When you buy life insurance, you are essentially entrusting the value of your life over to a financial institution.
After you become deceased, the insurance will have to pay out a benefit to your beneficiaries.
To ensure they keep their investment for as long as possible, insurance companies will avoid insuring people who have a higher death rate than others who are guaranteed to live a long, healthy life. If you have any kidney problems, your chances of getting approved for life insurance will be significantly lessened. However, there is a chance to get a reasonably good rate depending on your condition, how long you have had the condition and whether or not it has been fully treated.
Getting life insurance with kidney problems is difficult, but no impossible.
You have several options if you have kidney problems. You can find an insurance company who accepts people with kidney problems, get premium financing, or check with guaranteed life insurance companies. If you work for a company that offers life insurance, then group benefits will be a great option for you. They are much easier to qualify for.
If that is not an option for you, consider graded benefit life insurance. You will not need a medical exam to apply for this type of insurance. The downside is, it takes up to three years for this insurance to pay out. Guaranteed life insurance companies also do not require medical exams. However, the rates may be higher, but you can be guaranteed $10,000 to $25,000 of coverage. You can use several of these to build up the coverage you need.
You can also obtain premium financing.
This is a way to borrow money from the bank to pay for life insurance if you have impaired risk. The bank guarantees that the premiums will be paid and the insurance company promises the loan will be paid off if the insured dies. The payments for the loan will be fully or partially covered by the bank. If the loan is standard, you will have to make loan payments but those payments will be lower than any premium you would have had to pay. If the loan is non-recourse, then it will be paid off from the insured’s death benefit.
You can also ask your doctor if they will be willing to talk with the underwriting department of your insurance company on your behalf. Your doctor may be able to vouch for your condition with your insurance company. You should also shop around to different insurance companies to see which ones will allow you to get life insurance with kidney problems.
Potential kidney diseases that could affect your life insurance
There are several different medical conditions that can affect your life insurance coverage. Each condition will have it’s own unique affect on the cost of insurance. Here are a few sample conditions:
- Kidney Stones
- Renal Insufficiency
If you have some sort of kidney disease, here are some questions that we’ll need answered to best get you with the right insurance company and the most affordable life insurance rate.
- Please provide date of first diagnosis with kidney disease.
- Please indicate specific name of the kidney disorder diagnosed by your physician.
- Please provide approximate dates and readings of known blood pressure measurements.
Approximate date, systolic/diastolic reading.
- Please advise of the following laboratory findings if previously and recently done by your physician:
- a. Protein in the urine (protein urea)
- b. Blood in the urine (hematuria)
- c. Blood urea nitrogen (BUN level)
- d. Creatinine level.
- e. Of these, we need to find the date of the most recent test, the level of findings and the normal reference range.
- Does the proposed insured take any medication? If so, list the name of medication, date used, quantity taken and frequency taken.
- Is there any know family history related to kidney or cardiovascular disease?
- If yes, please describe.
Also, make sure to shop around for different premiums, as one company may offer lower premiums than another. Generally, it really depends on your condition if you are able to get insurance or not. If you are in fairly good health otherwise, then your chances for getting insurance will be much higher.