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. This is especially the case, however, for those who have adverse health conditions such as someone looking for life insurance with bipolar disorder or the best life insurance for diabetics. Let us guide you through this process.
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.
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 in this process.
Are you a veteran and wondering if you can get affordable life insurance for veteran’s? Let us help you in your search.
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
When applying for life insurance with lupus, the underwriters will want to know more in depth information about your health condition. Some of the questions that you are likely to be asked include the following:
- 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 your 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, as well as any additional information about such incidents.
In addition to the specific information about your condition, the underwriters will also base your life insurance qualification – as well as the premium that you will pay for your coverage – on other pertinent factors too, such as your:
- Height and weight
- Smoking status / tobacco usage
- Alcohol usage
- Occupation and income (if applicable)
- Hobbies and lifestyle
- Overall health condition, as well as your family health history
In most cases, life insurance applicants are typically also required to submit a blood and urine sample. These samples will be reviewed for certain health conditions that may also present the risk of claim to the insurance company.
Once all of your information has been submitted, the underwriters will be able to get a much clearer picture of your overall health condition, as well as the risk that you may present. This, in turn, will help them with determining the amount of premium that you will be charged for your life insurance coverage.
How Much Premium Will You Pay for Your Life Insurance with Lupus?
There are actually four different types of lupus. The life insurance coverage that you obtain, as well as the premium that you are charged for that coverage, will depend a great deal on the type that you have been diagnosed with, as well as the severity of your actual condition.
In addition, the treatment that you are receiving for your condition, as well as the medications and other aspects of your treatment will also play a role in the ultimate decision of the life insurance underwriters. This is why it is essential to provide as much information as possible about your condition, and about the methods that you are using for its treatment and control.
In most cases, it is best to apply for your life insurance coverage if your lupus has been in remission for at least six months. In this case, you can significantly increase your chances of being approved for coverage. 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. Without the health information, the insurance company is going to view you as a higher risk because of the unknown factors.
It’s difficult to estimate how much that an applicant will pay for life insurance because of all the different factors that go into determining premiums. Not only are there several factors that can impact rates, but the rates that you get from each company could vary wildly. Every company has different underwriting and rating systems that they are going to use.
Guaranteed Issue Life Insurance
One option for life insurance is a guaranteed issue life insurance plan. With these policies, you don’t have to take a medical exam or answer any health questions. Regardless of your health or your lupus diagnosis, you can be approved for insurance protection. There are a couple of drawbacks to these plans that you should be aware of when you’re shopping for insurance.
One of the most notable is that you can only buy around $25,000 worth of insurance. There are only a few companies that issue larger plans than that as guaranteed issue plans. For most families, that isn’t nearly of insurance. Not having enough life insurance is one of the worst mistakes that you can make for your family.
Another disadvantage to these plans is that they are going to be more expensive. Without the medical exam or the health questions, the insurance company is taking a higher risk to give you life insurance, and they are going to offset that by charging you higher premiums.
Taking the Next Steps to Obtaining Coverage
When searching for life insurance with lupus, we can help you to locate the coverage that you need at a premium that fits into your budget. We work with the top rated life insurance carriers in the marketplace today, and we are familiar with the companies that are more apt to issues policies for people with critical illnesses and disabilities.
We know that shopping for life insurance can be an overwhelming experience, especially as an applicant with lupus, but that’s why we are here to help. It’s job to make the process as quick and simple as possible. If you have any questions about getting life insurance with lupus or your options for life insurance, we would be happy to answer those questions for you and ensure that you’re getting the best life insurance protection for you and your family.
Let us point you in the right direction. In order to compare policy benefits and life insurance premium quotes, fill in the form on this page to get the process started. And, should you have any additional questions regarding a policy when you have lupus, obtaining quotes, or even life insurance in general, please feel free to contact us directly at 888-229-7522 and we will be happy to help. Nobody should have to go without the insurance protection that they need to provide for their family, regardless of what happens to them.
Life insurance is one of the most important purchases that you can make for your family. 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.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that your family deserves. Please contact one of our agents today to get the process started today and we can ensure that you’re getting the best coverage available for you and your loved ones.