If you’ve tried applying for life insurance and had trouble due to an adverse health condition such as hemochromatosis, you may not be quite sure of where to turn.
That is because many life insurance companies will try their best to reduce the amount of risk that they take on in the hopes of not needing to eventually pay out claims.
When evaluating the health of a life insurance applicant, an insurance underwriter will look at many different factors.
The age and gender of the applicant are some of these, as are the type and amount of the coverage they are applying for.
But another key criterion in the approval process will be the applicant’s overall health condition – and if you’ve been diagnosed with hemochromatosis, then you may even have been turned down for life insurance in the past.
How Hemochromatosis Can Affect Your Life Insurance Application
Hemochromatosis is described as being a metabolic disorder. It affects more than a million people in the United States. This condition essentially occurs when the body is “overloaded” with too much iron. It is considered to be a genetic condition – and, if left alone and is not properly treated, it can cause damage to a person’s organs and joints, and can eventually become fatal.
There is actually more than one type of hemochromatosis. These include:
- Type 1 / Classic Hemochromatosis – With Type 1, or Classic, Hemochromatosis, a person will have too much iron in their system. This will oftentimes occur because they are absorbing it from their diet and they are not properly ridding it from their system. Over a period of time, the iron can build up within the major bodily organs such as the liver, heart, and pancreas – and, if it is not removed, it can cause disease, and even become deadly. Untreated hemochromatosis can also become the cause of other serious health issues such as hypothyroidism, heart attack, arthritis, gall bladder disease, depression, some types of cancers and diabetes, if you need more information on affordable life insurance for diabetics, we can help.. In addition, mismanaged iron in the brain has also been linked to those who’ve had early onset of Parkinson’s disease, multiple sclerosis, epilepsy, and Alzheimer’s disease.
- Juvenile Hemochromatosis – Juvenile hemochromatosis will also have symptoms that are very similar to those of Type 1 hemochromatosis, however, it will typically affect those who are between the age of 15 and 30.
This health condition can be quite serious – which is why a life insurance company will want to know as much as possible about those who are applying for coverage in order to be knowledgeable about the amount of risk that it may be taking on.
With that in mind, an individual who is applying for traditional – or “medically underwritten” – life insurance coverage will be required to fully complete an application for coverage, as well as answer additional condition-related questions regarding their hemochromatosis. It will also typically be required to undergo a medical examination.
What the Life Insurance Underwriters Will Want to Know About You
In completing the application for coverage, the insurance underwriters will want to know some basic information about you. This will generally include the following:
- Contact Information
- Height & Weight
- Marital Status
- Occupation & Income
- Smoking Status
- Alcohol Usage
- Health History
- Family Health History
- Risky / Dangerous Hobbies
- Other Life Insurance In-Force
- Foreign Travel History
The additional condition-related information that the insurance underwriters will want to know about you may include some of all of the following questions:
- When were you initially diagnosed with hemochromatosis?
- How are you currently managing your hemochromatosis condition?
- Are you currently taking any type of prescription medication for your hemochromatosis?
- If so, what is / are the dosage(s)?
- Have you experienced any symptoms of your hemochromatosis within the past six months?
- Have you ever been hospitalized due to your hemochromatosis condition?
- Have you had any relevant lab testing performed due to your hemochromatosis condition within the past twelve months?
- Do you regularly visit your hematologist for your hemochromatosis?
- Do you have any other medical or health conditions?
In addition to answering these additional questions, the life insurance underwriters will also likely want to review your medical records. These could come either from your primary care physician, from your hematologist – or from both. The underwriters will need to first obtain your permission in order to obtain this information.
A medical examination will also typically be required as a regular part of the life insurance underwriting process. This generally entails meeting with a “paramed” (paramedical professional) who will ask you additional health related questions, as well as take from you a blood and a urine sample. This process usually only takes about 30 minutes, and it can be done at your home, your place of business, or another convenient location for you.
After all of your information has been collected by the insurance company, the underwriters will be able to then analyze everything and from there they can make a determination regarding your policy, as well as about an appropriate premium price.
How Much Will Your Policy Cost?
Certainly, there are many different factors that will come into play when applying for life insurance. These will include your age and gender, as well as the amount and the type of coverage that you are applying for. When you have a health issue such as hemochromatosis, the severity of this will also play a large part in the insurance underwriter’s final decision.
Overall, if you are in otherwise very good health, it may be possible for you to obtain a Standard policy rating. This means that you could be get a policy – as well as a premium rate – that is in line with other “average” policy holders who are of your same age and gender. This is most likely to occur for those with hemochromatosis that has been detected early and is being well controlled.
If, however, your condition has been showing signs of substantial iron accumulation in your blood plasma, then you may still be able to obtain policy approval. However, this may instead come with a Substandard policy rating. In this case, the premium rate that you will be charged will be higher than that of an average policy holder who is of your same age and gender.
Those who may not be able to qualify for a medically underwritten life insurance policy are still not completely out of options. For example, you could still apply for a type of policy known as “no medical exam.” As its name implies, there is no medical examination required for these plans. Therefore, those who have various types of health conditions may be able to qualify for the coverage that they need.
While the premiums that are charged on no medical exam life insurance policies are oftentimes more than those of a comparable medically underwritten plan, they can provide an applicant with an opportunity for the financial protection that is required for peace of mind and protection of those you love.
How and Where to Obtain Life Insurance Approval with Hemochromatosis
When considering life insurance approval with hemochromatosis, typically you’ll need to seek guidance from an agent who deals with more than one life insurance carrier. Doing so gives you an advantage in comparing what company offers you the best rates and policy terms.
As a specialist in higher risk life insurance cases, our agency is able to help you. Our office will provide you with detailed information in simple form so that your decision will be made easier. And the great thing is our work is done most efficiently without having to meet face to face!
The form on the left is a great place to start your search process, or you can call us at 888-229-7522 if you want immediate assistance. We understand that having Hemochromatosis and searching for life insurance may not be the easiest thing to do, but we are your ally and we are here to guide you.