life insurance companies are going to use certain factors to determine your approval including:
- Type of Anemia
- Severity/degree of anemia
- Cause of anemia
- Treatment
- Blood test results
- Details of all medical reports regarding the condition
- Medications
- Any other impairment
As you can see a lot of work goes in to determining your rate and finding the life insurance company that will qualify you for the best rate. Because of this, you should let us do all the work on your behalf at no extra cost to you. That’s the gist of getting life insurance with Anemia, now let’s cover it in detail.
What Life Insurance Companies Consider with Anemia Applicants
Each company weighs certain risks differently so the outcome will largely depend on the particular company’s underwriting guides. However, they largely use the same criteria to determine your rate. The underwriting process for a traditional life insurance policy will involve a medical exam and a thorough background check of your medical and personal information. The type of rate class you’re assigned will depend on these factors:
Type of Anemia – This will be one of the most important factors in determining your qualification. The underwriters will want to know if it’s iron deficiency anemia, hemolytic or aplastic. They will also want to know if it’s fully investigated and stable.
Length of Diagnosis – They will also want to know how long you had the condition to see if it has been stable or progressively getting worst. The big takeaway here is there looking for good management of the disease.
Severity/Treatment of Anemia – The company will look into your doctor’s records to determine the severity of anemia. They will want to know what kind of treatment you’re partaking in and if your condition is under control. This will include ongoing observation of the treatment, recent CBC, and any prescription use. They will also want to know whether you have been hospitalized or not in the past for anemia.
Other Factors – Aside from details about your condition, they will also want to know if there are any other health conditions associated with it. They will also look at your medical exam results to gauge your blood levels, overall health and build. Habits like smoking and drinking can also have a much more negative impact on your eligibility when you anemia.
Life Insurance Quote Rate Classes to expect with Anemia
Based on those factors there are a few outcomes that you can encounter. Either way, there are options for either scenario so let’s talk about the best case and worst case for getting coverage.
Best Case
The best case scenario is getting approved for anything between a standard and preferred health rating. Typically, this is for Iron Deficiency Anemia. In this case, most companies will easily approve you for good rates. If you have Hemolytic anemia, some companies may qualify you for preferred rates if all else is perfect. Sickle Cell Trait anemia can also qualify for non-rated health classes if the condition is very mild with no complications.
Typical Case
The most common case is to get “rated” for your life insurance coverage. Life insurance companies have 5 health classes. The non-rated health classes include standard, standard plus, preferred, and preferred plus. The fifth health class is a substandard health rating class. This includes 10 table ratings that range from 1 to 10 with a 25% increase in premium for each table. The higher the table the higher the premium. This is common if your anemia isn’t completely under control or you have Sickle Cell Disease. You can also expect a substandard rating if you have other severe health conditions accompanying the anemia.
Worst Case
The worst case would obviously be a decline for life insurance coverage. If you have multiple health conditions or Aplastic Anemia you can expect to get declined for traditional coverage. In this scenario, your best option would be to get a guaranteed issue life insurance policy.
A guaranteed issue policy is what it sounds like. The positive of this type of policy is it gets you approved for coverage without any health questions and no medical exam. The cons are that it’s capped at $10,000 to $25,000 in coverage and has a 2-year waiting period. This means that if you pass away in the first two years your family would only get the premiums you paid but not the coverage amount. In the event that this is the only coverage you can get and like to have a higher amount of coverage, you can secure multiple policies from different companies.
Life Insurance Process with Anemia
The process of getting coverage will be fairly simple. First, you want to make sure you’re working with an independent agent or agency. This means you will have multiple companies to choose from. An experienced agency will be able to know which company will provide the most favorable result based on the details of your condition and your overall health. As I always say in high-risk cases such as anemia, the lowest rate on the quote engine isn’t the lowest rate for you. That’s because each company looks at your through a different lens. The good news is, we are that agency. We have insured many people with anemia in the past and know exactly what to do.
The process will go in these steps:
Pre-Qualification – your agent will ask you detailed questions to get an overall picture of your condition and lifestyle factors.
Application – once your agent knows more about you, they will be able to recommend and apply with a company that will provide the most favorable results based on your needs.
Medical Exam – This will take place at a time and place of your choosing. It’s best to schedule it in the morning as you would need to have fasted for the exam. The nurse will come out and do a typical physical along with a blood and urine sample.
Underwriting – this process takes the longest but takes the least effort on your part. This is where the company will review your application, medical exam results, check your medical records, and background history. This process can take 4 to 8 weeks or longer if additional records are required.
Approval – Once we get a decision, we get time to decide if we like the outcome and if we want to take the coverage. If the results are less than favorable we could use the same medical exam to shop around with other carriers. However, the shopping around process can be avoided if everything is done properly by your agent the first go around.
Let Us Help!
Overall, that’s what you can expect when you have anemia. Life insurance can be confusing as it is so let us do all the work for you and get the results necessary so that you can get the best coverage at the best rate. When it comes to anemia, each company will look at you completely differently. So it is absolutely crucial to work with an independent agency that knows which company offer coverage with reasonable rates to anemia applicants. Feel free to call us at 888-492-1967 with any questions or hit the chat button below. Welcome to InsureChance!
