Life Insurance with Cystic Fibrosis
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 they have been diagnosed with Cystic Fibrosis (CF).
Questions that will be directly addressed will include:
- Can I qualify for life insurance after I’ve been diagnosed with Cystic Fibrosis?
- Why do life insurance companies care if I’ve been diagnosed with Cystic Fibrosis?
- 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’ dive right in!
Can I qualify for life insurance after I’ve been diagnosed with Cystic Fibrosis?
This is a tough one because had you asked us a few months ago, we would have said “NO” individuals who have been diagnosed with Cystic Fibrosis will not be able to qualify for a traditional term or whole life insurance policy.
And the truth is…
This is still pretty much the case because the vast majority of life insurance companies are going to deny anyone who a “traditional” life insurance policy if they have been diagnosed with Cystic Fibrosis, which in the past would only leave someone two different options to consider.
The first would be…
A guaranteed issue life insurance policy, which wouldn’t require someone to have to take a medical exam or answer any medical questions but would also contain a GRADED DEATH BENEFIT and only allow those between the ages of 50 and 85 to apply (in most cases). Which would usually be a deal-breaker for most folks with Cystic Fibrosis.
The second option….
That we would usually turn to would be an Accidental Death Policy, which typically isn’t the greatest option either because these “types” of products aren’t TRUE life insurance policies because they provide coverage for is ACCIDENTS.
If you were to die from a “natural” cause of death like a heart attack, a stroke, or say a complication associated with having been diagnosed with Cystic Fibrosis, these types of products would not pay a death benefit to your family.
Which is why…
When we would get a call from someone who has been diagnosed with Cystic Fibrosis, we here at IBUSA would find ourselves in a bit of a pickle because the truth was, we really wouldn’t have much that we could offer them that would meet their true needs.
That said however…
Things have begun to change a “bit” within the life insurance industry where now we do have some potential options that may be available to certain individuals who have been diagnosed with Cystic Fibrosis provided that they meet a rather “strict” criteria list and are only looking for a somewhat limited amount of TRUE life insurance coverage.
This is why…
Even though most life insurance companies are going to be unwilling to insure an individual who has been diagnosed with Cystic Fibrosis, we here at IBUSA still like to cover all bases and see if there may be a chance for you to still be able to qualify for coverage with the one or two different insurance companies willing to provide coverage to those with CF.
Why do life insurance companies care if I’ve been diagnosed with Cystic Fibrosis?
Simply put, the main reason why life insurance companies are going to “care” if an individual has been diagnosed with Cystic Fibrosis is that Cystic Fibrosis is a very serious pre-existing medical condition. And can potentially affect the lifespan of those affected by it.
Cystic Fibrosis Defined:
Cystic Fibrosis is a hereditary disease that affects the CFTR gene, which is responsible for making a protein that helps control the movement of salt and water in and out of one’s cells. As a result, those suffering from this condition will tend to have “issues” that will affect both their lungs and digestive system.
Common symptoms of Cystic Fibrosis may include:
- Salty tasting skin,
- Frequent coughing, wheezing,
- Increased susceptibility to pneumonia or sinusitis,
- Difficulty breathing,
- Large, smelly and greasy bowel movements,
- Difficult gaining weight and/or failure to thrive.
But what really worries…
Most life insurance companies is that Cystic Fibrosis is a chronic progressive disease, which statistically shows that the majority of individuals suffering from this condition will encounter severe complications due to their disease by their late 30’s early 40’s.
Before anyone gets too upset or beings complaining about the simplicity of our definitions that we’re using here, it’s important to understand that we here at IBUSA aren’t medical experts of doctors.
All we are is a bunch of life insurance agents who just happen to be really good at helping folks with pre-existing medical conditions like the Cystic Fibrosis find coverage that they can qualify for.
Which means that…
Because we’re not going to be the one “diagnosing” your condition and certainly not the one’s helping your treat your condition, all we need to do is have a very “basic” understanding of what your condition is and what it is about your condition that the life insurance companies are going to be the most interested in.
What kind of information will the insurance companies ask me or be interested in?
If you have cystic fibrosis, insurance companies will typically ask for detailed information about your medical history, including your diagnosis and treatment history, when you apply for life insurance.
They will also likely ask about any other health issues you have, as well as your lifestyle, including your diet, exercise habits, and any risky behaviors such as smoking or excessive alcohol consumption.
Insurance companies will use this information to assess your risk profile and determine the most appropriate coverage and premiums for your situation.
Having cystic fibrosis may be considered a negative factor in this assessment, as it increases the risk of respiratory and digestive issues and can impact life expectancy.
As a result, you may be charged higher premiums to compensate for the increased risk or be denied traditional coverage entirely.
It’s important to be honest and transparent when completing a life insurance application. Providing accurate and complete information will help the insurance company assess your risk profile and determine the most appropriate coverage and premiums for your situation.
It’s a good idea to know what is in your medical records and to discuss your health history with your doctor before completing the application to ensure that you have all of the necessary information.
When it comes time to “qualifying” for coverage, it’s safe to say that your Cystic Fibrosis diagnosis is going to be the primary determinant deciding whether or not you’re going to be able to qualify for coverage.
And while we would love to be able to “outline” exactly what the few life insurance companies who are willing to provide coverage to Cystic Fibrosis applicants are looking for, the truth is, this process is a pretty “subjective” one.
Which is why…
What we usually like to do is go over some of the Pros and Cons of the different life insurance companies that will be willing to pride coverage to those who have been diagnosed with Cystic Fibrosis as well as go over some of the “pricing” to first determine if one of these options might be a good fit from you.
We’ll usually try and get a better idea about how “serious” your Cystic Fibrosis is and reach out to an underwriter to determine if you’ll have a realistic chance at being able to qualify for coverage. This way, you won’t need to spend a lot of time and energy if it doesn’t look like you have a realistic opportunity for success!
Which brings us to the last topic that we wanted to take a moment and discuss here in this article…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that works best for folks who have been diagnosed with a pre-existing medical condition where the “severity” of the condition is often “subjective” is for the applicant to make sure that they first find a true-life insurance professional who will work as an advocate for you.
Such an agent…
Will not only help guide you through the application process but also be perfectly “frank” with you about what options may or may not be possible for you.
You’ll also want to make sure that the very same agent you have chosen has access to dozens of different life insurance companies because after all, it really doesn’t matter how “great” of a life insurance agent you might have if they don’t have access to the “best” life insurance policy for you! Now, does it?
You’ll want to make sure that you’re completely honest with your life insurance agent before applying for coverage. By doing so, you will be helping him or her narrow down what options might be the “best.”
So, what are you waiting for? Give us a call today and see what we can do for you!