When applying for life insurance, the underwriters want to ensure that they are not putting the insurance company at too much risk of having to pay out a large claim. That is why all applicants are initially screened.
Life insurance is one of the most important things that you’ll ever buy for your family, it’s the most important safety net that you can have.
Applying for life insurance can be a difficult process for anyone, but it’s even more frustrating for someone who has a severe health condition like lupus.
Life Insurance With Lupus
Obtaining life insurance with lupus can be difficult – especially if you don’t know where to look. Because there can be increased health risks, some insurers are reluctant to take on such individuals.
Other life insurance companies will offer coverage, but it could be at an increased premium rate. If you’ve ever received extremely expensive rates for coverage, or have been declined for insurance, don’t assume that you can’t get coverage for you and your family.
Working with a company that has access to many different insurance carriers can help you to match up your coverage needs with an insurer that specializes in taking on higher risk cases.
These companies are much more likely to give you quality and affordable life insurance coverage for the protection. We can help you with this process.
This article is going to look at ways that you can get life insurance with lupus and give you all the information that you need to get a quality and affordable life insurance policy.
What the Underwriters Will Want to Know
The life insurance application is detailed.
They are going to ask you about a hundred questions regarding your health. You should be prepared to answer some of the falling questions:
- What was the date of your initial diagnosis?
- What type of lupus have you been diagnosed with?
- Which of your tissues or organs have been affected by your condition?
- What medications, if any, have you been prescribed for your condition?
- If you are taking medication, what dosages have you been prescribed?
- If you are not presently being treated for your condition, what was the last date of any treatment that you had?
- If your condition has disappeared and then relapsed at a later date, please provide the dates of these occurrences
Aside from all the questions about your lupus diagnosis, they are also going to ask some basic questions:
- Height and weight
- Smoking status/tobacco usage
- Alcohol usage
- Occupation and income (if applicable)
- Hobbies and lifestyle
- Your family health history
After you’ve answered all the questions, then you will take the medical exam. This will include a blood sample and a urine sample.
They are going to take all these answers, health info, and samples to their underwriters.
They’re going to use all this info, and more, to determine how much to charge you for your coverage.
How Much Premium Will You Pay for Your Life Insurance with Lupus?
There are actually four different types of lupus. Whichever type you have is going to play a role in how much you pay.
T[he medications and other aspects of your treatment will also play a role in the ultimate decision of the life insurance underwriters.
This is why you should give them extremely accurate information about your condition, and about the methods that you are using for its treatment and control.
In most cases, it is best to apply when your lupus has been in remission for at least six months. In addition, if you have been keeping your condition under control with medication, you can also improve your chances of approval.
Oftentimes, if there is no room on the actual life insurance application itself, you may opt to provide an additional sheet of paper that contains more information about how you are controlling your condition. This can give the underwriters even more details, which could essentially help your case for approval.
It’s important that you give the insurance company the most health information that you can. The more information that they have, the better your chance of getting approved for coverage.
We can only guess how much you’ll pay. We don’t know your health, lupus diagnosis, or any other info. Depending on your age and any other risk factors, you could pay $40 a month (typically for younger applicants).
Guaranteed Issue Life Insurance
If you’re worried about your application being approved (you probably shouldn’t be), you always have a backup plan, guaranteed issue plans. It doesn’t take an insurance genius to decipher these plans.
Buying a guaranteed issue plan is a two-sided coin. You get coverage, but it’s expensive and limited. You answer about three questions, and you have coverage.
Most guaranteed issue plans cap their protection at $25,000. This probably won’t be enough coverage, but it’s better than none.
Taking the Next Steps to Obtaining Coverage
All of this info can be confusing. If you want a good insurance plan, you need to do some work. It can be time-consuming, but it doesn’t have to be.
We are familiar with the companies that are more apt to issues policies for people with critical illnesses and disabilities. Instead of you having to find the perfect plan on your own, we can do it for you.
If you don’t have life insurance, you would leave them with massive amounts of debt. Your family members would be responsible for your mortgage payments, car debts, student loans, and much more. This could leave your family with serious financial strain during an already difficult situation.
To get started, give us a call. We would love to talk to you and discuss your life insurance needs.