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Getting Approved for Life Insurance with Hemophilia
If you have hemophilia and want to get covered with a new life insurance policy, then you may already know that it isn’t necessarily an easy task. Luckily, you shouldn’t write off your chances of life insurance coverage just yet; it is still possible to get a high risk life insurance policy with hemophilia.
What is Hemophilia?
If you or someone you love has just been diagnosed with hemophilia, you may still be trying to wrap your mind around in the disease and all that it entails. In short, hemophilia is a genetic disorder which hampers your body’s natural ability to clot blood. This makes even the smallest cut a possible danger. Your body’s ability to clot blood is assessed on a scale, and not all hemophiliacs have severe clotting issues. However, the majority of hemophiliacs are considered to have a dangerous inability to clot. The disease is mostly present in males, although there are cases of female hemophiliacs.
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What Does This Mean for Life Insurance?
Because a hemophiliac does not have the ability to properly clot blood, this makes for many risks. Life insurance qualifications are determined based on minimum risk; having hemophilia typically puts you in a higher risk category. However, most hemophiliacs can still get covered by life insurance.
What Will Life Insurance Companies Consider?
As already stated, life insurance companies analyze risk. Because no two people are the same, and no two cases of hemophilia are the same either, life insurance companies will do the best to assess your risk level as an individual. This means while some hemophiliacs may not get covered by a life insurance company, you may. Life insurance companies will consider the following:
- Do you have a severe form of hemophilia? A life insurance company will want a professional medical opinion as to the severity of your hemophilia. If your blood has some natural ability to clot, then the innate risk level is lower than if you have a severe form of the disease, rendering it nearly impossible for your blood to clot without medication. Clients with a severe form of hemophilia may need to consider choosing burial life insurance through one of the best final expense insurance companies.
- What is your treatment plan? Life insurance companies may ask you how you treat your hemophilia, and what kind of medications you take on a regular basis. They may ask for proof of this treatment plan from your doctor. It works in your favor if you have a solid treatment plan, and follow through with it.
- Have you had any major incidents? Life insurance companies will want to know everything about your medical history prior to underwriting your policy. This includes more than knowing you are a hemophiliac; they want to know about every major incident associated with being a hemophiliac. For example, if you have ever been hospitalized, the insurance company will want to know about it.
- Do you live a risky lifestyle? Because you are a hemophiliac and any kind of injury could lead to much bigger problems, life insurance companies will consider your basic activity level. Even normal sports like soccer or baseball could result in an injury that will cause bleeding or bruising (which is actually bleeding under the skin). These activities which otherwise wouldn’t likely raise any eyebrows from life insurance companies will be considered in the case of a hemophiliac.
- When were you diagnosed with hemophilia? Life insurance companies will ask about this because the longer you have had the disease supervised by a doctor, the more information you will have about your personal medical case. If you have known about your hemophilia for years, then you will have had more time to understand the severity of your own case than if you have only just been diagnosed recently.
If I Get Covered, Will I Have to Pay a Premium?
The short answer, yes probably. The question remains, however, is how much will it be? That question is not so easy to answer. Insurance companies will use the aforementioned questions to assess your overall risk. Many insurance companies have multiple premium tiers, and as a hemophiliac you could wind up paying a few extra dollars per thousand dollars of coverage (per year) or you could be paying more than that. It all really depends on your personal situation.
As a Hemophiliac, How Should I Decide About a Life Insurance Policy?
Whenever you have to make a big life decision, the best thing you can do is shop around. The same holds true as a hemophiliac looking for a life insurance policy. Not all types of life insurance policies are created equal; just as some are better for families while others are better for single people, some are better for hemophiliacs while others are not.
It’s also important to remember that you are more than just a hemophiliac. You are an individual comprised of many parts and distinct traits, and all of those will be taken into consideration by the insurance company, and should also be taken into consideration by you.