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Great Life Insurance Tips for those with Aplastic Anemia.

Finding life insurance coverage after you’ve been diagnosed with aplastic anemia can certainly be a challenge.  In fact, what you’ll typically find is that many insurance companies will simply consider those with aplastic anemia an automatic decline. But before you rule out all hope, know that you can always apply with the best final expense and burial insurance companies.

This is particularly true if…

You are CURRENTLY suffering from symptoms of aplastic anemia.  But this does not mean that you won’t be eligible for “any” type of life insurance, it just means that we’ll need to look at some alternative products such as a simplified issue or guaranteed issue life insurance policy or perhaps an accidental death insurance policy.

Aplastic Anemia Defined.

Unlike many other forms of anemia that can be caused by a wide variety of “somewhat” insignificant causes, aplastic anemia is an anemic condition that develops as a result of actual bone marrow damage.

This damage may be the result of exposure to radiation, chemotherapy, toxic chemicals, prescription medications or could simply present itself as pre-existing medical condition from birth.

Either way, unlike many other “less” serious causesof anemia, aplastic anemia is generally going to raise a lot of “red flags” during the underwriting process of a typical life insurance application which is why folks with aplastic anemia will find it particularly difficult to be approved for a traditional term or whole life insurance policy.

That being said however…

According to the Mayo Clinic, aplastic anemia may be a brief episode, or it may become chronic condition, which is why we HESITATE to say that someone who has been diagnosed with aplastic anemia will never be eligible for a traditional term or whole life insurance policy.

We here at TermLife2Go simply haven’t SEEN anyone actually be approved for coverage after being diagnosed with aplastic anemia which is why we will typically recommend that these folks explore both accidental death policies (policies that only cover death due to accidents) and guaranteed issue life insurance policies as a viable alternative to more traditional types of life insurance.

Guaranteed Issue Life Insurance Policies.

Guaranteed issue life insurance policies are life insurance policies offered for covering final expenses and burial costs. They are guaranteed acceptance, which means that will generally be available to any life insurance applicant that can meet 2 conditions.

These conditions being that:

  • First, you are a US citizen.
  • Second, you are between that ages of 40-85 years of age (product may not be available in your state).

Aside for that, there really aren’t any other requirements that you must meet in order to qualify for coverage (aside from being able to make your payments in an acceptable manner).

But before you get we too excited…

We need to mention some of the “Disadvantages” that you will find with these types of life insurance policies.  The three that we feel are the most glaring are:

  1. Guaranteed Issue Life Insurance Policies only provide a small amount of coverage, typically $25,000 dollars or less. Which means that if your insurance needs exceed $25,000 in coverage, there’s a good chance that these types of policies may not be the right fit for you.
  2. Dollar for dollar, guaranteed issue life insurance policies are generally going to be more expensive than other more traditional types of life insurance that would require you to take a medical exam or answer health-related questions.
  3. Lastly, guaranteed issue life insurance policies will contain a clause known as a graded death benefit.

Graded death benefit is probably the most significant disadvantage associated with purchasing a guaranteed life insurance policy which is why we want to be 100% sure you fully understand what a graded death benefit is.

For this reason, we would highly recommend that if you are considering purchasing a guaranteed issue life insurance policy, you first  give us a call directly before you make any decisions one way or another.

Now with that said, let’s briefly define what a graded death benefit is…

A graded death benefit is a clause written into guaranteed issue life insurance policy which states that prior to your policy covering “Natural” causes of death, you must first remain ALIVE for a certain period of time (typically 2-3 years depending on the carrier) after your guaranteed issue life insurance policy goes into force.

Which means that…

Even after you purchase your guaranteed issue life insurance policy, you will not have life insurance coverage for “natural” causes of death for 2-3 years until the graded death benefit expires.

Natural causes of death would include:

  • Cancer.
  • Heart disease.
  • Diabetes.
  • Stroke.
  • Or any other illness based cause of death.

Your guaranteed issue life insurance policy…

Would cover any “accidental” causes of death immediately upon approval, however “accidental” causes of death would only include things such as:

  • Slip and falls.
  • Motor vehicle accidents.
  • Victim of crime.
  • Natural disaster.
  • Etc…

But before you get too upset, you need to remember…

Because the insurance companies aren’t going to require a medical exam or ask any health-related questions, as far as they know, you could literally be applying from your death bed and they wouldn’t have any idea.

This is why insurance companies created Graded Death Benefits, because without them, they simply wouldn’t be able to offer guaranteed issue life insurance policies.

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We should also note that may companies will have some type of reimbursement policy should an insured die of natural causes during the graded death benefit, unfortunately to go over all the different variations that exist from one insurance carrier to the next is simply beyond the scope of this article.

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Accidental Death Insurance.

Another option one may want to consider, if it turns out that they cannot qualify for a traditional term or whole life insurance policy is an accidental death insurance policy.

That being said however…

The first thing one should understand about an accidental death policy is that it is not a “true” life insurance policy.  In fact, accidental death insurance policies are not life insurance policies.  They are accident insurance policies.

Meaning…

Accidental death policies will never provide coverage to you for natural causes of death, which means that your accidental death insurance policy will only pay out if you die from an “accidental” cause such as:

  • Slip and falls.
  • Motor vehicle accidents.
  • Victim of crime.
  • Natural disaster.
  • Etc…

And will never provide coverage due to an “natural” or illness based cause of death such as:

  • Cancer.
  • Heart Disease.
  • Stroke.
  • Diabetes.
  • Etc…

Now it’s easy to see how not being covered for “natural” causes of death would be a HUGE disadvantage, but when considered in light with the fact that these policies will generally provide coverage up to $500,000 dollar for accidental causes of death, and are typically quite affordable when compared to traditional term or whole life insurance policies, in many situations, they may be a worthwhile policy to consider.

At the end of the day however…

The ultimate decision will be up to you.  We just want you to know that we here at TermLife2Go are here to answer any questions that you may or may not have and that with dozens of insurance companies to choose from, we’ll usually be able to help even the most challenging of cases.

Lastly…

Because we’ve been doing this awhile here at TermLife2Go, we know that a lot of times when you suffer from a condition like aplastic anemia you’re not really able to work and may not have a ton of discretionary income, especially if you’re currently receiving SSI disability.

This is why…

We’ve chosen also to write an article The Best Money Making Apps to help those who may not be able to actually go to work every day find ways that they can make money from home, on their own time.

Now will you end up using this money to help finance a life insurance policy? 

Who knows, but our ultimate goal here at TermLife2Go is to help improve the financial security of our clients so it is our hope that this article and our Best Money Making Apps article helps you do this.

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