Life Insurance For People With Crohn’s Disease
All too often, individuals wait to apply for life insurance until they are diagnosed with a medical condition. While applying for coverage when you are young and free of pre-existing conditions is ideal, you can still find coverage with pre-existing conditions if you know where to look. If you have Crohn’s Disease, understanding how insurance companies will qualify your application and how you will be rated is imperative. Here is detailed information that you can use during the application process so that you can budget for your insurance and prepare yourself for the questions an underwriter may ask you.
Crohn’s Disease Makes You a Riskier Insured
When an applicant is applying for life insurance coverage, the application will ask a variety of different questions. These questions will help the underwriter get an overall look at the applicant’s lifestyle and their medical history, and how these factors will play a role in their mortality. Underwriters may also order medical records and schedule physical exams to see if the applicant has been diagnosed with any conditions that have not been listed on the application. All of these steps are taken to ensure that the company knows just how much risk they are taking on by extending an offer of insurance to a specific person.
The higher the mortality rate, the riskier the applicant is, and the more they will be charged for coverage. Individuals with Crohn’s Disease have a higher mortality rate than individuals who have not been diagnosed, and this makes applicants with this pre-existing condition a greater risk. Some life insurance companies are willing to take on the risk, and others are not. Knowing which companies are more likely to offer you coverage at a favorable rate is imperative when you are starting the application process.
How Will Rates for People With Crohn’s Disease Be Determined?
Underwriters look at a variety of different factors to determine rates, but when you disclose that you have been diagnosed with Chron’s disease they must delve much deeper into the qualification process to determine if you are eligible for coverage. Whether or not you are approved, and whether or not you receive standard rates, depends on the severity of your condition. Underwriters always look at applicants with Crohn’s Disease on a case by case basis to rate applicants. Here is a breakdown of what the company will consider when reviewing your life insurance application:
- The age of person at diagnosis, how long since diagnosis, and location of inflammation
- Frequency of episodes, duration of each episode, and the severity of the inflammation
- Response to treatment
- Lifestyle habits that can reduce or increase the frequency of episodes
- Other health conditions that can make episodes more severe
Your History With Crohn’s Disease
If you were diagnosed with Crohn’s Disease 3 or more years ago, the underwriter will have a fair period of time to assess the severity of your condition. Not everyone with Crohn’s Disease has more than one episode after treatment, and individuals who have only had a single episode may be approved for standard rates depending on how long ago the episode occurred. If this is the case, you can find affordable life insurance without any worries.
If you have a mild to moderate case of Crohn’s Disease, where you experience pain but have never undergone surgery, you may receive a table rate. A table rate means that you will pay higher premiums because of your condition. The higher your table rating, the higher your premiums will be. Individuals that fall into this category may be rated between a Table 2 and a Table 8 depending on their medical history and their age. Applicants diagnosed with Crohn’s Disease at a younger age, typically under 45, will pay higher premiums than applicants diagnosed over the age of 45.
Applicants with a severe case of Crohn’s Disease, who have been hospitalized or uses steroids, may still find coverage with the right carrier. Unfortunately, they will receive the highest table ratings because of the risk they pose. Practically all insurance companies in the industry will not extend coverage to anyone with severe Crohn’s Disease who has dysplasia.
How to Increase Your Chances of Getting Approved
Showing that you live a healthy lifestyle to reduce your incidence of episodes and inflammation is not required but it is recommended. Be sure to let the underwriter know how often you exercise, what vitamin supplements you take, and that you eat a nutritional diet to show that you are taking action to improve your quality of life.
The best way to find affordable premiums for life insurance with Crohn’s Disease is to compare the requirements and the rates through several leading companies. By dealing with a brokerage who partners with several companies who accept applicants with Crohn’s Disease, you can increase your chances of getting approved for standard to low table rates.
Mozdex Insurance Advisors have helped thousands of families secure their futures with proper insurance planning since 1997.