When applying for life insurance, there are various health issues that could cause an applicant to be declined. In other cases, depending on the severity of one’s health, an individual may still qualify for coverage, however, because the insurance company is taking on a higher amount of risk than average, the insured will be required to pay a higher amount of 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 may have difficulty in 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 place heavy emphasis on one’s cholesterol readings.
In most instances, life insurance companies 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 life insurance company’s underwriters have reviewed an applicant’s information, they can make a determination regarding whether the person is eligible for coverage – and if so, how much premium to charge.
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 that is 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 certain types of medication 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 life 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 clearer picture of your overall health and lifestyle.
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 purchase a no medical exam plan. Which as you can guess from the name, it will give your life insurance protection without being required to take the medical exam. For anyone that has several pre-existing health conditions or are in poor health, these could be the best option for you to give your family the insurance that they need. There are several advantages and disadvantages that you should be aware of when shopping for life insurance coverage.
The most obvious advantage is that anyone can purchase one of these plans, regardless of any health or pre-existing conditions. Everyone deserves to have life insurance, and your health shouldn’t stop you. Even if you’ve been declined for coverage in the past, you can still purchase one of these plans.
Another advantage is that you can get life insurance protection much quicker than you would with a traditional life insurance plan. With a normal life insurance policy that requires a medical exam, you have to wait to schedule the exam and then wait for the insurance company to review the results. You could wait up to a month to get the protection that you want. With a no medical exam, you can get life insurance coverage in a matter of days. With some life insurance companies, you can have a life insurance policy in a couple of hours. If you want to get life insurance as quickly as possible, then a no medical exam plan is going to be the best option for you.
Just like with any other kind of life insurance policy, there are going to be some disadvantages that you should be aware of. The most notable pitfall is that these plans are more expensive than a policy that requires a medical exam. The goal of the medical exam is to give the insurance company an overall picture of your health to understand how much of a risk you are to insure. If they don’t get the picture, they are taking a higher risk, and they are going to offset that risk by charging you more every month for the coverage.
Another disadvantage to these plans is that there is going to be a low limit on how much life insurance you can buy without taking the medical exam. Most insurance companies will only allow you to purchase around $250,000 of life insurance, and for most applicants that isn’t going to be enough coverage. If you need more than that, you’ll have to purchase two policies or apply for a traditional plan.
Calculating Your Life Insurance Needs
There are several factors that go into determining how much life insurance your family will need if you were to pass away. It’s vital that you give them enough coverage.
The first number that you should look at is all of your debts and final expenses. The primary goal of your plan is to give 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 number that you should look at is your paycheck. The secondary goal of your plan is to replace your source of income if you were to pass away. A life insurance policy will give your family the money that they need to pay for any necessary expenses without sacrificing their standard 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 salary.
How To Obtain Life Insurance With Cholesterol Issues
When applying for life insurance with cholesterol issues, it helps to work with a company that has access to more than one insurer. This way, you will have the ability to compare coverage and quotes from a variety of carriers.
At Insure Now 365 work with many of the top rated life insurance companies in the industry, and we are familiar with which carriers are more accepting of applicants with various risk factors. Let us help to point you in the right direction – essentially saving you countless hours of time and frustration in the life insurance application process.
In order to start the process of comparing life insurance quotes, simply use the form on this page. If you have any additional questions or concerns about life insurance, quotes, or how to apply for life insurance with cholesterol issues, please feel free to give us a call, toll-free, at 888-229-7522 and we will be happy to help.