Life Insurance with Anemia.
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 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 Medical Exam Life Insurance Policy at a Preferred Plus rate assuming the condition has resolved itself.
The problem is…
That there are a lot of reasons why someone might become anemic, many of which aren’t something that is going to give a life insurance underwriter all that much to worry about while other “causes” could play a major role in determining whether or not you’re going to be able 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 medical condition rather than the actual “condition” itself. After all this is usually how being “anemic” will be viewed by a life insurance underwriter.
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 a decreased production or faulty production or 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 prior to 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.
What kind of information will the insurance companies ask me or be interested in?
- When were you first diagnosed with anemia?
- Who diagnosed your anemia? A general practitioner or a specialist?
- Do you know what has caused you to become anemic?
- What symptoms (if any) led to your diagnosis?
- Symptoms such as:
- Feeling tired, fatigued,
- Rapid heartbeat (tachycardia)
- Difficulty concentrating,
- Leg cramps,
- Pale skin.
- Are you currently anemic?
- Have you ever been diagnosed with any other serious pre-existing medical conditions?
- Have you been prescribed any prescription medications?
- If so, have any of your medications changed in any way within the past 2 years?
- Have you been admitted to a hospital for any reason in the past 2 years?
- Are you currently working now?
- Have you applied for or received any form of disability benefits?
- Symptoms such as:
What rate (or price) can I qualify for?
Now as you can see, there are a lot of factors that can come into play when determining what kind of “rate” you might be able to qualify for. And the truth is, these 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 seem 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 which 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, chances are the fact 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, 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!”
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!