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In This Article I’m Going To Discuss The Possibility Of Qualifying For Life Insurance If You Have A History Of Blood Clots Or Currently Have Blood Clots
Most likely you are here today because you’re either looking for life insurance coverage on yourself or for a loved one who has a history of blood clots caused by illness or an accident. You may be wondering what the implications of having blood clots might be when it comes to qualifying for a life insurance program.
My goal in this article is to describe all the aspects related to qualifying for life insurance so that you can be better informed and more confident about your life insurance decision.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on qualifying for life insurance with a history of blood clots. Enjoy!
Specifically, I’ll Cover The Following Topics:
- The Likelihood Of Qualifying For Life Insurance With A History Of Blood Clots Based On The Amount Of Time That Has Passed Since Diagnosis Or Treatment & Factors That Affect Insurability
- Reasons To Own Life Insurance
- How Much Coverage Is Needed
- Types Of Life Insurance Coverage That Are Available To An Individual With A History Of Blood Clots
- Burial Insurance Rates, Age 40 to 90
Stick around and read through to the end of the article to ensure you learn everything you need to know about your options, qualifying, and strategies to get the best coverage and price if you have a history of blood clots.
What factors affect eligibility for an individual who has a history of blood clots?
In this section, we’ll start off by talking about the specific aspects that have an impact on your eligibility for life insurance if you have a history of blood clots. There are a number of factors that an underwriter will want to look at.
These specific details may include:
- Date of the blood clots
- The time that has passed since the blood clots were diagnosed
Generally, the longer period of time that has passed, the easier it is to qualify for life insurance. However, don’t dismay if you’ve recently had a blood clot diagnosed. There are life insurance policies available that ask minimal to no questions that may allow you to have eligibility for life insurance coverage regardless of when the blood clots occurred.
What prescriptions do you take?
Many people who are diagnosed with blood clots are put on some sort of blood thinning agent to help eliminate or relieve the blood clot. The most common medications prescribed include Plavix, Coumadin, Warfarin, and Eloqua.
When applying for life insurance coverage, the underwriter is going to want to know what medications you take, the length of time in which you’ve taken those medications, as well as the dosage patterns.
In addition, the underwriter will also want to investigate if there’s been any dosage changes, specifically if the dosage amounts have increased or decreased.
A decreasing dosage indicates that the blood clots may be leveling off and reducing in size. Therefore it is proof of sorts that your blood clot issue has improved.
Have you been hospitalized for blood clots?
If you’ve been hospitalized for blood clots, it’s important to indicate on your life insurance application when you were hospitalized, for how long you were hospitalized, and what the outcome of the hospitalization was.
Sometimes clots can occur in different capacities. You can have clots in your legs, arms, and even lungs, or what’s known as pulmonary embolisms.
It’s important to identify the type of clot that you’ve had, as well as indicate the level of severity to allow the life insurance underwriter to determine what types of life insurance policies may be available for your particular health situation.
Your current health
Your current health has a direct impact on your insurability for life insurance. Along with asking about blood clot history, life insurance applications will also ask a number of other questions related to your health history which may include, but are not limited to, the following:
Do you have a history of…
- Heart and/or circulatory problems such as heart attack, stroke, stents, bypass, aneurysms, pacemaker, congestive heart failure
- Cancer diagnosis
- Lung problems such as COPD, emphysema, chronic bronchitis
- Diabetes type one or type two, diabetic complications such as diabetic neuropathy
- Kidney or liver disease or dysfunctions
- Neurological problems such as Lupus, multiple sclerosis, Parkinson’s, Lou Gehrig’s
- Mental health problems such as PTSD, depression, anxiety, manic depressive disorder, bipolar disorder, schizophrenia
- Cognitive memory issues like Alzheimer’s or dementia
- Any surgeries or hospitalizations
It’s important in the process of applying for life insurance coverage that you fully answered these questions with truth and sincerity. The ultimate goal is to get some kind of coverage on the books. The more that you disclose, the more accurate your health picture will be, giving your underwriter the ability to determine your eligibility with full transparency.
Age, smoking, and build
I lump all three of these together because these factors won’t necessarily disqualify you from coverage, but will add to the coverage premium you ultimately pay.
The older you are, generally the more you will pay. Smoking increases rates, generally 30 to 50 percent higher depending on your age.
Although if you smoke cigars, cigarillos, pipes or chew tobacco, you may find certain companies that will qualify you for a nonsmoker rate because generally speaking, they’re less of a health concern than traditional cigarettes.
Your weight will impact your rates as well.
Generally again, the heavier you are in relation to your height, the more you will pay for insurance coverage.
Keep in mind all of these factors can be minimized when working with a broker who can shop around with a number of carriers and find the best coverage at the lowest rate.
Your lifestyle will also have an affect on your eligibility for life insurance coverage as well as your rates. When we talk about lifestyle, generally we are talking about your career or profession choice.
We’re talking about any hobbies that you partake in that are more dangerous than the average hobby, as well as any other lifestyle related incidents such as a criminal records, misdemeanors, traffic violations, etc.
Generally speaking, as long as there’s nothing outstanding or concerning, it’s likely that this won’t be an issue. However, if you’re reading this and feel that your lifestyle may be a bit riskier than normal, make sure that you disclosed that information on your application so that we can give you the best overall options for coverage.
Why should you own life insurance?
Most likely if you have been diagnosed with blood clots you are aware of the health risks involved. Perhaps this has pushed you to look into getting life insurance coverage. The fact that blood clots can cause more complications and health issues is a good reason to buy life insurance.
In my opinion the reason to own life insurance is pretty simple. Ultimately, at the end of the day, if you love somebody and don’t want to burden them financially, then life insurance is the perfect product to protect the people you love.
How much coverage should you get?
The amount of coverage you decide to go with ultimately depends on your goals.
If you just want enough to pay for your burial, consider looking at coverage between $10,000 and $25,000. If you’re looking to replace your income, we recommend you take your annual income and multiply it by five up to 10 times.
That’s a good starting point for coverage. Ultimately, the coverage you end up getting should be an answer to your goals as well as work within your budget. Keep in mind getting something on the books is better than no coverage at all.
One of the most adamant positions I take with my clients is to never pass up on life insurance because it doesn’t fit exactly what you want. Taking that approach doesn’t solve the problem and only puts you and your loved ones at risk should you die without coverage.
What type of coverage can I get if I have a history of blood clots?
Let me briefly describe the different types of coverage available if you have a history of blood clots. Most likely the most pressing variable with these plans will be based on the length of time that has passed since your blood clots were diagnosed, so I have laid out the section below based on that factor.
Zero to two years since the blood clot was diagnosed or removed
Generally speaking, two years or less since diagnosis or removal will most likely allow you to qualify for a guaranteed acceptance whole life insurance plan or what’s known as a whole final expense simplified issue product.
The reason these products are the only choices early on after diagnosis or treatment is because they ask minimal to no health questions. With a blood clot under recent scrutiny, it’s likely that you’ll have extended difficulty qualifying for life insurance with more traditional types of life insurance or more well underwritten types of life insurance with more health questions and variables attached.
Simplified issue life insurance and guaranteed acceptance life insurance policies are designed to provide enough coverage for final expenses and in some cases to replace a small amount of income.
Which type of product ultimately will be best for you is going to be based upon a combination of when the blood clot occurred and what medications you may be on, in addition to your current health issues.
Many people that have blood clots choose these kinds of plans because they want to put some kind of coverage in force to protect the people they love. Later on they may possibly alter or improve their plan as their health improves and more time passes.
Two to five years since the blood clot was diagnosed or removed
With time passing, you’ll find that your options generally improve, giving you access to better and higher quality life coverage. There may be circumstances where the only policy you may qualify for is a simplified issue whole life insurance product.
However, there’s a smaller chance in certain circumstances that you may qualify for a traditional policy such as term life insurance or a non-medical life insurance. This will ultimately depend on a combination of health factors mentioned earlier.
Most companies are going to be more generally open minded about qualifying somebody for a traditional plan on sub standard or standard rates if you can show that:
- Your health, and specifically the blood clots, have improved.
- The medication you take is limited or is no longer needed.
- The rest of your health profile, specifically cardiac or circulatory related diseases as well as diabetes, is not an issue or is a minimal factor.
Five years or more since the blood clot was diagnosed or removed
This is the opportune time to consider a traditional route. Again, the same rules apply as they did for the two to five year period of time.
If you’re on heavy doses of Warfarin or Coumadin, it’s very unlikely that you’ll qualify for standard or even substandard rates with traditional life insurance carriers, and therefore you may only have a simplified issue life product available.
However, if your health overall has improved immensely, medication usages are minimal to none, and other health issues are minimal, you may qualify for standard rates with a traditional term life insurance policy.
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