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 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, we’ve created this article to help guide you through the process.
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
When you apply for life insurance with iron deficiency anemia, you’re going to be asked about a hundred different 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 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.
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 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. 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 rejected. If you have been declined coverage, 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
The idea of being declined for life insurance is scary, but doing a little 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: 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 as soon as possible. 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.
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
The next applicant was in very poor 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 receive 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, it all depends 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 have to pay a ton for your coverage. If you want to get a life insurance policy you can actually afford, contact a company that specializes in working with clients with health problems.
Leave a Reply