Hemochromatosis is one of those medical conditions that is often initially diagnosed for many individuals during a traditional life insurance application process.
Because many of the “symptoms” associated with hemochromatosis will often times be very subtle and/or vague, particularly in individuals prior to the age of 40.
It’s not all that uncommon for many healthy individuals to simply avoid seeing their doctor unless they are ill. Which is why for many, having to take a paramedical exam during a life insurance application, whereby a blood and urine sample is collected may be the first time they have had such an exam performed in years, if not decades!
As a result…
It’s not all that uncommon for a life insurance agent, particularly one who has been in the industry for many years and works with lots of clients to encounter individuals who are just learning that they have hemochromatosis.
All the experience in the world isn’t going to change the nature of this disease which is why it’s so hard to know for sure what “types” of life insurance policies will be available to those who have been diagnosed with hemochromatosis and what “price” they may be expected to pay for their insurance without first knowing more about their individual situation.
If we just look at what’s “potentially” possible, we’ll see that in most insurance companies underwriting guidelines, individuals who have been diagnosed with hemochromatosis can potentially qualify for a Preferred rating based on their condition or they could be flat out denied.
So… what rating do you thing you’ll qualify for?
To answer this question…
We first, need to understand exactly what hemochromatosis is, and then examine what factors about the disease will play the biggest role in determining whether or not you can qualify for a traditional term or whole life insurance policy.
Hemochromatosis is a hereditary disorder in which iron accumulates within the body. These “accumulations” can ultimately lead to one developing liver damage, diabetes, cancer, cirrhosis of the liver as well as discoloration of the skin.
Individuals who have been diagnosed with hemochromatosis may receive:
- Phlebotomy treatments.
- Or chelation therapy,
In an effort to help reduce one’s levels of iron in their blood.
This is generally where we like to remind people that we’re not doctors. Nor should we in any way be considered medical professionals. We’re just a bunch of life insurance agents! So, if you feel that you may have hemochromatosis, or any other medical condition for that matter, please seek out the advice about your condition from a true medical professional!
Ok so with a being said…
Let’s get back to the issue at hand, and one that we can help out with.
Qualifying for life insurance after being diagnosed with hemochromatosis.
At the end of the day, anytime you’re looking at a medical condition where it’s “theoretically” possible to be able to both qualify for a Preferred rate or be denied coverage, the ultimate decision is going to be based on how “well” your managing that condition.
So, in the case of those who have been diagnosed with hemochromatosis, insurance underwriters are going to be “OK” with the fact that you have been diagnosed with hemochromatosis, they’re just going to want to know more about your condition prior to making any decisions about your application.
Now there are…
Several ways an insurance underwriter is going to be able to learn more about how “well” your condition is being managed.
- First, you’re probably going to need to take a medical exam which will reveal how much iron is currently in blood stream.
- Second, a prescription database check will be performed which will provide information about medications you’ve been prescribed as well as if you are currently receiving chelation therapy and how often.
- Third, medical records will likely be ordered from your primary care physician so that a “complete” picture of your health can be obtained.
Lastly, insurance underwriters are likely to ask you questions such as:
- When were you first diagnosed with hemochromatosis?
- How long have you been treating your hemochromatosis?
- Do you have any symptoms associated with your hemochromatosis?
- Have you been diagnosed with any other pre-existing medical conditions like cancer, heart disease or diabetes?
From there, it’s simply going to be a matter of waiting for the insurance underwriter to make a judgement call about whether or not you’ll be able to qualify for coverage and if so, at what price.
Now the good news…
Is that not all insurance companies are going to be using the same underwriting guidelines when it comes time to determining who they will and won’t insure. Which means that as long as you choose to work with an insurance brokerage like JustBuryMe, you should have the flexibility to pick and choose amongst dozens of different life insurance companies and make them “compete” for your business.
Now will there be some individuals who simply won’t be able to qualify for a traditional term or whole life insurance policy?
Sure, there will! But that doesn’t mean that we’re not going to try our very best to try and get them insured. It also why we work with dozens of different life insurance companies so that when we do encounter those more “challenging” cases, we’ll have plenty of options to try out before we call it quits!
So, what are you waiting for? Give us a call today and see what we can do for you!