Just to avoid suspense, let’s answer that question quickly – yes, you can get life insurance with anemia. Feel better? That’s the good part of the explanation. The deeper part is that it won’t be as easy – or as inexpensive – to get life insurance in all cases if you do have it.
But let’s take a deeper look…
What is Anemia?
Anemia is a health condition that is caused by a lack of healthy red blood cells – also known as hemoglobin – in your blood. Hemoglobin is the primary part of red blood cells, and it binds oxygen to them. Your hemoglobin will be low or abnormal if you either have too few red blood cells, or if those cells are abnormal. In this case, your body will be deprived of the oxygen that it needs in order to function at an optimal level.
Fatigue is the most common sign of anemia. It comes about because your body and your vital organs are not getting enough oxygen.
There are more than 400 varieties of anemia, the most common of which being iron deficiency anemia. This type of the disease can easily be treated with iron supplements and with dietary changes, but not all forms of anemia are as easily treated. The condition affects at least 3.5 million people in the US. It is more prevalent in women, and in people with chronic diseases.
How Life Insurance Companies View Anemia
As is the case with virtually any other type of disease or health condition, life insurance underwriters will want to know the specifics of your anemia. They will use these to determine the extent and severity of your condition, and will base their decision on that conclusion.
The information that they will be looking for will include:
- How long you have had the condition
- The specific type of anemia that you have
- Factors that may be contributing to your condition
- The existence of any genetic factors that may have contributed to the condition
- The type and extent of symptoms that you have experienced in the past year or so
- The results of your most recent medical tests, particularly any blood tests that you have had
- Treatment that you have received or are receiving for the condition
- How well your anemia is being controlled
- Whether or not you have ever been hospitalized as a result of your anemia
It’s important to understand that just because the insurance company wants answers to these questions that it does not suggest an automatic decline. The underwriters are simply attempting to get a handle on the risk that the company will be taking on as a result of issuing your life insurance policy. In general, unless your condition is particularly acute, you will receive an approval on your life insurance application, though the premium rate you will be offered will depend entirely upon your answers to the above questions.
The Existence – Or Absence – Of Other Health Risks Will Matter
Anytime you have any kind of chronic health condition, insurance companies will also be very interested in the overall state of your health apart from the condition itself. Though you may not be able to make your anemia go away, there is a lot you can do to ensure that your overall health is excellent.
Being proactive in the treatment of your anemia, as well as in maintaining your overall health, is an important first step. Insurance underwriters will want to know that your health status is being carefully monitored by health professionals.
You’ll also want to make sure that you maintain proper weight-to-height ratio, that you get regular exercise, and keep a balanced diet, particularly one that will be beneficial to your condition.
Though anemia itself is not generally a reason to decline a life insurance application, neglecting treatment, or presenting the existence of other risks in addition to your anemia, could result in a rejection, or in a prohibitively expensive insurance premium.
Where You Apply For Life Insurance Can Make All the Difference
Finally, if you have anemia, it will be very important that you carefully choose where and how you will apply for life insurance.
There are literally hundreds of life insurance companies across the country, and each takes a somewhat different view of anemia, as well as any other health related conditions. It will be incredibly important that you make application to a life insurance company that will take the most favorable view of your application.
Some companies will be more restrictive in this regard than others. They may be more likely to decline your application, or to approve it at high premium rates. Other companies however will take a more favorable view. For example, there are some companies out there who are specifically targeting life insurance for people to have anemia. Those are the companies that you want to apply to. Not only will you be more likely to get an approval, but you’ll get it at a lower premium rate.
It’s not possible for you to know exactly which companies will be the best ones to apply to. After all, unless you work in life insurance yourself, there’s no way to know this. This is why it becomes extremely important to work with a good insurance broker. He works with many different insurance companies, and will submit your life insurance application only to those who are most likely to approve you and to do so at an affordable rate. Best of all, using a broker won’t cost you any more money on your premium than if you were to make application yourself directly with insurance companies.
If you have anemia, you will need help getting affordable life insurance. Give us a call, and let us provide you with that help.
