Anemia and Life Insurance
In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance after having been diagnosed with Anemia.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Anemia?
- Why do life insurance companies care if I have been diagnosed with Anemia?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance if I have been diagnosed with Anemia?
Yes, individuals who have been diagnosed with Anemia can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, they may even be able to qualify for a No Exam Life Insurance at a Preferred Plus rate assuming the condition has resolved itself.
The problem is…
There are many reasons why someone might become anemic, many of which aren’t going to give a life insurance underwriter all that much to worry about.
While other “causes” could certainly play a major role in determining whether or not you’re going to qualify for a traditional term or whole life insurance policy.
Why do life insurance companies care if I have been diagnosed with Anemia?
To understand why a life insurance company is likely to “care” if an individual has been diagnosed with Anemia, it’s probably better to think of Anemia as a “symptom” of some other “kind” of pre-existing condition rather than the actual “condition” itself. After all, this is usually how a life insurance underwriter will view being “anemic”.
And this is…
Where we can begin to run into trouble because there are literally over 400 different “reasons” why an individual might become anemic. Fortunately, most of these potential reasons why an individual might become anemic can usually be grouped into one of three categories.
Those that are…
- Caused by blood loss,
- Caused by decreased production or faulty production of red blood cells,
Or those cause by the destruction of red blood cells.
Now depending on…
Why you have become anemic can and often will have a significant role in the outcome of your life insurance application which is why before being approved for a traditional term or whole life insurance policy, you can bet that most (if not all) of the top life insurance insurance companies are going to what to ask you a series of medical questions about “why” you have become anemic and just how “serious” the underlying pre-existing medical condition is that caused this to be.
Anemia is a condition in which the body does not have enough red blood cells or hemoglobin, a protein in red blood cells that carries oxygen to the body’s tissues. There are many different types of anemia, and they can be caused by a variety of factors, including:
- Blood loss: This can be due to injury, surgery, or a medical condition such as ulcers or cancer.
- Nutritional deficiency: Anemia can be caused by a deficiency of iron, folic acid, or vitamin B12. These nutrients are important for the production of red blood cells.
- Chronic disease: Anemia can be a complication of certain chronic diseases, such as kidney disease or rheumatoid arthritis.
- Inherited conditions: Some people are born with conditions that affect the production of red blood cells, such as sickle cell anemia or thalassemia.
Symptoms may include:
- Fatigue or weakness
- Shortness of breath
- Dizziness or lightheadedness
- Rapid heartbeat
- Pale skin
- Chest pain
- Cold hands and feet
- Difficulty concentrating
There are many treatment options for anemia, and the best course of treatment will depend on the underlying cause of the anemia. Some common treatment options for anemia include:
- Increasing iron intake: Iron supplements can help increase the body’s production of red blood cells.
- Taking folic acid or vitamin B12: These nutrients are important for the production of red blood cells.
- Treating the underlying cause: If anemia is caused by another medical condition, treating that condition can help improve the anemia.
- Blood transfusions: In severe cases of anemia, a person may need to receive blood transfusions to increase their red blood cell count.
- Erythropoietin medication: This medication can help stimulate the production of red blood cells.
What kind of information will the insurance companies ask me or be interested in?
Insurance companies may ask you a variety of questions related to your anemia in order to determine your eligibility for coverage and to assess the risk associated with insuring you. Some of the information they may ask for or be interested in includes:
- The underlying cause of your anemia: Insurance companies may ask about any medical conditions or lifestyle factors that may be contributing to your anemia.
- The severity of your anemia: Insurance companies may ask about the severity of your anemia, as this can impact your risk of complications and the likelihood that you will need medical treatment.
- Your treatment plan: Insurance companies may ask about the treatment plan recommended by your healthcare provider and may want to review any medical records related to your anemia.
- Your family medical history: Insurance companies may ask about the medical history of your family members, as certain medical conditions can run in families and may increase your risk of developing anemia or other health problems.
- Your occupation: Insurance companies may ask about your occupation, as certain occupations may be more physically demanding and may increase your risk of developing anemia or other health problems.
What rate class can I qualify for if I have Anemia?
Now, as you can see, there are many factors that can come into play when determining what kind of “rate” you might qualify for. The truth is that the questions that we’ve listed above really only represent the “tip of the iceberg” when it comes to all the factors that could come into play depending on how you answer these “basic” starter questions.
This is why…
It’s pretty much impossible to know for sure what kind of rate you might be able to qualify for without first speaking with you directly. That said, however, there are a few “assumptions” that we can make about one’s Anemia depending on the cause.
If you have been diagnosed with Anemia which seems to be related to some kind of “blood loss” which might be associated with:
- An injury,
- Normal menstruation,
- A previously undiagnosed ulcer,
- Etc, etc…
And these “conditions” have been treated or resolved; there is a good chance that you might be able to qualify for a Preferred or Preferred Plus rate assuming that you would otherwise be eligible.
Or to put it another way…
If you Anemia was caused by a pre-existing condition that has resolved itself fully and isn’t likely to return, chances are your Anemia won’t play a role in the outcome of your life insurance application provide that you aren’t anemic at the time of your life insurance application.
Now as for those…
Suffering from Anemia as a result of some kind of “significant” or more serious pre-existing condition where the “anemia” is considered simply a symptom of some kind of larger medical condition, that you have been diagnosed with Anemia isn’t going to play a huge role in the outcome of your life insurance application. Rather the underlying cause which has created your Anemia will be what is going to determine what kind of “rate” you will be able to qualify for.
Which brings us to the last topic that we wanted to take a moment and discuss with you, which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, we have found that usually, the folks who seem to find the “best” life insurance policy for them are those that:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions but also have access to dozens of different life insurance companies so that when it comes time to helping a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
Now, will we be able to help out everyone who has been previously diagnosed with an Anemia?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Top Final Expense Insurance Companies as well so that in the event that someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for.
So, if you’re ready to see what options might be available to you, just give us a call!