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Life Insurance with Blood Clots or Deep Vein Thrombosis
March 30, 2020
Health conditions and medical history can play a part in affecting both your eligibility for life insurance and your policy rates.
If you have blood clots or Deep Vein Thrombosis (DVT) then you probably have these four main questions:
- Can I get life insurance?
- What will it cost?
- What is the process?
- What do I do if I have already been denied a life insurance policy?
Can I get life insurance with blood clots or DVT?
The short answer is yes.
You have options when looking at different life insurance companies. They will most likely want to learn more about your health and lifestyle. They will likely ask you questions similar to the following:
- Date you were diagnosed?
- Medications prescribed?
- Were you hospitalized?
They will use these questions and more to determine your eligibility and rate for a life insurance policy.
If you are worried about these types of questions, you may want to consider a guaranteed issue life insurance policy.
With a guaranteed issue life insurance policy you will be able to avoid the medical exam that comes with most traditional policies and you can avoid doing a medical questionnaire. It is important to note that while this can be a great option to get life insurance coverage, the coverage amounts are typically on the lower end.
How much does life insurance cost with blood clots or DVT?
Insurance companies will use what they call a rate class to determine the rate you pay. A rate class uses your age, health, gender, lifestyle, and more to determine the tier you qualify for. This is used to determine how much you pay. Each insurance company has their own tier system.
The best case scenario is if you no longer have a blood clot and it has been two or more years since your last one, you can still be on a blood thinning medication and get approved for life insurance. Even better you can qualify for a more competitive rate in this scenario.
If you currently have blood clots or DVT or you have had those within the last two years, it may be more difficult to find competitive rates or to be eligible for a traditional life insurance policy. If this is your scenario you may want to consider a no exam life insurance policy or a guaranteed issue life insurance policy.
Previously we mentioned that a guaranteed issue policy can help you skip the medical exam and questionnaire. The no exam life insurance policy can help you skip the medical exam, but in most cases a questionnaire is still included. Opting to do the questionnaire may help you qualify for higher coverage amounts then going with a guaranteed issue policy.
The best way to find the right policy to meet your needs is to speak with a licensed insurance agent. They can help guide you in the right direction and provide multiple quotes so you find the best rate and the policy for you and your family.
What is the process to apply for life insurance?
As mentioned you have a few options: a traditional life insurance policy, one with no exam and a guaranteed issue policy.
If you choose to go with a traditional insurance policy, they will most likely require a life insurance medical exam. The examiner typically comes to your home and checks your height and weight and takes a small blood and urine sample. Your lab results are then processed. The carrier will request physician statements and look into your medical records. The carrier will also do a prescription database check to see what medications you are currently taking and have taken in the past. The insurance company will then determine your eligibility and rate for a life insurance policy.
If you choose the no exam policy, the medical exam won't be a part of the process, but the insurance company will still use your application and medical questionnaire to determine your rate and eligibility.
Similarly to the no exam policy, the guaranteed issue life insurance policy will allow you to skip the exam and the questionnaire and your application will be used to determine your rate.
The entire process is handled by your life insurance agent.
What if I've been denied life insurance coverage?
As mentioned previously you have options. If you have been denied coverage from one insurance company you have the option to apply with another.
Some life insurance companies can be better than others in terms of meeting your needs and having the right policies for you. The best next step is to speak with a life insurance agent. They can help guide you to the right life insurance policy and company. They can also provide you with rates from multiple companies so you can find the best deal for you.
