Qualifying for life insurance with a pre-medical condition like peripheral vascular disease can be a difficult process.
However, just because you have a pre-existing medical problem like peripheral vascular disease doesn’t mean you can’t get life insurance. It also doesn’t mean that you’re going to have to pay an “arm and a leg” when you do get approved.
Most individuals who have been diagnosed with peripheral vascular disease will be eligible for a traditional term or whole life insurance policy, the trick however will be knowing which company will offer them the “best” rate when they do!
This is why…
We’ve written this article, so that if you are thinking about applying for a traditional term or whole life insurance policy, and you have been diagnosed with peripheral vascular disease, after reading this article, you should have a better idea about how to “approach” applying for coverage.
And it all starts with…
Having an understanding of what it actually means to be diagnosed with peripheral vascular disease and what “factors/symptoms” insurance companies are going to consider when determining what insurance “rate” you may qualify for. So, without further ado, let’s dive right into it!
About Peripheral Vascular Disease
This is a generic term that includes a number of different diseases of the circulatory system. The one commonality is that all of these diseases exist in places other than the brain or heart.
Common Peripheral Vascular Diseases.
The most common PVD is Peripheral artery disease, but it can also be a name used to describe any kind of disease or disorder impacting the blood vessels.
Symptoms of PVD.
Because PVD can describe a number of issues, the types of symptoms that occur will also vary. However, here are some of the more common symptoms:
- Pain in buttocks, legs or feet,
- Coldness in legs or feet,
- Any other abnormalities of the legs (hair loss, a sore that’s not healing, discoloration, patches)
Qualifying for Life Insurance with Peripheral Vascular Disease.
Let’s start here. If you smoke and have any circulatory, respiratory or heart problem it is going to be considerably more difficult and more EXPENSIVE to qualify for a traditional term or whole life insurance policy.
Now you may still…
Be able to qualify for a traditional term or whole life insurance policy as a smoker and a person with peripheral vascular disease, but it’s going to be a Table D or worse and then once you attach a Tobacco surcharge to that it’s REALLY going to get expensive.
So, in the simplest of terms:
If you didn’t already know this, smoking is an expensive habit! You’ll have to pay a lot more for a premium each month than if you were a non-smoker.
So… If you REALLY want to save money on a life insurance policy (and improve your overall health immensely)?
The first thing you should do is quit smoking! If you don’t want to…be ready to expect a pricy life insurance policy!
Non-smokers (and former smokers, that have quit smoking entirely for over 1 year) can also qualify for a traditional term or whole life insurance policy provided they don’t suffer from an “really bad” case of peripheral vascular disease.
What constitutes as “really bad”?
Any of these things could possibly lead you to be rejected by a life insurance company when you apply for a whole or term life policy:
- Frequent hospitalizations,
- Heart Attacks or Strokes in your medical history,
- Inability to walk due to PVD,
- Currently on disability due to your PVD.
If your situation is not this bad, then you can qualify for a “respectable” life insurance rate.
And by “respectable”…
We’re not saying you’re going to qualify for a Preferred Plus or Preferred rate. In fact, we wouldn’t even expect someone to be able to qualify for a “Standard” or normal rate.
When it comes to getting approved for coverage, there are about 16 different rate classes that an individual can qualify for 10 of which fall just below a “Standard” rate and are called Table Rates.
Range from Table A (the best and least expensive rate) to Table J (the worst and most expensive rate). Individuals who have been diagnosed with a “mild” case of peripheral vascular disease should strive to qualify for a Table A at best.
If you are declined by an insurance company and don’t think you will qualify for a traditional term or whole life insurance, the first thing to do is make sure. Believe it or not, just because one life insurance company won’t underwrite your term or whole life insurance policy doesn’t mean another won’t either. Ask an expert for help – and you just might find a life insurance company that will insure you!
Still aren’t eligible?
For those who simply won’t be able to qualify for a traditional term or whole life insurance policy, there are still other options out there.
You may want to consider purchasing a guaranteed issue life insurance policy. This kind of policy may not be as “great” of an option as a whole or term life insurance policy, but it’s a lot better than nothing and if it’s all you can qualify for, heck! It’s at least worth considering.
Qualifying for a Table A Rate.
If you’re in decent overall health, don’t smoke, don’t have any other dangerous lifestyle habits, and have a pretty good prognosis for your PVD, then you should probably qualify for a Table A (or Table B) rate.
There are some life insurance companies out there that aren’t going to give you that rate in your current state. They may nitpick and find things in your medical paperwork that are pretty minor – and penalize you for it.
As a life insurance applicant, you need to know which life insurance companies to stay away from and which ones to apply to.
Here’s where it’s tricky…
There’s not a standard answer. We can’t just tell you “These life insurance companies are no good” – because in some situations, for some people they may be just the right thing. But, they may be wrong for you. Likewise, we can’t tell you “These life insurance companies are good.” Because they may be bad for some people – but good for you.
The best thing you can do if you are applying for a life insurance policy with peripheral vascular disease, is to get expert help from InsuranceBrokersUSA.
What do we do?
We get to know about you, your current state of PVD, your health situation, lifestyle choices and pretty much everything life insurance companies want to know. Only after that do we make personalized life insurance recommendations.
Do you want to know which life insurance company will offer you the best rate with PVD? Then call InsuranceBrokersUSA today!