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I’m Going To Talk About How To Get Life Insurance With Anemia (Sickle Cell, Iron Deficiency, Aplastic, Pernicious, Hemolytic)
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Here’s An Overview Of Today’s Topics:
- Types Of Anemia Discussed In Today’s Presentation
- Can You Qualify For Life Insurance With Anemia?
- Types Of Insurance Available to People With Anemia
- Case Study Examples
- The 5 Top Reasons Why People Buy Guaranteed Issue Life Insurance
- Stories From The Field
- How To Apply
- Burial Insurance Rates, Age 40 to 90
- Next Steps
Types of anemia discussed
Can you qualify for life insurance with anemia?
You may wonder… can you qualify for life insurance with anemia?
And the answer is yes… most likely. The longer answer is… it just depends on some factors, including your age.
You could be 25 to 85 year old and usually there’s an option for coverage. It also depends on other health issues, as well. And I don’t want to promise that I can qualify you for something because I just don’t know. First, I need to interview you and fact find by collecting health information. Because ultimately it’s not 100% sure if anybody can qualify till that’s done first. Either way, let me show you what some of the potential options would be if you could qualify.
We here at Buy Life Insurance for Burial are dedicated to offering options to clients who are looking for a tailor made policy. Our job is to find the most competitively priced option available and provide you with the best value for your money. If you would like to find out what your options are, give us a call at (888) 626-0439. You can also submit a message and we will be in touch within 24 business hours.
Types of life insurance available to people with anemia
Let’s talk about the types of life insurance for an anemic. Here’s the thing, when it comes to life insurance.
If this is your first time buying life insurance or you don’t have much experience buying life insurance, the key thing to buying life insurance is you want to match a life insurance product with your personal goals. There is no such thing. I repeat, there is no such thing as a life insurance product that is a one size fits all.
Here’s why: not all life insurance is the same. Some products are better in circumstances than others, plus you also have to consider what is acceptable by each life insurance company as far as underwriting goes. Some companies will be OK with certain underwriting issues, others won’t. And then you have to be able to navigate through not only the different types of life insurance options, but also the different types of companies as well.
Kind of as an aside, this is why I’m a broker. I shop around to try to find the best quality coverage for my client, so I work with different insurance companies and then take people who have, let’s say anemia and figure out which of the companies will give or offer the best deal.
That’s the best way to get the best value. Now that I’ve described that, let’s talk about what often would suit you best in whatever circumstance.
The first thing you gotta do is ask yourself this important vital question.
Maybe you want to buy a policy to cover for final expenses. In case you don’t know what final expenses are, this will be burial insurance or cremation coverage, or perhaps you have some final expenses that are not related to either of those that you just want an extra coverage for.
When we look at final expenses, we usually want what’s called permanent coverage, the kind that does not cancel under any circumstances. Although this costs more money, it’s the more appropriate approach, and we’ll get into more of the specifics later. It’s the appropriate approach to this kind of problem because the nature of death is that it is certain, we just don’t know when it will occur.
We also have the potential for income replacement, so if you’re a younger guy or gal listening to this video, you do well in your career. Just imagine yourself disappearing. You’re gone. You die suddenly. What would your family do next?
How would they financially survive? Would their lifestyle be dramatically changed? Do you fear the worst would happen? If these are concerns that you have deep down and you’ve thought of these already. An income replacement plan would be a fantastic idea.
Now, what we usually suggest is the temporary insurance plan.
Temporary insurance plan only covers for a period of time, namely 10, 15, 20, 30 years, but the reason it’s temporary is to maximize the amount of coverage so we get a lot more coverage in a permanent plan than in a temporary plan per dollar of coverage if all is equal and we don’t necessarily need it later in life, right?
Because if you do a good job saving for retirement, building a pension, building a retirement then once you reach retirement, you won’t need to replace your income because the retirement already does that automatically.
Income replacement is a great reason to have life insurance. Also, debt repayment, namely mortgage, a protection. If you have a mortgage for several hundred thousand dollars and you die, will you potentially lose the house?
Sure, you can put it up for sale, but if anybody is in a fire sell situation where they have to sell, usually they sell it for a lot less.
That’s how a lot of businesses go out of business because they just have to sell off to pay off state taxes and if the surviving spouse doesn’t want to run the business, they’ll sell it in a way markdown number, you know, these are things that you want to have on top of things as a plan that will cover in case so you don’t have to do things on a fire sell basis so you can take your time.
Or just stay in the home and not have the premium to pay anymore. Good plans usually either are going to be some sort of permanent or temporary protection. Just depends on circumstances.
Another question to ask and the answer is what budget do you have in mind? I’m a big advocate being that I’ve worked mostly with seniors.
I can sell a life insurance policy to anybody that wants it, but most of the people I see are 50 and older and a lot of them are on a fixed income and certainly if you’re not over 50 and you’re under 50, you probably have a budget just like me.
You gotta keep your budget.
You’ve got to find a plan that you can afford easily that you won’t worry about. And even if there is financial stress in your life later, you won’t have to even consider dropping because it would be because it was too expensive to begin with.
Get an idea of what you can afford.
What do people buy? I mean, it’s across the board here. I mean I’ve seen premiums for policies $15, $20 a month or $50 a month, $500 a month higher than a lot of what I do and I work with a client is figuring out what is affordable to them and then figure out what options are available at those budget levels.
We’ve got term insurance and if you have anemia and you’re looking at term insurance, basically term insurance, as I mentioned briefly earlier, is coverage that is good for a temporary period of time.
The benefits include your premiums stay the same with most term insurance products through the course of the term, but after the term, the downside is you could outlive it.
Now, like I said earlier, they’ll usually get a substantial amount of coverage for the amount of money that you’re paying into it relative to permanent products.
If you want a lot of coverage, you just want pure insurance and you understand there’s a cancellation date and you just need it for a temporary period of time, term insurance may be the best choice. Now with fully underwritten products, traditional underwriting may or may not require an exam. A lot of companies don’t require an exam by the way.
It’s a little more difficult than getting a simplified issue whole life plan. And what my experience has been, if you have anemia and you’re looking at any kind of term insurance or whole life insurance with traditional underwriting, there’s a large availability of coverage, but it’s going to vary wildly depending on the severity of anemia.
Again, with most health conditions, as you’ll find, it’s all a severity-based concern. Some of them with minor blood pressure problems might pay less than somebody who has major blood pressure problems.
It makes sense and it’s something that flows into anemia as well. And what I find too is if you have sickle cell anemia over 40, you may qualify. Again, it’s gonna depend upon some questions. The severity of said anemia. And then also the other thing you’ve got to consider, ladies and gentlemen, is that most people don’t just have one problem, they’ve got several.
And so the other circumstances may have an impact on your insureability, with a company that pays based on the combination of health issues. And under no circumstances am I telling you that you can’t qualify for coverage. It just depends upon your application process and seeing what the underwriter would offer.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Case study examples
First Time Father Looking for Coverage
A young man called us a few months ago after the birth of his daughter. He said having a child had put things into perspective for him and he realized the importance of making sure she would be provided for if anything happened to him.
This young man was in generally good health but did suffer from bouts of depression. He was currently taking medication to care for his mental health and was concerned this would impact his ability to get quality life insurance coverage.
I’m pleased to say we were able to get this first time father premium coverage that met his budget. He had peace of mind in knowing his daughter would be financially taken care of should he pass away unexpectedly.
Though we try hard to find quality coverage for all of our clients, age and health are a determining factor for eligibility.
Cancer Survivor Looking for Final Expense Coverage
A lady in her 60’s named Mrs. Hemmings came to us looking to get more affordable coverage. She was concerned about the rising cost of her current policy and wanted to ensure she would be able to afford permanent burial insurance for the long term.
Mrs. Hemmings was a cancer survivor and had heard that cancer could cause high rates or worse, a declined application. We assured her we would do our best to find coverage to meet her needs.
We looked at a number of providers and I am happy to say we were able to get Mrs. Hemmings first day coverage at a price she could afford. She was given the peace of mind in knowing her rates would not increase due to age or health and was pleased that she could continue to have coverage in place with her budget restrictions.
Though we can’t guarantee the same outcome for every applicant, working with a broker like us does give you the best chance of finding affordable, quality coverage. We work with a number of providers and pass the benefits of choice on to our clients.
Whole Life Insurance
Basically whole life is the opposite of term insurance. It offers permanent protection.
The benefits include rates that never increase. The exception to this is universal life. Universal life is permanent protection with non guaranteed rates, unless you have guaranteed universal life that acts in a sense like whole life insurance.
It’s not whole life, but it acts in very similar ways, so rates don’t go up with a whole life insurance.
They may go up at the universal life unless you get the right kind. The coverage usually starts from the first day. If you can qualify and you can’t cancel due to age or health. The drawbacks include higher premium dollar of coverage than term.
You may be asking, why do I want to pay more money for less coverage? If that’s what you’re suggesting, Dave.
Well, it just comes down to what your goals are, right? It doesn’t make sense to buy a plan that cancels before you die, right? If you want to use it for final expenses. A lot of final expense plans are permanent protection, usually whole life or guaranteed universal life because they don’t cancel. You don’t have a risk of paying all this money in, just to outlive it, and then die with nothing.
Whole life in those situations when there’s permanent problems that need permanent protection and whole life or guaranteed universal life plans are excellent for those circumstances.
Now, as far as underwriting goes, you know, look, it’s the same anemia underwriting guidelines apply to non-med or fully underwritten whole life or guaranteed universal life plans. They’re going to be stricter.
It’s going to depend on the severity factors, but what I’ll tell you is that if you have a more severe case of anemia, and if it’s a case where more traditional underwriting is going to make it problematic for you then simplified issue whole life insurance is a good choice.
If the other methods don’t work or if your case is so severe.
Simplified issue underwriting has looser underwriting, it’s a less aggressive underwriting, which means people with more health issues generally speaking, can get easier qualified.
This is an option that I keep from my clients. Again, I say this all because I don’t know what your circumstances are as far as qualifying, but I want to make sure you understand there are options depending on the severity.
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Guaranteed Issue Whole Life Insurance
The last but not least option is a guaranteed issue whole life insurance for anemics. Now this is something I only impose if there’s no other choices. This is the last ditch effort. Now it works great because a, there’s no health questions asked. That’s why they call it guaranteed issue and also the premiums never go up and neither does the coverage cancel due to age or health.
As good as it sounds, there is some potential downsides to guaranteed issue whole life and namely it’s that there’s no coverage for natural death in the first two years. You are covered for accidental death and there’s a lower limitation of coverage.
If you’re looking for a lot of coverage, you’re going to have to buy multiple, $25,000 plans. You can do that. A bottom line here is what you’re looking at is a plan that’s a last-ditch effort, a lot of anemics with less severe issues will do fine with the other options presented earlier.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
The 5 top reasons why people buy Guaranteed Issue Life Insurance
If you have major chronic health issues and have been declined in the past because of these issues, guaranteed issue life is a great option to get at least some kind of life insurance on the books.No health questions are asked to qualify for guaranteed issue life insurance, so it works well for those that want to get some kind of coverage in place but may not be eligible for insurance types that ask health questions.
2.Final expense coverage
One of the biggest motivators for individuals to get guaranteed life insurance is that they want to make sure their final expenses are covered. Most people are not looking for extremely large life insurance plans. They are simply looking for enough coverage to take care of any burial or cremation expenses so that their family doesn’t have to.
Regardless of your age or health, guaranteed whole life insurance will never cancel. This reliable element of the plan is very attractive to those who have experienced cancellations with other types of policies.
If you’ve experienced a rate increase with other types of life insurance you understand how important it is to have a plan that has a rate that stays the same. A guaranteed life insurance plan, which is commonly purchased by fixed-income seniors, has the added benefit of a fixed price, which is great news for those who need a policy that stays consistent.
Stories from the field
This particular story demonstrates how individuals can do the right thing by getting life insurance in place, but unfortunately overpay for their policy.
One day early in my life insurance career I was driving to see a client in a little town outside of Chattanooga called North Ridge.
As I pulled into the drive of this particular client, I couldn’t help but notice the bright pink mailbox and matching pink Cadillac parked in the drive.
As I got out of my car I saw a painted picture of a 4 x 6 foot person in what could only be described as a jester looking hat with face paint. Sure enough, this was the house I was looking for.
Out came a lady from the house to unlock the fence to let me in. She greated me with a smile and introduced herself as Anita and invited me inside. It was a hot summer day and as we sat in her warm living room she began to share her story with me.
Miss Anita had survived Hurrican Katrina and had been one of the last people to get out of New Orleans alive. She actually swam her way through the French Quarter on the back of a floating casket.
The story got even more interesting when she shared that none other than Al Gore had piloted the plane that flew her out of the disaster area. Due to this experience, she had revisited her life insurance policy to ensure everything was in order.
She’d been paying on her policy for a number of years, but felt it was overpriced. She paid $250 a month for only $8,000 in coverage. There didn’t seem to be any justifiable reason for her to be paying so much, as she was in generally good health.
While doing some price checks I found that we could get her equivalent coverage for $1,800 less a year in combined monthly payments. She was enthralled and immediately switch her policy.
Unfortunately many people overpay for life insurance. Brokers like us are able to shop a number of options to find competitive rates, while agents offer only one option that may be overpriced like Miss Anita’s plan.
While I can’t guarantee everyone first day full coverage like we were able to get Miss Anita, I can say we certain give clients the best opportunity to get affordable coverage in place.
How to apply
Let’s say you’re interested in possibly applying for some sort of life insurance as an anemic, the process of applying is very simple. Basically you just find an agent that you want to work with. Hopefully someone who is a broker that represents different companies. That’s me. I’ll nominate myself of course.
And second, after the agent listens to your insurance needs, I would draw up a quote for you. And then once accepted we would just do business either over email or over the phone. It’s very simple. It’s not an invasive process. Insurance companies make it very simple to do this without having to go in and, you know, drive 30 minutes away sitting in an office. None of that stuff is required anymore.
After a couple of days, if you’ve been approved you will be notified of their decision, approved or otherwise, several days, several weeks usually, and then several weeks later, you usually get your policy in the mail, and that’s pretty much the process. It’s very simple, so if you like the idea of applying for life insurance as an anemic, here’s what to do next.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
If you liked the idea of qualifying for life insurance, two ways to find out more.
You can call me at 888-626-0439. Leave me a voicemail if I don’t pick up, I’m fielding phone calls all day. Or you can go to my website buylifeinsuranceforburial.com, send me a message, click a contact box at the top or at the bottom of the page.
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I certainly hope that you enjoyed the material in this article today. I hope too that it has encouraged you to seek coverage on yourself and your loved ones.
A simple 10 minute call to us can give you more information regarding what you might qualify for as well as monthly rates. Simply call us at (888) 626-0439 now to speak to one of our friendly life insurance experts.
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