There are oftentimes a number of health related conditions that could make getting approved for life insurance more difficult. This is because certain issues may have an effect on a person’s life expectancy – which, can potentially increase the life insurance company’s risk of paying out a claim. A person who has been diagnosed with hemophilia may run into such issues.
Hemophilia is a type of genetic disorder. It is typically hereditary. This condition involves the X-linked, or F8, recessive genes in a person’s body, and it essentially causes an impairment in one’s ability to control bleeding, clotting, and coagulation. While those who have this condition do not tend to bleed more heavily than other people, they do usually bleed for a longer period of time – and because of this, other serious issues can come up.
Common symptoms of this condition can include recurrent bleeding in the joint spaces such as the shoulders, ankles, elbows, knees, and hips, as well as redness, pain, and local swelling.
In certain cases, an individual’s bleeding can in fact become life threatening if it affects areas such as the digestive system, the central nervous system, and / or the oropharyngeal spaces from the mouth, nose, and the throat. Because of this, it can be more difficult to obtain life insurance for hemophilia sufferers.
What the Underwriters Will Need to Know
When applying for life insurance with hemophilia, the insurance company’s underwriters will need to know some specific information regarding your condition.
Some of the questions that you are likely to be asked include the following:
- How long have you been dealing with your condition? Detecting it early can be extremely important in how you are able to control and monitor it – especially with regard to the frequency of your bleeding. If you have a good control of your bleeding, it is possible that you could obtain a mild substandard rating on your life insurance coverage. If not, a medium substandard rating may also be possible.
- Approximately how many episodes of bleeding do you have per year? The underwriters will also need to know how many episodes of bleeding that you have each year. This is because the more frequent these episodes are – as well as the longer the bleeding time is – will help the underwriters to determine a more appropriate underwriting classification for your policy. Another important factor is where your episodes of bleeding occur (i.e., what area of your body). This is because if the episodes of bleeding occur at or near major organs, they will be considered to be more serious.
- What, if any, medications do you take for your condition? If the medication is helping you to control your condition, it is possible to qualify for a mild substandard rating.
- Do you have regularly scheduled visits with your hematologist in order to discuss your condition? By having regular check-ups with your specialist, it shows that you are working to control your condition – and this is a positive sign in the eyes of the underwriters.
- Have you gone through any diagnostic labs or testing recently? By having relevant lab tests performed such as those that measure your bleeding and clotting time, the underwriters will be able to obtain a better idea on your risk for hemorrhage. In addition, by having positive exam results, you may be able to obtain a better rating for a policy as well.
- Do you participate in potentially high risk activities or hobbies? The underwriters will also need to know if you participate in activities such as sports that could trigger bleeding. If so, you could potentially obtain a higher policy rating, as this would be considered a higher risk of claim to the life insurance company.
All of this information will be compiled, as well as the results of a blood and urine sample that you will be required to submit as a part of the life insurance underwriting medical exam.
Once all of the information has been analyzed, a decision regarding coverage can be made. In most cases, those who apply for life insurance with hemophilia can obtain a policy at a mild substandard rating, provided that you are otherwise in good health and your condition is being well controlled via medication and other avenues.
How to Obtain Life Insurance for Hemophilia
In obtaining life insurance coverage when you have hemophilia, it is typically best to work with a company that has access to numerous insurers. This way, your information will not be subject to the underwriting requirements of just one company.
As an independent insurance company, we can offer that to you. We’ve created a wonderful rate comparison sheet that we will send you after we’ve discussed your health and what your goal of buying life insurance is.
We make the process efficient so that your time isn’t wasted waiting on hearing back from many carriers, our agents have access to all of their rates and plans to make sure you are getting the best coverage for your budget.
Today is the right time to get started! Give us a call, 888-229-7522, and let us work for you.