When applying for life insurance, some applicants are declined at times because of a specific health issue. Depending on how serious the health issue is, an individual still has a chance of qualifying for coverage; however, with the insurance company taking on potentially more risk, the insured person usually will have to pay a costlier premium for their policy. There are also no medical exam life insurance policies available if this is what you are in search of.
Those who have high cholesterol could have a tougher time qualifying for life insurance, depending on how high their levels are. However, is some cases, applicants may have their condition under control and be in such good health that they qualify for standard – or even preferred – premium rates.
How Life Insurers View High Cholesterol
Typically, life insurers will consider high cholesterol to be a key indicator of a potential heart issues in an applicant for coverage. Therefore, the underwriters who are reviewing an application for life insurance will generally look heavily at one’s cholesterol numbers.
In most instances, life insurance firms will use two basic measures for evaluating cholesterol in terms of an applicant’s potential future risk to the insurer. These measures include total cholesterol, and the cholesterol / HDL ratio.
The total cholesterol measure is actually made up of LDL cholesterol, as well as HDL and VLDL cholesterol. For a life insurer to deem an applicant as desirable for coverage, the person’s total cholesterol level should ideally be less than 200 mg / dL. This is because total cholesterol is considered to be one of the major risk factors in coronary artery disease.
The cholesterol / HDL ratio is a measure of a person’s total cholesterol divided by their HDL cholesterol. This reading is also utilized by a life insurance company in order to determine the potential risk of a person contracting coronary artery disease. Here, the “normal” reading for an individual’s cholesterol / HDL would be 5.0 or less. The lower the ratio on this particular reading, the lower the person’s risk would be of coronary artery disease.
How Much Premium Will You Be Charged for Your Coverage?
Once the insurance company’s underwriters have reviewed an applicant’s information, they can make a decision concerning whether the person is eligible for coverage – and if they are, how much premium to require.
Although all insurers differ, in many cases, if an applicant’s cholesterol is over 400 mg / DL, or their cholesterol exceeds 10.0, there is a high chance that the individual will be declined for life insurance coverage.
If, however, an individual’s cholesterol is between 350 and 400 mg / DL, or their cholesterol is between 9.0 and 10.0, their application for coverage may be approved for coverage. However, it is likely that the premium charged will be at least 50% higher than the Standard – or average – amount of premium for a comparable policy on a healthy insured.
Typically, applicants who have total cholesterol levels in the range of 300 to 350 mg / dL or less, with a cholesterol / HDL ratio of 8.0 and below will usually be able to obtain a policy with Standard premium rates.
In some cases, an applicant may be in excellent health. Here, if the individual’s total cholesterol level is less than 250 mg / dL, and his or her cholesterol / HDL ratio is less than 6.0, it is possible that they could obtain a preferred rate – even if they are taking specific kinds of medications that have been prescribed for their cholesterol condition.
There are other ways of improving your chances of obtaining a Standard – or even a Preferred – premium rate, when your application is being reviewed by the insurance underwriters. These include submitting additional information about how you are controlling your condition through diet and / or exercise. In doing so, the underwriters can get a more definite picture of your overall lifestyle and health.
No Medical Exam Life Insurance Plans
Regardless of your health or cholesterol, there are dozens of ways that you can get an affordable life insurance plan. One way is to buy a no medical exam plan. Which you can tell by the name, it will give your life insurance protection without having to participate in a medical exam. For anyone that has several pre-existing health conditions or are in poor health, these could be the best option to make your family feel more safe and give them the insurance that they need. There are various pros and cons you should be aware of when shopping for life insurance coverage.
The most apparent benefit is that all people can acquire a plan of some sort, despite any health or pre-existing situations. All people deserve to have life insurance, and your health shouldn’t stop you. Even if you’ve been rejected for coverage in the past, you can still purchase a type of plan.
Another advantage is this – you can get insurance protection a lot faster than you might be able to with a traditional life insurance policy. With a normal life insurance plan that demands a medical exam, you have to wait to schedule the exam and then wait for the company to study the outcomes. You could wait up to a month to receive the protection that you want. With a no medical exam, life insurance coverage is possible in just a few days. With some life insurance companies, you can have a life insurance policy in a couple of hours. If you’d like to receive life insurance in the quickest way you can, then a no medical exam plan is the best possibility for you.
Just like with any other kind of life insurance policy, there are going to be some disadvantages you should know about. The most significant pitfall is that these plans are more costly than a policy that requires a medical exam. The goal of this exam is to provide the insurance group an overall understanding of your health to understand how large a risk you are to insure. If they don’t get the picture, they are taking a greater risk, and they are going to compensate for that risk by pricing you more every month for the coverage.
Another drawback to these forms is that there will probably be a lower limit on the quantity of life insurance you can buy without completing the medical exam. Many companies will only let you buy about $250,000 of life insurance, and for most candidates that isn’t going to be adequate coverage. If you need further security than that, you might want to think about two policies or apply for a traditional plan.
Calculating Your Life Insurance Needs
There are numerous determinants for seeing what kind of life insurance your family will need if you happened to pass away. It’s vital that you give them enough coverage.
The first figure that you might want to look at is all of your debts and final expenses. The primary purpose of your policy is to provide your loved ones enough money to pay off all of your major debts, like your mortgage. Make sure that your plan won’t leave them with any leftover debts.
The next thing you should see is your paycheck. The secondary intent of your protection plan is to restore your source of income if you unfortunately passed away. A life insurance policy will help your family have the cash that they require to pay for any necessary expenses without reducing their pattern of living.
When you’re looking to get a proper life insurance plan, you should consider getting anywhere from seven to ten times your annual pay.
How To Obtain Life Insurance With Cholesterol Issues
When trying to obtain life insurance with cholesterol issues, it helps to work with a business that can communicate to more than one insurer. With this, you will have the ability to compare coverage and quotes from a variety of carriers.
At Insure Now 365, we work with the best in the business, and we are close with carriers who are more accepting of applicants with various risk factors. Let us guide you on the right path – saving you hours of frustration and time in the insurance application process.
Whenever you are ready to start comparing life insurance quotes, simply fill out our form on this page. If you need any info at all about life insurance, quotes, or how to apply for life insurance with cholesterol issues, you can reach us, toll-free, at 888-229-7522 and we would love to talk to you.