Qualifying for Life insurance with High Cholesterol.
Do you know what your cholesterol level is? And more importantly, do you know what your HDL ratio is? It may or may not surprise you to know that untreated high cholesterol is the number one reason for being declined or postponed for life insurance.
In the following article we will explain the different rate classes available, what a life insurance underwriter is looking for, and the advantage of a no medical exam life insurance policy for clients with a family history of high cholesterol.
Life Insurance with High Cholesterol
If you have been diagnosed with high cholesterol then you need to read this. There are three important questions you need to ask if you’re looking to buy life insurance with high cholesterol:
- Can I get life insurance with high cholesterol?
- What will it cost to purchase life insurance with high cholesterol?
- And what is the process of getting life insurance with high cholesterol?
Let’s begin with a brief overview.
High cholesterol levels used to be the main concern of life insurance companies. But today, the primary concern is high LDL cholesterol and low HDL cholesterol. If you fall into this category of having high LDL and low HDL you are at an elevated risk for heart disease and stroke.
The quick answer is, YES.
Ultimately, approval will depend on:
- when you were diagnosed,
- the medications you take,
- your total cholesterol number,
- and your HDL ratio.
When you were diagnosed, what medications you take and your total cholesterol number are not as important as your HDL ratio. The most important factor in determining your rate class will be your cholesterol ratio or HDL ratio.
That’s a tough one since life insurance companies have about 16 different rate classes. What rate class you qualify for and the life insurance type you choose will ultimately determine your life insurance cost.
In some cases with specific carriers, you can take cholesterol medication and still qualify for a preferred best or preferred plus rate class.
However, most well controlled clients will come back at a preferred rate class.
Generally, a HDL ratio of 4.5 and under will garner consideration for a preferred plus rate class (assuming no other health issues).
There are some carriers that will allow total cholesterol of up to 300 and still qualify for a preferred rate class.
Finally, even someone with high cholesterol that has diabetes may be able to qualify for a standard rate class (or better) with certain life insurance carriers.
The best way to know for certain what rate class you qualify for is to call TermLife2Go and let us know that you have a medical history of high cholesterol. That way we can place you with the most cholesterol friendly life insurance company that will offer you the lowest price for your life insurance policy.
If you have never been diagnosed with high cholesterol but it is a concern, maybe due to a family history of high cholesterol, consider a no medical exam term life insurance policy. Many times the cost between the two policies will be small and a non medical exam policy does not require a blood draw. High cholesterol and blood pressure are the most common reasons a policy comes back with a higher premium. If you are concerned about your blood work then paying a few additional dollars might very well save you money once your lab results come back. And a non medical exam policy approval is fast with some approvals in 15 minutes. See, Life Insurance: Exam vs. No Exam
A fully underwritten life insurance policy requires a 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. An underwriter will then assess your “risk” level and give you a rate class assigned to your specific risk. Your assigned agent at TermLife2Go will then follow up with you and let you know of your approval.
The entire process is handled by us so you can just sit back and wait for the life insurance carrier to complete your file. Speaking of life insurance carriers, not all life insurance carriers are the same!
Not all life insurance carriers are the same.
The life insurance industry is just like every other industry out there. Competition is constantly driving insurance carriers to compete for your business. As a result, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple top rated best life insurance companies. As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different companies available. Only by doing this can you insure that you are getting the best policy tailored to your specific needs.