If you’re currently just beginning your search for a fully underwritten term or whole life insurance policy, you’re probably just beginning to realize that if you’ve ever been diagnosed with hydrocephalus in your life, that diagnosis is going to have a serious effect on the outcome of your life insurance application.
The good news is…
That we here at TermLife2Go aren’t afraid of a good challenge and in fact, we prefer helping those with pre-existing medical conditions simply because it’s much more rewarding helping someone qualify for life insurance when they’ve been denied in the past than simply “processing” health individual applications all day long!
We prefer it so much…
We’ve developed a strategy around helping out these “types” of folks which centers around:
- First, understanding what our client hopes to “achieve” by purchasing a life insurance policy.
- Second, helping our client understand what the process of purchasing a life insurance policy with a pre-existing medical condition will look like.
- And third, allowing our client the time necessary to fully consider all of their options while being available the whole time to answer any questions that they may have.
Now in order to…
Be able to follow these three steps properly, we here at TermLife2Go first need to be knowledgeable about your condition, and understand what factors may come into play while underwriting your application. Therefore, let’s start our discussion about hydrocephalus with a brief discussion about what hydrocephalus actually is.
What is Hydrocephalus?
“Hydro” means water, and hydrocephalus means water on the brain. Basically, the cerebrospinal fluid has accumulated and began causing pressure on the brain.
When does it happen?
This may happen at birth or after birth.
If at birth, it may be:
- Fetal development problems
Unfortunately, if not caught early, hydrocephalus will usually cause some amount of brain damage.
Treatment for Hydrocephalus.
If you do not get treatment for hydrocephalus, it can be fatal. You can’t really reverse the damage that’s already been done, but you can slow down or stop any more damage. Here are the treatment options:
- Shunts (surgical procedure to help with drainage).
- Ventriculostomy (creating a hole in a ventricle to help with drainage).
***QUICK SIDE NOTE***
At this point of our discussion we usually like to point out that we here at TermLife2Go are not doctors or medical professionals. We’re just a bunch of life insurance agents who are really good at helping people with pre-existing medical conditions qualify for life insurance.
Which means that…
If you have any medical concerns or are worried about your health… Stop reading this article and contact a doctor! That being said however, if you’ve already spoken with your doctor and all your looking to do now is purchase a life insurance policy, well good news, were now going to get to the brass tacks!
Qualifying for Life Insurance with Hydrocephalus.
There are a variety of possibilities when applying for life insurance with hydrocephalus. Those include the following.
Hydrocephalus as a Baby.
If you are looking for life insurance coverage for yourself or someone with hydrocephalus as a baby, then that’s going to be different from someone who has it as an adult. This is because it’s likely this condition may become an ongoing occurrence which is why most (if not all) life insurance companies are going to automatically decline someone from qualifying for a traditional term or whole life insurance police if they first contracted their hydrocephalus as a baby.
If this is you or the person you are trying to insure, you still have one option: guaranteed issue life insurance. Even a person who had hydrocephalus as a baby or child can still get guaranteed issue life insurance. This is an option for anyone and everyone, no matter what kind of medical problems they have. The main obstacle in these situations is that the applicant will generally need to be at least 50 years old before applying for coverage.
It’s important to remember that Guaranteed issue life insurance policies will also contain a graded death benefit. For more information regarding guaranteed issue life insurance policies and graded death benefit clauses, we would recommend that you either check out comprehensive guide to final expense insurance or simply give us a call.
Hydrocephalus as an Adult.
If you had hydrocephalus as an adult, it may have been due to an accident or some other kind of head trauma. This is a one-off kind of thing rather than a hereditary disorder that could happen again and again. Because of this, you can still qualify for term or whole life insurance (supposing that no other health issues stand in the way and disqualify you).
That being said however…
What you’re generally going to find is that you’re no longer going to be considered eligible for a Preferred or Standard rate any longer. Instead, you’ll now be considered a “higher risk” applicant and will most likely only qualify for a Table rating at best. So… with that said let’s just take a moment and briefly explain what a table rate is.
Table rates are life insurance rates that fall below Preferred and Standard rates and are typically reserved for “higher risk” applicants. In total there are 10 different table rates one can qualify from ranging from Table A, which will be the least expensive rate, all the way to Table J which will be the most expensive rate.
Before you get too upset, one needs to remember that getting approved for life insurance in some situations is no easy task. So even if you get approved at a Table J, sometimes, this is a major accomplishment! Particularly if you have serious pre-existing medical condition like hydrocephaly!
That being said however…
We’re not all that interested in “just” getting you approved, we also want to get you a great rate on your life insurance as well! And the way that we do this is by making dozens of different life insurance companies compete for your business.
Your life insurance “rate” is going to be determined by great many things. Some will be related to your hydrocephalus, while others may simply be related to your overall health, life style habits and family history.
And because of this…
We may find that different life insurance companies may potentially offer you different Table Rates based on these variables. This is why it’s so important to “shop around”.
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