Life Insurance with Hemophilia.

In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after being diagnosed with Hemophilia.

Questions that will be directly addressed will include:

• Can I qualify for life insurance if I have been diagnosed with Hemophilia?
• Why do life insurance companies care if I have been diagnosed with Hemophilia?
• What kind of information will the insurance companies ask me or be interested in?
• What rate (or price) can I qualify for?
• 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 if I have been diagnosed with Hemophilia?

Yes, individuals who have been diagnosed with Hemophilia can and often will be able to qualify for a traditional term or whole life insurance policy.  That said however, we should note that even in the “best” of situations, most individuals who have been diagnosed with Hemophilia are only going to be able to qualify for a “high-risk” or “sub-standard” rating and those suffering from “severe” case may only be able to qualify for a Guaranteed Issue Life Insurance policy at best.

Why do life insurance companies care if I have been diagnosed with Hemophilia?

Probably the main reason “why” a life insurance company is to “care” if an individual has been diagnosed with Hemophilia is because of potential risk for deep internal bleeding within the brain that could occur in people with “severe” cases of Hemophilia.

The good news is…

That only about 50% of individuals who are diagnosed with Hemophilia will be diagnosed with “severe” cases which is why even though Hemophilia can be a potentially dangerous pre-existing medical condition most life insurance companies will still be willing to ensure someone after they have had an opportunity to learn more about their particular situation.

Which is why…

We wanted to take a moment and briefly discuss exactly what Hemophilia is as well as highlight some of the most common symptoms of this disease so that we’ll have a better idea of exactly what a life insurance underwriter will be looking for when making his or her decision about your life insurance application.

Hemophilia Defined:

Hemophilia is a hereditary medical condition which is defined by the inability of one’s blood to clot properly.  As a result, individuals suffering from Hemophilia will tend to bleed severely from even the slightest injury.  The cause of this condition is linked to the gene which determines how the body produces factors VIII, IX or XI.

Common symptoms may include:

• Blood in one’s urine or stool,
• Bruising easily,
• Excessive bleeding after minor cuts,
• Bleeding gums,
• Frequent nosebleeds,
• Joint pain,
• “spontaneous bleeding” in children.

Unfortunately…

There is no “cure” for Hemophilia however various therapies do exist to help folks either treat or minimize the severity of their condition including the administering of certain clotting factors directly into the blood or using medications like Desmopressin to help try and stimulate one’s own body into producing more “clotting” factors naturally.

The main concern for…

Most life insurance companies, is that some individuals with more “severe” cases of Hemophilia may go on to develop more serious complications as a result of their disease including but not limited to:

• Deep internal bleeding which can cause swelling within one’s extremities,
• Physical damage to one’s joints,
• Increased risk to infection,
• Potential risk for intercranial bleeding or bleeding into the brain.

Now…

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 one’s described above find and qualify for coverage.

Which means that…

Because we’re not going to be the one “diagnosing” your condition or treating it, all we need to do is understand is how a life insurance underwriter is going to consider it when trying to determine what kind of “potential” risk you may pose to them as a client.  The good news is, that despite how simply the definition that we’re using to describe what Hemophilia is, knowing how a life insurance company is going to “treat” you when you apply for a traditional term or whole life insurance policy is something that we actually have down pat!

Which is why…

When we are approached by an individual who has been diagnosed with any of these “kinds” of conditions, we’re going to know right away what questions a life insurance underwriter is going to want to know the answers too before he or she will be willing to make any kind of decision about the outcome of your life insurance application.

What kind of information will the insurance companies ask me or be interested in?

Common questions you’ll likely be asked may include:

• When were your first diagnosed with Hemophilia?
• Who diagnosed your Hemophilia? A general practitioner or a specialist?
• What symptoms (if any) led to your diagnosis?
• How are you treating your Hemophilia today?
• How would you “rate” your condition? Mild, moderate or severe?
• How often to you see your primary care physician?
• Have you been diagnosed with any other pre-existing medical conditions?
• In the past 2 years, have you been admitted into a hospital for any reason?
• Do you actively participate in any dangerous hobbies or activities?
• Are you currently working now?
• In the past 12 months, have you applied for or received any form of disability benefits?

What rate (or price) can I qualify for?

Now as you can see, there are a variety of factors that can come into play when trying to determine what kind of “rate” that you might be able to qualify for.  Which 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 for a few minutes.

That said however…

There are a few “assumptions” that we can make about individuals who are applying for a traditional term or whole life insurance policy after they have been diagnosed with Hemophilia that will generally hold true.  For example, regardless of how “mild” your Hemophilia may be, it’s safe that most individuals will be considered a “higher-risk” applicant!  Which means that you’re going to want to make sure you know “which” life insurance companies offer the best pricing for “higher-risk” applicants prior to applying for coverage.

It’s also…

Pretty safe to assume that if you are someone that seems to be routinely suffering from some of the more “serious” complications of Hemophilia such as internal bleeding or bleeding on the brain that most list insurance companies aren’t going to be willing to approve you for a “traditional” life insurance policy which means that you may need to consider taking a look at some “alternative” products such as a Guaranteed Issue Life Insurance Policy or an Accidental Death policy.

The good news is…

That regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours and are committed to helping all of our clients find the “best” life insurance policy that they can qualify for.  Which brings us to the last topic that we wanted to take a moment and discuss which is…

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 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!”

The good news is that this is exactly what you’re going to find here at IBUSA!