This article is purely aimed at helping individuals who are currently on dialysis and/or suffering from chronic or end stage kidney failure find a life insurance policy that they will be able to qualify for.
In our discussion here, we’re going to want to limit our focus on just those individuals who are suffering from a “permanent” condition that will require them to remain on dialysis indefinitely or until which time they receive a kidney transplant which would allow them to discontinue their treatment.
That being said…
However, of you are someone who is currently receiving dialysis who will one day potentially no long need to receive dialysis, it should be noted that at that time, you may be eligible for additional term or whole life insurance options which we will not be discussing in this article.
Therefore, in this article…
We’re only going to focus on the more serious cases where treatment is unlikely to improve the kidney functioning and dialysis will likely continue unless a transplant is done.
Now one might ask:
“Are there life insurance policies available for people suffering from chronic or end stage kidney failure”.
The answer is YES and MAYBE.
When finding life insurance for someone that is currently receiving kidney dialysis what we have to consider are the various options available that aren’t going to require a medical exam or ask any health-related questions.
The good news is…
That there are several different life insurance companies that offer these types of life insurance policies which are called guaranteed issue life insurance policies, the bad news is that they do have a few “down sides” to them.
And it is…
These potential “down sides” that you’ll need to be aware of before you can ultimately determine if a guaranteed issue life insurance policy is going to be a good fit for you.
What is a guaranteed acceptance or guaranteed issue life insurance policy?
As we’ve already stated, guaranteed issue life insurance policies are life insurance policies that wouldn’t require the applicant to answer any health related questions or undergo any medical exam.
To qualify for these “types” of life insurance policies there are only two requirements that must be met in an order before the applicant can qualify.
- The applicant must be a US citizen
- The applicant must be between 40-85 years
(Assuming of course that these products are available in your home state).
But before you get too excited…
It’s important to point out that guaranteed issue life insurance policies will have their disadvantages.
Firstly, guaranteed issue life insurance policies are usually limited to around $25,000 in coverage. So, if you are currently receiving dialysis or have been diagnosed with chronic or end stage kidney failure you will be able to qualify for a guaranteed life insurance policy but the catch is, you’ll only be able to qualify for around $25,000 in coverage.
Now you can purchase several guaranteed issue life insurance policies so that you can increase your total amount of life insurance coverage however if you choose to go this route, you’re likely to second problem with guaranteed issue life insurance policies on your won.
Dollar for dollar, most guaranteed issue life insurance policies cost more than traditional term or whole life insurance policies that require a medical exam or ask about one’s current health status.
So… while it’s theoretically possible to purchase multiple guaranteed issue life insurance policies so that your total coverage can exceed $25,000 in coverage, financially it may simply not be an option to consider.
The final disadvantage we are going to consider when discussion guaranteed issue life insurance policies is the Graded Death Benefit. Every guaranteed issue life insurance policy that we here at InsuranceBrokersUSA are aware of are going to have what is called a Graded Death Benefit.
So… Let’s just take a brief moment and describe exactly what a Graded Death Benefit is.
Graded Death Benefit.
A graded death benefit is a clause that is written into most if not all guaranteed issue life insurance policies that states that your guaranteed acceptance life insurance policy WILL NOT PROVIDE COVERAGE for a death that is caused by natural causes for a “certain” period of time once you have purchased your guaranteed issue life insurance policy. This “certain” period of time is usually referred to as a “waiting period” and will usually last 2-3 years depending on which insurance company that you choose.
Natural Cause of Death.
It is important to understand what a natural cause of death is. The best way to understand what a natural cause of death is to consider a natural cause of death, any “type” of death that is caused by an illness. Illness such as cancer, heart disease, stroke, diabetes and so much more.
Guaranteed acceptance life insurance policies will cover accidental causes of death which would include causes such as a slip and fall, motor vehicle accident, natural disaster, etc.
The applicant might wonder:
“Why would I buy a life insurance policy that is going to make me wait for 2-3 years before it finally covers me”.
Which is a very good question to have so let’s answer it.
For many people who simply aren’t able to qualify for any other “types” of life insurance policies that will require one to be able to “medically” qualify, having an option like a guaranteed issue life insurance policy is a great relief!
If you can’t qualify for anything else, having to wait 2-3 years may not be such a bad deal.
If an insured should happen to pass away due to natural causes during the Graded Death Benefit, many insurance companies have written into the policy itself, their “refund” policy in which most if not all of the premiums paid by the insured are returned to the insured listed beneficiaries!
(Every insurance company is unique with regards to how they handle deaths due to natural causes during the Graded Death Benefit which is why we advise all applicants to specifically request this information when considering which insurance company, they should choose).
Now we’ve discussed a lot of information in this article and we certainly don’t expect you will become an expert on this immediately, but what we would like to see is that now being to realize that even if you’ve been turned down before, chances are, there still may be an insurance option for you!
So, what are you waiting for? Give us a call today and see what we can do for you!