If you have iron deficiency anemia, it can create a few roadblocks when you’re shopping for life insurance. While most cases of anemia are temporary and aren’t severe, in some cases, this condition can be a sign of a preeminent health problem.
To learn more about how your condition will impact your insurance rating plus determine the best way to apply, we’ve created this article to help guide you through the process.
Hopefully, this article will answer any questions about getting life insurance coverage. If not, feel free to contact our agents at any point to answer those questions.
Table of Contents
- Life Insurance Underwriting for Iron Deficiency Anemia
- Life Insurance Quotes for Iron Deficiency Anemia
- Managing Iron Deficiency Anemia and Life Insurance
- Factors That Can Improve Your Insurance Approval Chances
- Iron Deficiency Anemia Insurance Case Studies
- Life Insurance Rates With Anemia
- The Bottom Line – How to Buy Life Insurance With Iron Deficiency Anemia
Life Insurance Underwriting for Iron Deficiency Anemia
When you apply for life insurance for iron deficiency anemia, you will be asked a hundred questions.
Some of those are going to be focused on your anemia:
- 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 developed 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 receiving iron supplements or iron through an IV is common.
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 your 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 results from too low iron levels in your blood. 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 weakness 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 your below-average levels. While each company uses slightly different standards, use these general rules to predict 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 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 be eligible 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 rejected. If you have been declined coverage, we can still get you approved with a no medical exam life insurance or a guaranteed issue policy.
Both are very fast for underwriting because you do not have a physical to get approved.
Life Insurance Ratings and Eligibility Criteria for Iron Deficiency Anemia
|Preferred Plus||Current Deficiency Usually Makes This Rating Impossible||Return to Normal Levels for Eligibility|
|Preferred||Rare for Those With Iron Deficiency Anemia||Close to Normal Levels, Non-serious Cause, Excellent Health|
|Standard||Best Likely Rating||Males (12.0 g/dl+), Females (10.0 g/dl+ or 11.0 g/dl+ if Menopausal)|
|Table Rating||Possible for Specific Hemoglobin Ranges||Levels Determine Eligibility; Overall Health and Cause Considered|
|Declines||Likely for Levels Below Accepted Ranges or Serious Causes||Considerable Health Issues or No Recent CBC May Lead to Denial|
Managing Iron Deficiency Anemia and Life Insurance
One of the most crucial aspects to consider when purchasing life insurance for iron deficiency anemia is how you manage the condition. Proper management can significantly influence the underwriter’s decision and can lead to favorable rates.
The first step to managing your anemia is regular check-ups with your doctor. Ensure that you’re actively monitoring your iron levels and following any prescribed treatment regimens.
Additionally, a balanced diet rich in iron can help alleviate the symptoms and enhance your overall health. Foods like red meat, beans, spinach, and fortified cereals are iron-rich and can be incorporated into your daily meals.
Maintaining a healthy lifestyle, beyond just managing your anemia, is also essential. Regular exercise, avoiding smoking, and limiting alcohol consumption can showcase your commitment to good health, making you a more favorable candidate for life insurance.
It’s not only about addressing the anemia but also about showing the insurance company that you are a low risk overall.
Factors That Can Improve Your Insurance Approval Chances
While having iron deficiency anemia can present some challenges, there are ways to improve your odds of getting a favorable life insurance policy. Being proactive and transparent is the key.
Stay proactive by consistently keeping track of your medical records. Regular blood tests, including a CBC, can provide a history that demonstrates the progression or management of your condition over time. This consistency can be reassuring to insurance companies, indicating that you are vigilant about your health.
If your iron deficiency anemia arises from a temporary cause, like pregnancy or a short-term medical condition, be ready to provide documentation or physician statements verifying the temporary nature of your anemia.
Transparency is essential when applying for life insurance. Ensure you are upfront about your condition, its causes, and how you manage it. If there are other health conditions linked to your anemia, provide comprehensive details.
While it might seem overwhelming, remember that the more data the insurance company has, the better they can understand your situation and provide an appropriate policy.
Iron Deficiency Anemia Insurance Case Studies
The idea of being declined for life insurance is scary, but doing some work beforehand can make all the difference. Don’t believe us? Here are some stories of clients we’ve worked with in the past.
Case Study #1: Male, 47 y/o, non-smoker, with a 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 buying life insurance as soon as possible would be brilliant. Though his deficiency was relatively mild, he was still denied coverage because he hadn’t taken a CBC yet.
He took a CBC, which showed his anemia was not from something serious but was improving. 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
The next applicant was in feeble health and was not making the best choices for a healthy lifestyle. At 55, she was diagnosed with iron deficiency anemia, caused partly by her poor diet.
At this point, she turned things around. She decided to quit smoking and lose some weight.
At 57, she tried applying for life insurance but only received poorly rated, expensive policies. We thought this wasn’t right, even if she was anemic.
After talking to her again, we told her to make an appointment with her doctor and request a letter. The letter would show the insurance company her improved health. We gave the letter to the company, and they offered her a Substandard Level 1 plan.
Life Insurance Rates With Anemia
Your anemia may or may not impact your life insurance rates, depending on the severity and your specific health. We can’t tell you how much you’ll pay without talking to you.
Just because you have anemia doesn’t mean you must pay a ton for your coverage. If you want to get a life insurance policy you can afford, contact a company specializing in working with clients with health problems.
The Bottom Line – How to Buy Life Insurance With Iron Deficiency Anemia
In navigating the complexities of acquiring life insurance with iron deficiency anemia, being well-informed and proactive is paramount. Remember, insurers primarily evaluate potential risks.
By showcasing an understanding and effective management of your condition and leading an overall healthy lifestyle, you can significantly improve your prospects of obtaining favorable policies.
Transparency and regular medical check-ups are indispensable tools in building trust with insurers.
If faced with challenges or uncertainties, seeking guidance from professionals working with clients with health concerns can be invaluable.
Regardless of health conditions, everyone deserves the peace of mind that comes with a comprehensive life insurance policy.
By taking the proper steps and being diligent, you can secure the best coverage for your circumstances. Secure your future and ensure peace of mind for yourself and your loved ones.