Life Insurance with Ulcerative Colitis

Is it possible to get life insurance with ulcerative colitis? Yes, it is, but it will depend on the severity of your condition. The key is knowing specific details about your condition, so you and your agent can then use that information to shop with life insurance companies that are competitive in underwriting that condition. The following are some key points from this article;

1. In case you didn’t already know, ulcerative colitis is when there are sores in your large intestines.
2. Life insurance companies will look into several factors when trying to insure you. One of the most important ones is the date of diagnosis since they will usually want a year to pass from that date and also to see how well you have been able to manage the condition.
3. It is important to answer each question as honest as possible because you don’t want to misrepresent yourself or worse gets denied for leaving out important information. If you think you can get away with it, it will shine in the light when you pass away and the company investigates everything and your loved ones can’t collect your death benefit.
4. Not all life insurance companies welcome applicants with ulcerative colitis. It is very important to work with an independent broker who has experience with ulcerative colitis. You will be surprised to find out how many people get declined for the condition due to lack of knowledge the agent might have.

What Factors Life Insurance Companies Consider

Life insurance companies will look into several factors when trying to insure you. One of the most important ones is the date of diagnosis since they will usually want a year to pass from that date and also to see how well you have been able to manage the condition. They will also want to know the type of treatment you have been receiving. The type of medications you are taking and severity of your condition will be looked at as well. Of course, any surgery, testing, and treatment will also be used for consideration. If you have a smoking habit or additional other conditions they will be added on top of your ulcerative colitis and chances of getting approved or getting good rates go down.

What life insurance companies will ask you

When you are applying for life insurance the life insurance company of your choice will begin with a list of questions to ask you. It is important to answer each question as honest as possible because you don’t want to misrepresent yourself or worse gets denied for leaving out important information. If you think you can get away with it, it will shine in the light when you pass away and the company investigates everything and your loved ones can’t collect your death benefit. To help you prepare for the list of questions that a life insurance company will ask you we have put together a list for someone with ulcerative colitis:

1. When were you diagnosed with ulcerative colitis?
2. What kind of ulcerative colitis do you have? Chronic Ulcerative Colitis or Chronic Proctitis?
3. What is your height and weight?
4. When was your last colonoscopy>
5. Have you ever been hospitalized for this disease? If so, when?
6. Have you had surgery for this disease? If so, when?
7. Are you currently on any medications? If so, please list the medications you are currently using.
8. Have you smoked cigarettes in the last 12 months?
9. Do you have any other major health problems (ex: heart disease)?

Health Classes for Ulcerative Colitis

Here is a small description of what the rate classes are before we move on:

Preferred Plus/Preferred – Available for individuals that are in perfect health with no family history of cancer, stroke or heart disease. In addition, you should also have a clean background and driving record with no dangerous hobbies or occupations.

Standard Plus/Standard – You may get this class if you have some minor health ailments or are slightly overweight. If you have some family history of illness or some derogatory marks on your background or driving record you may also land here.

Substandard -If you end up getting this rate class it means you’re in pretty bad shape physically and or you have a ton of risk factors accumulated against you. This rating has 10 levels known as tables which range from table 1 to table 10, each table is a 25% increase in your premium

Based on the severity of your condition the life insurance will offer certain rate classes.

Mild – If you have less than four bowel movements per day and do not experience any bleeding, weight loss, have rare attacks and use non-steroidal anti-inflammatory drugs with no hospitalization. Then it is possible to get rates ranging from standard to substandard table 2. Although we do have one carrier who is boasting preferred rates are possible.

Moderate – If you have more than four bowel movements per day with blood and abdominal pain. In addition, you have significant weight loss with flares requiring steroidal medications than you have moderate Ulcerative Colitis. In this case, you most likely will see substandard rates ranging from table 2 to table 5.

Severe – Same symptoms as the moderate with higher frequency and intensity. This category will most likely result in more frequent hospitalizations while taking medications such as corticosteroids or immunosuppressants. In this case, you will start out at substandard table 6 or simply not qualify for coverage. If you get declined than a graded policy might be your only option until your condition stabilizes.

Increasing your odds

Not all life insurance companies welcome applicants with ulcerative colitis. It is very important to work with an independent broker who has experience with ulcerative colitis. You will be surprised to find out how many people get declined for the condition due to lack of knowledge the agent might have. Just to give you an idea out of 60 companies we represent we use about 5 or 6 for all ulcerative colitis applicants. Another thing that will make it a much easier process is doing what we high-risk agents call a quick quote. This is when a preliminary anonymous evaluation is submitted to multiple companies explaining the applicant’s condition. The companies will later come back with an explanation of possible rates and outcomes. This gives us an idea of what to expect and have something solid in writing which we can attach to the application.

If you are ready to give it a shot call us at 888-492-1967 or get a quote on your right and we will go the extra mile to get you covered.