Applying for life insurance coverage with a health condition can get complicated sometimes.
After all, one of the insurance company’s main considerations is assessing the level of risk an applicant brings to the table.
With that in mind, underwriters will look to your age, gender, overall health, and specific conditions to determine coverage.
Within that assessment, underwriters will look at your family health history, such as the 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 in premiums to account for the additional risk that the life insurance company is taking on.
This is sometimes the case when applying for life insurance with anemia.
Life Insurance With Anemia
If you have anemia, you can count on your insurance provider asking for some specific details about your case.
This way, they can get a clearer idea about the severity of it, and whether or not you are controlling it through medication or other avenues.
You will probably be asked to answer the following questions in your application:
- When was your initial diagnosis of anemia?
- What is the root cause of your condition?
- What symptoms have you suffered in the last six months resulting from the 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 imperative that you are as specific as possible, as it will paint the underwriters a clear picture of your overall pre existing health 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, you are very likely to be rated as a Substandard with a more costly premium than an average policyholder due to the higher amount of risk to the insurance provider.
While you may have a severe condition like anemia, your insurance company is reviewing plenty of other factors when they study your application.
When determining your premium rate, the life insurance company will also use other factors in their basis, such as:
- Smoking and/or tobacco usage
- Alcohol consumption
- Occupation and income (if applicable)
- Overall health history
- Family health history
Your odds of getting covered and the amount you will pay in premiums if you do hinges largely upon your responses to these questions.
From the list above, you can see the variety of factors which 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, you have several options to improve your rates
The two best ways are to start exercising and sticking to a healthy diet.
These steps will work wonders for your health, which will translate into lower rates.
In addition to answering questions about your health condition, you will most likely be asked to participate in a medical exam, although there are a number of companies who advertise life insurance with no medical exam.
A medical exam entails submitting a blood and urine sample, a bp check, and a heart rate recording.
Your samples will be tested to determine whether or not you have other health conditions which imply risk to the insurer.
Upon your submission of your medical documentation, checkup paperwork, and blood and urine results, your underwriters will come to a decision about your policy.
Taking The Next Step Towards Applying For Coverage
If you’re planning to apply for life insurance and you have been diagnosed with anemia, you should join forces with an agency who can connect you with multiple insurers, 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 collaborate with the top rated life insurance companies out there, and we will guide you to the carriers who are more apt to cover your condition.
Before getting started, it is always a good idea to compare coverage options and premium quotes.
In order to do so, simply complete our insurance form right here 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 – and we have answers.
Give us a toll-free call at 888-229-7522 to get your questions clarified.
Working with one of our agents can make the process as quick and painless as possible.
There is no better way to look out for your family than to purchase life insurance. With a decision this important, you want to make the best choice possible.
Our agents are independent, which means we don’t only represent one single company like most traditional insurance agents.
We’ll present you with the best rates across the board.
Don’t waste your time talking on the phone to dozens of insurance agents and repeating your situation again and again.
Let us save you time and cash as you shop for insurance.