Being approved for life insurance is a breeze for some people – especially if they are healthy. However, if your health isn’t in great shape, your life will be viewed as a greater risk to the company, and the chances they’ll have to pay a claim quicker than they would on a healthy person.
If you’ve been diagnosed with Aplastic Anemia your application can be viewed as a major risk. Don’t let that worry you just yet.
Obtaining an issued policy is easier today than it has been in the past – even if you’ve had an application denied previously. There are now carriers who specialize in high-risk policy cases. This is where we can assist you. We can also help individuals who are looking for life insurance if they are overweight or obese or whole life insurance for diabetics.
Why Aplastic Anemia Can Have an Effect on Your Life Insurance Application
Aplastic anemia is a rare, but serious, health condition that happens when a person’s body ceases to produce enough new blood cells. Because of this, the body feels fatigued – and in turn, it becomes a higher risk for infections, as well as for uncontrolled bleeding.
People of any age can develop aplastic anemia. And, it can either come about suddenly, or it may alternatively develop over time and slowly get worse. There are some treatments that are available for this condition. These may include medication, as well as blood transfusions, and / or even having a stem cell transplant.
Some of the more common symptoms that are associated with having aplastic anemia may include bleeding of the nose, lips, and / or the gums, as well as bruising easily, weight loss, low blood counts, recurring infections, and other common symptoms of having anemia.
Since these issues are typically life altering, applying for a medically underwritten policy might not be the smartest decision. When applying for life insurance, the insurance company underwriters will want to take a closer look at your application – and they will likely ask some additional questions in order to get a more detailed look at your condition.
What the Insurance Underwriters Want to Know When You Have Aplastic Anemia
To apply for life insurance with aplastic anemia, you’ll need to fill out a long application that covers some of these questions:
- Contact information
- Smoking status
- Alcohol consumption
- Occupation and income
- Marital status
- Foreign travel frequency
- Hobbies / habits (particularly risky activities such as skydiving, scuba diving, rock climbing, etc.)
- Other life insurance in force (and the amount of the coverage)
Due to your aplastic anemia condition, the insurance underwriters will also likely ask for additional information, such as the following:
- When / at what age were you initially diagnosed with aplastic anemia?
- Do you take any prescription medication for your aplastic anemia? If so, what medication(s) do you take and what is / are the dosage(s)?
- Have you had any symptoms of aplastic anemia over the past six months?
- Have you had any relevant lab and / or diagnostic testing performed over the past 12 months?
- Do you regularly visit your medical professional concerning your aplastic anemia?
Once that application has been sent to the carrier, they’ll help you get a medical exam set up. There are several tests that will be done during the exam but basically think of it as a less invasive physical.
Once the lab company completes the analysis they’ll send their findings to the underwriter at the insurance company. Once they compare the findings against their guidelines they’ll start to get a clearer picture at what your rating class and premium will be. However, sometimes they’ll need more detailed health history from you, so they could reach out and ask some more questions.
How Much Will Your Insurance Cost with Aplastic Anemia
Life insurance premiums are the result of a variety of different factors. These include the amount and the type of coverage that you purchase, as well as your age and gender. Also, your health will play a key role in this as well. This is because the life insurance company bases the premiums in large part on the risk that the company is taking on.
When you have a condition such as aplastic anemia, the underwriters will be determining, based on their analysis, how much of a risk an applicant may be. If your health – other than your aplastic anemia – is good, then it may be possible for you to obtain a Standard rated policy. In this case, your premium would be on par with other policyholders who are considered to be of average health.
If, however, your condition is determined to be more serious, then your policy may be rated as a Substandard. In that case, the premium amount that would be charged will be higher than that of an average, or Standard, policyholder.
It is important to note, though, that not all life insurance companies will underwrite their applicants for coverage in the same manner. This means that you may apply for coverage at several different insurance carriers – for the exact same amount and type of coverage – and be quoted three very different rates.
This is why it is important to work with an agency or broker that has access to more than just one single insurance carrier and to compare multiple premium quotes before moving forward with a decision. It is also important to ensure that the agency you work with specializes in higher risk life insurance cases. That way, they can help you to find an insurance carrier that is more apt to take on applicants who may have certain types of health related issues.
What If You Don’t Qualify for Medically Underwritten Life Insurance Coverage
If it is determined that you won’t qualify fully underwritten plan due to your aplastic anemia – or for another reason – then there are still other options that may be option to your for getting life insurance coverage. One of these is to go the route of a no medical exam policy.
These policies don’t require a nurse coming to you and running tests, and you won’t have to stress about whether or not your results come back fine. And, because there are no medical underwriting criteria to sort through, these policies can also be approved much more quickly – meaning that you could essentially have your policy within just a few days as versus weeks (or months) that is can take for a traditional life insurance plan.
It is important to note that no medical exam life insurance policies are typically costlier in terms of the premium. This is because the applicants for these policies are often not in the best of health so that they may pose a higher risk to the insurance company. However, these policies can provide an option to many individuals in terms of obtaining the life insurance coverage that they need.
How and Where to Find the Best Premium Quotes on Life Insurance with Aplastic Anemia
If you are seeking life insurance with aplastic anemia, then it will be important to work with an agency that deals in higher risk life insurance applicants to obtain the best premium quote for you. In doing so, we can help.
We work with many of the top life insurers in the marketplace today – and it is our goal to provide you with the information you need to feel comfortable in making a decision on buying a life insurance policy. Our work for you can be done over the internet, which is great because you do not have to leave your house at all to get that financial security. Take your first step by filling out our form to the left! This will give us some preliminary information on your situation.
If you need immediate assistance, our phone lines are always open at 888-229-7522. Our agents have secured life insurance policies for people with aplastic anemia in the past and will efficiently walk you through the process.