How to Buy Life Insurance with Iron Deficiency Anemia

by Jeff Rose on October 19, 2017 · 0 comments

If you have iron deficiency anemia, it’s going to be an issue when you apply for life insurance. While most cases of anemia are temporary and aren’t serious, in some cases this condition can be a sign of a very major health problem.

To learn more about how your condition will impact your insurance rating plus determine the best way to apply, be sure to review our complete guide to life insurance with iron deficiency anemia.

Hopefully, this article will answer any questions that you have about getting life insurance coverage. If not, feel free to contact our agents at any point to answer those questions.

Life Insurance Underwriting for Iron Deficiency Anemia

Life Insurance with Iron Deficiency AnemiaWhen you apply for life insurance with iron deficiency anemia, you’ll need to answer several questions about your condition on your application. Be prepared to answer:

  • Do you know the cause of your iron deficiency anemia? What is it?
  • What tests have you taken to evaluate your condition?
  • What were the results of your most result Current Blood Count (CBC)?
  • Have you ever been hospitalized because of your anemia?
  • Do you have any other major health problems or do you smoke?
  • Are you taking any medications?

The treatment and medication for iron deficiency anemia depends on the underlying cause although it is common to receive iron supplements or iron through an IV. These treatments could be insurable depending on the severity of your condition.

Be sure to answer all the questions on your application as thoroughly as possible. This way you can show the insurance underwriter you know what is going on. If you application seems incomplete, the underwriter might worry about the cause of your anemia and decline your application.

Life Insurance Quotes for Iron Deficiency Anemia

Iron deficiency anemia is a result of the iron levels in your blood being too low. This is determined by looking at your hemoglobin (iron) level. Males have a deficiency when their hemoglobin level falls below 13.0 g/dl. Females have a deficiency when their hemoglobin level falls below 12.0 g/dl. Insurers are more lenient with females when they are menstruating because this is a cause of blood loss and iron deficiency.

When insurers see a deficiency, they will determine your rating based on how low your levels are below normal. They will also consider the cause of your deficiency as well as your overall health. While each company uses slightly different standards, use these general rules as a prediction of your future rating.

Preferred Plus: Usually impossible for an applicant with a current deficiency. Once an applicant’s levels return to normal, they may be able to get this rating.

Preferred: Possible in rare cases for an applicant with iron deficiency anemia. The applicant’s levels should be very close to normal, the cause of the deficiency can’t be something serious, and the applicant would need to be in near perfect health to get this rating.

Standard: Best likely rating for applicants with iron deficiency anemia. Males can qualify for this rating with a hemoglobin level of 12.0 g/dl or higher and females can qualify with a hemoglobin level of 10.0 g/dl (11.0 g/dl if they are menopausal).

Table Rating (substandard): Males with a hemoglobin level between 11.0 and 12.0 g/dl could qualify for a rated policy. Menopausal females with a hemoglobin level between 10.0 and 11.0 could qualify for a rated policy. An applicant’s rating will also depend on their overall health and the cause of the deficiency.

Declines: Applicants with hemoglobin levels below the accepted ranges will most likely be denied coverage. Applicants also could be denied coverage if the deficiency has been caused by something serious like cancer or if they haven’t had a CBC within the past six months. Finally, applicants with other serious health problems could be denied coverage.  If you have been declined coverage and do not fall into any of these categories we can still get you approved with a no medical exam life insurance policy or a guaranteed issue policy.  Both of these are very fast for underwriting because you do not have to have a physical to get approved.

 

Iron Deficiency Anemia Insurance Case Studies

A little planning can go a long way when you apply for life insurance with iron deficiency anemia. Here are a couple real life examples where planning paid off.

Case Study: Male, 47 y/o, non-smoker, hemoglobin level of 11.5 g/dl, tried applying for insurance before taking a CBC and was denied.

When this applicant was diagnosed with iron deficiency anemia, he thought it would be smart to buy life insurance right away. Though his deficiency was quite mild, he was still denied coverage because he hadn’t taken a CBC yet to determine the cause of his deficiency. This made him think he would never be able to qualify for insurance.

After reading our website, he realized that wasn’t the case. He took a CBC which showed his anemia was not from something serious and was actually getting better. By reapplying at this point, he received a Standard rating.

Case Study #2: Female, 57 y/o, hemoglobin level of 9.6 g/dl, former smoker, recently quit and lost weight

This applicant was not taking very good care of herself. She smoked, was overweight, and didn’t have a great diet. At 55, she was diagnosed with iron deficiency anemia, caused partly by her poor diet. At this point, she turned things around. She quit smoking and started eating better both to lose weight and help her iron levels.

At 57, she tried applying for life insurance but only receive poorly rated, expensive policies. We thought this wasn’t right, even if she was anemic. We recommended she see her doctor and get a note vouching for her improved health. With this extra information, she was able to qualify for a more affordable Substandard Level 1 policy, the best rating behind Standard.

Getting The Cheapest Life Insurance

One of the most common reasons that people don’t buy life insurance (especially those with a severe pre-existing condition) is because they think that the plan would be too expensive. In most cases, that couldn’t be further from the truth. Life insurance is the most important investments that you’ll ever make for your loved ones, and it’s important that they have the money that they need. Don’t let any pre-existing health complications keep you from getting the life insurance that your family needs. There are several ways that you can lower your insurance premiums and keep more money in your pocket.

The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a smoker on your life insurance application, then you can expect to get drastically higher rates for your life insurance plan. In fact, smokers pay at least twice as much. With some companies, you’re going to pay three times more than you would if you didn’t smoke. If you want to save money on your life insurance plan, kicking those bad habits is one of the best ways to do that.

The next thing that you should do is compare dozens and dozens of plans before you decide which one is best. Every insurance company is different, and all of them are going to give you difference rates depending on the company that you contact. Some companies have more experience working with applicants with deficiency anemia than other companies. Finding the perfect company could be the difference in getting an affordable policy or getting one that breaks your bank every month.

Because there are hundreds and hundreds of companies on the market, that means you could spend weeks and weeks calling different companies. Instead of wasting all of your time calling those agents, let one of our independent brokers do all of the hard work for you. We work with dozens and dozens of highly rated companies across the nation.

Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen and you didn’t have life insurance coverage, your family would be left with a massive amount of debts and other final expenses. Losing someone that you love is never going to be an easy experience, but being left with a mountain of debt is going to make the situation that much worse.

While qualifying for life insurance with iron deficiency anemia can be difficult, it is definitely possible. We can improve your chances. We can guide you through your application plus match you up for the best companies for your situation. For more information and free rate quotes, call or fill out our online application form today.

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How to Buy Life Insurance with Iron Deficiency Anemia
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How to Buy Life Insurance with Iron Deficiency Anemia
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Getting approve for life insurance with iron deficiency anemia can be difficult. If you don't know what to do. Let's help you out. Contact us today.
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