When applying for life insurance, it can oftentimes be difficult to qualify for coverage if you have any type of an adverse health condition. There are some cases where an insurer may flat out deny an applicant, depending on the severity of his or her health condition and their estimated life expectancy.
In other instances, the individual may be approved for coverage at a substandard rating and be required to pay a higher premium rate that is based on the higher amount of risk that they present to the insurance company.
If you’ve been diagnosed with a condition known as polycythemia, it is possible to obtain the life insurance coverage that you need. The type of coverage and the amount, however, will depend primarily on how severe your condition is and how well your condition is being controlled, as well as the type of treatment that you are currently receiving.
If you’ve ever been told that you can’t get life insurance because of any pre-existing conditions like polycythemia, this couldn’t be further from the truth. Regardless of your health, our life insurance agents can get you the coverage that you need to protect your family.
Why It May Be Difficult to Obtain Life Insurance with Polycythemia
As many people may know, polycythemia is a condition that attacks the body and causes a substantial increase in the ratio of red blood cells to plasma. In order for our bodies to effectively operate, it is necessary for a balance to be maintained between the plasma and the red blood cells. Therefore, by having such an imbalance, it can cause a major health risk.
The good news is that there are numerous treatments that are available today for this condition – the most common of these being the simple drawing of a certain amount of red blood cells from the patient’s body, yet without the drawing out of the plasma. This treatment, referred to as a phlebotomy, can help the person’s body to restore its appropriate red blood cell to plasma balance.
Other ways to help in treating this condition can include the regular taking of prescription medication, as well as even the taking of aspirin on a regular basis. By following a prescribed treatment regime and keeping your condition under control, it can also help your chances of being approved for life insurance coverage.
How Your Insurance Premium is Determined
When you apply for life insurance with polycythemia, the life insurance company’s underwriters will look at several different criteria when determining your application for coverage. In doing so, one of the key factors that the underwriters will consider is how well your polycythemia is being controlled.
Typically, for those applicants whose conditions are considered to be under control, coverage can be approved on a substandard basis. This means that you may be issued a policy, but you will be charged a higher premium rate than someone who has average health and pays standard premium rates.
In addition to just your polycythemia condition, the life insurance underwriters will typically also consider other pertinent factors such as your age, height, weight, and additional health conditions, and the face amount of coverage that you are applying for.
Other Alternatives for Life Insurance
If the life insurance underwriters deem your polycythemia condition not to be under control, it is likely that a regular life insurance policy will not be offered. However, there are still other coverage options that are available to you.
In this instance, you could be offered a graded benefit policy. With a graded benefit life insurance policy, you are guaranteed to receive coverage. These policies do not require that you take a health examination in order to obtain coverage, and there is no extensive underwriting involved.
In return for this, the premium that you pay will be higher than for a standard, or even for a regular substandard policy. Because these plans don’t require a medical exam, the insurance company doesn’t have a clear understanding of the applicant’s health, which means they are more of a risk to insure. The more risk you are to insure, the more money that you will have to pay for the coverage.
In addition, you may also need to wait for a certain amount of time before the benefits of the policy are fully in effect. A lot of insurance companies will offer insurance policies to high-risk applicants, but they will have a two-year waiting period before the policy is in force after you buy it. If you were to die within the first two years after you bought the plan, your loved ones wouldn’t get the payout from the plan, instead they would get a return of the premiums paid, but that’s it.
The tradeoff, however, is that these plans allow individuals who are otherwise turned down for life insurance an option for obtaining the coverage that they need so that their loved ones can have financial peace of mind.
Your Next Step
If you are ready to take the next step in applying for life insurance with polycythemia, it is important to first obtain quotes from several different life insurance companies. This way, you will be able to compare the cost of coverage and the benefits that you could receive from multiple insurers.
Because we work with numerous highly rated life insurance companies that work with critical illnesses, we can help you to narrow down your search, and can point you in the direction of which insurers are more likely to accept applicants with polycythemia. You can get the life insurance quote process started by using the form on the side of this page.
That form can connect you with one of our independent insurance agents that represent dozens of insurance companies across the United States. Our agents can help you find a company that is going to look at your situation favorably and will give you excellent rates for quality insurance.
We also understand that you may have additional questions or concerns about the life insurance application process. If so, please feel free to contact us directly at 888-229-7522 and we will be happy to help. It’s vital that you get the best insurance coverage for you and your loved ones. Our agents help you find a quality and affordable life insurance policy to give your family the insurance protection that they need. You never know what’s going to happen to you. If something tragic were to happen, your loved ones could be left with a massive amount of debt, but that’s where a life insurance policy can come in. Don’t wait any longer to get the life insurance that your family members deserve.