Ulcerative colitis is one of those medical conditions that many people will often underestimate its potential significance when applying for a traditional term or whole life insurance policy, particularly, if their ulcerative colitis is a “mild” case and hasn’t developed into a debilitating medical condition.
This is why…
Here at InsuranceBrokersUSA we’re always careful about “jumping” to any conclusions when working with folks who have been diagnosed with ulcerative colitis, and why we always want to get a thorough understanding of your particular situation before we start making any predictions about what “type” of life insurance policy you may or may not be eligible for, or what “rate” you may be expected to pay.
But before we can…
Know what questions we should ask you about your ulcerative colitis, it’s important to have a basic understanding of the condition and be aware of, what it is about ulcerative colitis, that is going to make an insurance underwriter “nervous” about approving your life insurance application.
About ulcerative colitis.
Ulcerative colitis is an inflammatory bowel disease (IBD) that is defined by long lasting inflammation and/or ulcers causing damage the innermost lining of ones’ large intestine (colon) and rectum. Symptoms of the disease will usually develop over time and if left untreated can potentially become life-threatening.
Unfortunately, the exact cause of ulcerative colitis remains unknown however many factors including:
- Autoimmune disorders.
- And family genealogy.
Seem to play a an important role in its development.
Common symptoms associated with ulcerative colitis.
Depending on the location of ones’ ulcerative colitis (intestine vs rectum), patients can expect any number of different symptoms including:
- Bloody diarrhea.
- Abdominal cramping and pain.
- Rectal bleeding/pain.
- Weight loss.
- Fatigue or general malaise.
Treatment options for those suffering from ulcerative colitis will generally be dictated by the severity of your condition and will often be a main indicator to an insurance underwriter just how serious your ulcerative colitis is.
Mild cases of ulcerative colitis will usually be treated with simple:
- Antidiarrheal medications.
- Enemas or suppositories containing medicine.
- Steroidal medications.
- Change in diet.
If you have a mild case and no other health conditions, you should qualify for ordinary life insurance.
- Steroidal medications.
- Immunomodulator medications.
- Prescription biologics.
If your condition is moderate you still should qualify for ordinary life insurance. However, moderate to severe cases may require you to apply for simplified issue no exam life insurance.
Will typically utilize the same treatment procedures, only this time, one may need to be hospitalized so that their condition can be monitored more closely and IV fluids administered as needed. If you have a severe health condition, guaranteed issue life insurance from one of the best final expense life insurance companies might be your best (and only) option.
Ulcerative colitis and Life insurance.
Ultimately when it comes time to getting approved for life insurance after you’ve been diagnosed with ulcerative colitis what you’re generally going to find is that most life insurance companies are going to consider you eligible for rates ranging from Preferred all the way to being denied life insurance coverage all together.
And we’ll be the first…
To admit that simply saying there are some that may qualify for a preferred rate while others may be denied isn’t all that helpful, but it’s true!
This is why it’s so hard to provide individuals who have been diagnosed with ulcerative colitis with an accurate quote…. At least at first!
Determining what you’ll be able to qualify for.
In order to determine what you will be able to qualify for, we’re going to want to ask you a series of questions so that we can get a better understanding of your condition and try to determine if you’ll be eligible for coverage.
Common questions you’ll likely be asked about your ulcerative colitis will include:
- How old are you now?
- When where you first diagnosed with your ulcerative colitis?
- How long have you been treating your ulcerative colitis?
- Have you been prescribed any medications to treat your ulcerative colitis?
- Have you required any surgical procedures to treat your ulcerative colitis?
- Have you ever been hospitalized due to your ulcerative colitis?
- What symptoms are you currently experiencing due to your ulcerative colitis?
- Are you in remission now?
- Are you currently working?
- In the past 12 months, have you applied for or received any form of disability benefits?
From here, we should have a pretty good idea about what “types” of life insurance policies you will and won’t be eligible for as well as have a “general” idea about what rate you may qualify for.
And as a general rule of thumb…
What you’re going to find is that if you’ve been diagnosed with a mild case of ulcerative colitis, you’re probably going to have a decent chance at qualifying for a Preferred to Standard rate.
Now if you’ve been diagnosed with a more moderate or severe case, you’re generally going to find that the best rate you will be eligible for is what is called a Table Rate.
What is a Table Rate?
A Table Rate is a rate class that falls just below a Standard or Normal rate and is usually reserved for those applicants who are deemed a “higher” risk for life insurance. In total, there are 10 total Table Rates with Table A being the best (least expensive) and Table J being the worst or (most expensive).
Now when it comes to nailing down exactly what Table Rate you may or may not qualify for if you’ve been diagnosed with a moderate to severe case of ulcerative colitis, what we’re generally going to find is that most life insurance underwriters will want to review your actual medical records before they’re going to be willing to make that type of determination.
The good news is…
That if you choose to apply with a life insurance brokerage like us here at JustBuryMe.com, you’re not going to have to rely on the decision-making process of just one or two different life insurance companies.
Instead, you can “shop” dozens of different life insurance companies simultaneously so that they’ll need to compete to earn your business! So, what are you waiting for? Give us a call today and see what we can do for you!