Applying for life insurance – and being approved for the coverage that you need – can be easy for many people. Often, it just simply entails applying for a policy and then waiting for the insurance carrier’s approval.
But for some individuals, being approved for life insurance is not quite that simple. This may be due to having certain health conditions.
The good news is that if you have an issue like ulcerative colitis, you can oftentimes still be approved for coverage. However, you may need the assistance of an independent life insurance organization. This is where we can help.
How Ulcerative Colitis Can Have an Effect on Your Application for Life Insurance
Ulcerative colitis is a type of inflammatory bowel disease (IBD). This condition will typically cause long-term inflammation, as well as ulcers, in a person’s digestive tract. This condition can have an effect on the innermost lining of the colon / large intestine, as well as in the rectum.
In most cases, the symptoms of ulcerative colitis will develop over time as versus suddenly. In some cases, ulcerative colitis can be managed or controlled, while in other instances, this issue can not only be debilitating, but it could lead to certain life-threatening complications. Because of this, a life insurance company will want to know more about an individual who has this condition and is applying for insurance coverage.
The good news is that, even though ulcerative colitis has no known cure at this time, there are ways to go about treating this condition – and because of that, it may lead to short- or even long-term remission of the issue.
What the Insurance Company Wants to Know About Your Health Condition
When trying to obtain life insurance with ulcerative colitis, there will be some steps for an applicant to take. First step is filling out the basic information like:
- Your age / birth date
- Your contact information
- Your gender
- Your height and weight (to determine the relationship between your weight, given your height)
- Your marital status, and whether you have children
- Your occupation and income
The insurance application will also want to know about your overall health condition and history, as well as your family health history. This is because certain health issues can run in families and can be genetic.
Other questions that will typically be asked on the life insurance application for coverage will include whether or how often you travel to foreign countries, and whether you have hobbies that are considered to be risky by the insurance company. These hobbies may include things like rock climbing, scuba diving, and / or skydiving.
The second step includes more in-depth questions about your health condition.
- When were you initially diagnosed with ulcerative colitis? How long ago you were diagnosed with ulcerative colitis can help the life insurance underwriters with determining how – and how well – you are controlling and / or managing your condition. Knowing this can also help in establishing the possibility of any complications.
- Do you know of any particular triggers that may aggravate your ulcerative colitis symptoms? If you are aware of what it is that triggers your ulcerative colitis, you will be better able to avoid these factors – in turn, helping to avoid or eliminate any future flare ups.
- Have you had any surgeries due to your ulcerative colitis? In some cases, those who have ulcerative colitis may have surgery to help in managing or controlling their condition. One such surgery is a colectomy. This, however, can also present more risk for various health complications in the future.
- Do you follow any special diet to help with managing or controlling your condition? If you are currently following a special diet to help with managing and / or controlling your ulcerative colitis, it could mean that you can avoid future flare-ups.
- Do you take any medication(s) for your ulcerative colitis condition? The taking of certain medications could mean that you have a more severe case of ulcerative colitis. The life insurance underwriters will want to know what medication(s) you are currently taking, as well as the dosage(s).
- Are there any tests, or labs that have been performed recently? Can you share the results of them?
The third step of the application, though it comes after you’ve submitted an application, is the medical exam. The premise of the medical exam is to collect samples of blood, urine and a few other tests so that the carrier can analyze the results and determine if you carry a bigger risk than the application shows.
In some instances, the insurance company may also want to obtain additional health information via your medical records.
Once all of your information has been received by the insurance company’s underwriters, they will be better able to thoroughly review it, and from there, make a determination regarding your coverage, as well as a premium price.
How Much Will Your Life Insurance Cost?
The premium cost of life insurance coverage can be based on many different factors. These include both the type and the amount of life insurance protection that a person is purchasing. It can also be based on the age, gender, and health condition of the applicant.
For those who want to obtain life insurance with ulcerative colitis, this condition – as well as how you are controlling and / or managing it – will also be taken into consideration by the insurance company.
In many instances, those who have this condition, but are otherwise in good health, can obtain life insurance coverage with a Standard policy rating. This means that you will be considered to be in line with other “average” policyholders who are of your same age and gender. This also means that the premium price of your life insurance policy will be in the range of other average policyholders.
If, however, you have had some complications with your ulcerative colitis, and / or if you have had colectomy surgery, then it is possible that the underwriters will rate your policy as a Substandard. This means that, even though you will qualify for coverage, the premium rate will be higher than that of an average policyholder. Just how much higher will be dependent upon the severity of your condition, as well as other possible health related factors. While not insurance companies are the same, many will have certain classes of Substandard policies. These may include Mild Substandard, Medium Substandard, and Severe Substandard.
What If You Don’t Qualify for Life Insurance Coverage?
One solution is to apply for a no medical exam life insurance policy. This policy comes in handy when an agent or carrier lets you know that there’s not a medically underwritten plan available for you.
It is important to note, though, that because many applicants who obtain no medical exam life insurance have health issues – which, in turn, deems them as being more of a risk to the insurer – the premium that is charged for this type of coverage will usually be much higher than that of a comparable traditionally underwritten policy. However, in some instances, a no medical exam life insurance policy could provide the only way to get the needed coverage.
There are many top life insurance carriers that offer no medical exam life insurance policies. And, just as with any other product or service that you purchase, it is important to carefully compare more than just one plan before moving forward with a purchase. If you opt to go this route, we can help.
Another possible policy option for those who have health conditions such as a more severe case of ulcerative colitis is a guaranteed issue plan. With these types of policies, as long as you pay the premium, you will be guaranteed the coverage. We can also help you with this type of life insurance coverage.
How to Find the Best Life Insurance Quotes
Finding and comparing the best life insurance quotes doesn’t have to be difficult – even if you have a health condition like ulcerative colitis. When seeking life insurance premium quotes, it is best to work with a company or an insurance agency that has access to more than just one life insurance carrier. That way, you will be able to directly compare policies, benefits, companies, and premium prices all in an unbiased manner – and from there, you can determine which will be the best for you.
We have a long history of helping people with ulcerative colitis, as well as various other health conditions, obtain the life insurance coverage that they need. We also understand that the life insurance shopping and application process can sometimes feel overwhelming – especially if you have been turned down for life insurance coverage in the past.
But the good news is that today, you have many more options that are available to you – and we will walk you through the entire quote and application process. We will also work in you in determining the proper type and amount of life insurance protection for your specific needs. So, contact us today – we are here to help.