The purchase of life insurance can be an essential component of most people’s overall financial plan. That is because this important tool can allow those you love to pay off debt, continue paying their living expenses, and avoid financial hardship going forward.
When buying a life insurance policy, many individuals can easily qualify for the coverage that they want and need – especially if they are in good health at the time of application. But, for those who may have certain adverse health issues, this may not be the case. For instance, if you have been diagnosed with iron deficiency anemia or wondering if you can get life insurance with COPD, you may have had challenges with life insurance approval in the past.
But the good news is that there are many options that may now be available to you today – especially if you work with an independent life insurance brokerage that specializes in higher risk life insurance cases. This is where we can help. Let us help you understand your options and help you find rates from the best life insurance companies that are available.
How Iron Deficiency Anemia Can Have an Effect on Your Application for Life Insurance
Iron deficiency anemia is a condition that occurs when an individual has a level of red blood cells in their blood that is lower than is considered to be normal. This is the most common form of anemia. It occurs when a person’s body does not have enough of the mineral iron in their blood. There are other forms of Anemia such as Aplastic Anemia that you can learn more about on our Blog!
The human body requires iron to produce hemoglobin, which is a protein. Protein is responsible for carrying oxygen to the tissues in the body – which is in turn, responsible for the muscles and tissues to effectively function. Where there is not enough iron in the blood stream, the rest of the body is not able to obtain the proper amount of oxygen that it requires. Although this condition is quite common, many people may not even realize that they have it – and may even live with it for years.
Some of the more common symptoms of iron deficiency anemia can include the following:
- General fatigue
- Paleness of the skin
- Shortness of breath
- Brittle nails
- Irregular or fast heartbeat
- Cold hands and / or feet
- Tingling or crawling feeling in the legs
- Soreness or swelling of the tongue
- Strange cravings to eat items that are not food
While many cases of iron deficiency anemia are mild, if this condition is left untreated, it can lead to other, more serious health issues. These may include:
- Irregular or rapid heartbeat
- Complications with pregnancy in women (let us know if you’re interested in getting life insurance while pregnant)
- Delayed growth in infants and children
- Reduced memory ability / poor thinking skills / lack of focus
Because this condition may cause certain health issues, a life insurance company may want to know more about you if you are applying for a policy. Depending on the seriousness of your condition, it could affect the rating and / or premium of a life insurance policy.
What the Life Insurance Company Will Want to Know About You and Your Health Condition
When applying for life insurance, you will need to fill out an application for coverage. Here, you will be asked for basic information such as your name, age, gender, and health condition. This application will also want to know about your health history and your family health history, as there are many types of health conditions that can be genetic.
There is other information that is also requested on the life insurance application for coverage, such as:
- Smoking status / tobacco usage
- Alcohol consumption / frequency
- Foreign travel frequency
- Other life insurance policies in force (and the amount of the coverage)
- Hobbies (such as scuba diving, skydiving, etc. that may be considered as risky)
Because of your iron deficiency condition, the life insurance company will want to know more specific details regarding how you have been affected, as well as how you are managing and / or controlling it. Therefore, it is likely that you may be asked some or all of the following questions as well:
- When were you initially diagnosed with iron deficiency anemia? Iron deficiency anemia is a fairly common condition – especially in infants and children. If the condition is detected early, and it is treated, it can usually be easily managed and controlled.
- Within the past six months, have you experienced any iron deficiency anemia symptoms? Some of the more common symptoms of this condition may include headache, dizziness, fatigue, infections, and / or poor immune system.
- Do you currently take any medication and / or supplement to control the level of iron in your blood? If so, what do you take, and what is / are the dosage(s)? While medication and / or supplements can help you with the management and / or control of this condition, it may also mean that you are having a more difficult time with the condition, too. Taking any type of medication may require the underwriters to obtain additional information from your doctor.
- Within the past 12 months, have you had any relevant diagnostic testing performed? If you have had any recent blood tests taken can be a good way for the insurance underwriters to assess your actual iron level.
- Do you regularly meet with your medical professional regarding your condition? Having regular check-ups with your doctor can be a positive sign that you are working to manage and / or control your condition.
As a part of the underwriting procedure, you will typically be required to undergo a medical examination. This usually entails meeting with a paramedical professional (or paramed) for about 30 minutes. During the exam, the paramed will usually ask you some additional health-related questions. You will also have your heart rate and blood pressure readings taken, and you will be asked to submit a blood and a urine sample. These samples will be tested by the life insurance carrier.
Should the insurance company require any additional health information, they may request to review your medical records from either your primary care physician, any medical specialists that you see – or both.
Once all of your information has been received by the insurance company, the underwriters will be able to review it all more thoroughly and then make a determination concerning your live insurance application, as well as about a premium rate.
How Much Will Life Insurance Cost?
The cost of a life insurance policy has to do with a variety of different factors. These typically will include the type and the amount of coverage that a person is purchasing. For example, in most cases, term life insurance will cost less than permanent, and the higher the death benefit being purchased, the more the premium will be.
Also factored into the premium price of life insurance will be an applicant’s age, gender, and health. If you have a condition such as iron deficiency anemia, this too will be considered by the life insurance underwriters. The good news is that, in many instances, this condition can be kept to mild – especially if it is found and treated early. And, if this is the case, and if you are otherwise in good health, then you may be able to qualify for a Standard life insurance policy.
Those who do qualify for a Standard life insurance policy rating will pay a premium that is in line with other policyholders who are considered to be “average” regarding health for those of the same gender and age range.
If, however, it is deemed by the life insurance company that your health is not as good as average, then you may be able to still obtain a policy. However, that policy may be rated as a Substandard. That being the case, the premium that is charged would typically be higher than that of a Standard policyholder.
It is important to note, however, that even though all life insurance companies have some criteria for qualifying their applicants for coverage, these parameters are not all identical. Because of that, you may find that you could apply with one company and be rated as a Standard policyholder, and apply with another and be rated as a Substandard – which can make a big difference in what you pay in premium.
With that in mind, it is important to shop and compare more than just one life insurance company before making a final decision on the coverage that you purchase. Doing this does not have to be time consuming – and it does not have to require going from one individual insurance carrier to another. By working with an independent brokerage that has access to numerous life insurance carriers, you can have the information that you need very quickly – and you can compare the policies and the premium prices in an unbiased manner, often in just a matter of a few minutes. This can save you countless hours of time and frustration throughout the life insurance buying process.
What If You Do Not Qualify for Regular, Traditionally Underwritten Life Insurance Coverage?
If you are not able to qualify for a medically underwritten life insurance policy due to your iron deficiency anemia, there are still other alternatives that you may be able to take to obtain the life insurance coverage that you need. One route that you could go would be to apply for a no medical exam life insurance policy.
As the name suggests, a no medical exam life insurance policy does not require you to undergo a medical examination as a part of the underwriting process. This means that there is no requirement to submit a blood and urine sample – and because of this, many people who have certain health issues can have an easier time qualifying for life insurance.
Also, because there are no medical requirements to review, a no medical exam life insurance policy can often be approved much more quickly than a traditionally underwritten life insurance policy, too. Therefore, you could have your insurance coverage within just a matter of days – or possibly even sooner – as versus weeks.
For this type of coverage, the premium can be higher, though. This is due to the fact that the insurance company is taking on more risk. However, in some cases, a no medical exam life insurance policy may provide the only available option. So, it is one to keep in mind,
How to Find the Best Premiums on Life Insurance for People with Iron Deficiency Anemia
If you are trying to find the best premiums on life insurance for people with iron deficiency anemia, or any other higher risk health issue, then it is always a good idea to work with an independent insurance company or agency that has access to multiple life insurance carriers. That way, you will be able to directly compare policies and premiums – and from there, you can determine which will be the best for you and your specific needs.
When you are ready to move forward, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you with obtaining all of the details that you require for making an informed purchase decision. To proceed, just simply fill out the quote form on the left side of this page.
Should you find that you have any additional questions about finding life insurance for people with iron deficiency anemia – or even if you just have a question about life insurance in general – then please feel free to contact us directly. We can be reached via phone, toll-free, at 888-229-7522.
We understand that the purchase of life insurance can be a bit confusing – especially if you have a health issue that you think may harm your chances of approval. But the good news is that you may have many more options than you think. So, contact us today – we’re here to help.