Applying for life insurance can entail many different factors. The insurance company wants to know about the risk that they are taking on when they approve an applicant for coverage. Therefore, it is important that they get a good understand of each applicant’s age and health status. This also typically includes the individual’s family health history, such as history of diabetes, cancer, heart disease etc.
While there are certain serious health issues that may preclude an individual from qualifying for coverage altogether, there are numerous others that will still deem an applicant as being eligible – although in some cases, it could mean that he or she may be required to pay an extra amount of premium in order to compensate for the additional risk that the life insurance company is taking on. This is sometimes the case when applying for life insurance with anemia.
What The Underwriters Want To Know
When applying for life insurance with anemia, the underwriters will want to know more details regarding your condition. This way, they can get a clearer idea about the severity of it, and how well you may be controlling it through medication or other avenues.
Some of the questions that you will likely be asked by the life insurance underwriters include the following:
- When was your initial diagnosis of anemia?
- What is the root cause of your condition?
- What symptoms have you suffered in the past six months due to your condition?
- Have you ever needed to go to the hospital due to your anemic condition?
- What are the results of your most recent blood lab tests?
- Do you currently take any type of iron supplement – or any other type of medication – for your anemia?
When answering these questions, it is important to provide as much information as possible, as it will give the underwriters a better idea of your overall condition, as well as a basis for how they should price your life insurance coverage.
If you are keeping your condition under control through medication or some other method, it is important that you note this on the application or on a separate sheet of paper. This is because showing the underwriters that you are keeping your condition in check can be a positive factor in your favor in terms of getting your coverage approved.
How Much Premium Will You Pay For Life Insurance When You Have Anemia?
Those who have life insurance with anemia will have their premium based primarily on how severe their anemic condition is. For instance, if you have your iron level under control and you are not anemic due to any other, more serious health related condition, then it is possible for you to obtain a Standard (or average) premium rate on your policy.
If, however, your condition is more serious, it is likely that your policy will be rated as a Substandard, and that your premium will be more than that of an average policy holder due to the higher amount of risk that the life insurance company is taking on.
While you may have a severe condition like anemia, there are plenty of other factors that the insurance company is going to look at when they are looking at your application. When determining your premium rate, the life insurance company will also use other factors in their basis, such as your:
- Height and weight
- Smoking status / tobacco usage
- Alcohol consumption
- Occupation and income (if applicable)
- Overall health history
- Family health history
All of these factors are going to play a major role in how much you pay for life insurance and your chances of getting insurance through the company. As you can see, there are several different factors that are calculated when looking at your application, there are some that you can’t change, but there are a few that you can.
If you want to get lower insurance premiums, there are several ways that you can do that. The two best ways are to start exercising and sticking to a healthy diet. These will work wonders on your health, which will translate into lower rates.
It is also likely that you will be required to take a medical exam as a part of the life insurance application process, though there are some companies out there that offer life insurance with no medical exam. This entails submitting a blood and urine sample. These samples will be reviewed for specific health conditions that could also pose risk to the insurance company. Once all of your information has been submitted, the underwriters can then make a much more informed decision regarding your coverage.
Taking The Next Step Towards Applying For Coverage
If you’re planning to apply for life insurance and you have been diagnosed with anemia, it will help to work with a company that has access to several different insurance companies, as this will improve your chances of obtaining coverage approval. In this case, we can help because we specialize in all types of high risk life insurance, with an emphasis in helping people with illnesses and disabilities
We work with many of the top rated life insurance companies in the industry today, and we can help to point you in the right direction in terms of which carriers are more apt to cover certain types of risks.
Before getting started, it is always a good idea to compare coverage options and premium quotes. In order to do so, simply fill in the form on this page to get the process started. Within just seconds, you will see the life insurance policy options, along with potential premium prices.
We also understand that applying for life insurance with anemia may bring to mind many questions – that is why we’re here to help. Please feel free to contact us toll-free at 888-229-7522 for any questions or concerns that you may have and we will be happy to help. Working with one of our agents can make the process as quick and painless as possible.
Life insurance is one of the most important things that you can ever do for your loved ones. It’s vital that you make the best decisions when it comes to the protection of your family. Our agents are independent, which means we don’t only represent one single company like most traditional insurance agents. We can bring all of the lowest rates directly to you. Don’t waste your time talking on the phone to dozens of insurance agents and answering the same questions over and over. Let us save you time and money on your insurance policy.