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Life Insurance with Migraines
If you suffer from migraines then you need to read this. There are three important questions you need to ask if you are applying for life insurance with a history of migraine headaches, which are:
- Can I get life insurance since I suffer from migraines?
- What will it cost?
- What is the process?
Let’s begin with a brief overview.
Migraines are a type of headache characterized by an increased level of pain, throbbing, nausea, vomiting and sensitivity to light. Migraines can be debilitating and can be linked to other issues such as depression and anxiety.
Can I get life insurance?
The quick answer is, YES.
Ultimately, approval will depend on:
- When you were first diagnosed,
- if your condition is mild, moderate or severe,
- what medication(s) you take,
- how often you see your doctor, and
- if you have ever been hospitalized due to migraines.
How you answer the above questions would determine your eligibility for life insurance.
What is the cost?
Life insurance companies have about 16 different rate classes. What rate class you qualify for will also determine your cost.
The best case scenario is someone who has had migraines in the past but has not had a migraines in a few years and who takes no medications. If this describes you, then you may have a shot at the best rate class.
Typically, someone who has migraines, who has had testing done to rule out other potential problems such as a tumor, can qualify for a standard rate class.
The more serious sufferers of migraines qualify at a below standard rate class or may need to consider a guaranteed issue life insurance policy where there is no medical exam and no health questions.
If you are curious what your price tag would be, simply enter your information and see what the price is for your age and gender based on the above rate class you believe you qualify for.
What is the process?
A guaranteed issue policy is quick and easy. This type of coverage is reserved for those who cannot qualify and need only a small amount of burial insurance. It is guaranteed issue so everyone within the required age bracket will qualify for this coverage. Typically, the amount you can qualify for with these burial insurance or final expense insurance companies will be from $5,000-$30,000 depending on the carrier. Most come with a graded death benefit limitation which provides that the full death benefit will only be paid after the policy has been in force for two or more years.
A fully underwritten life insurance policy requires a life insurance health exam (we recommend you take your exam as soon as possible in the morning to get the best blood pressure readings). 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 life insurance carriers. 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 types of life insurance policies tailored to your specific needs.
By working directly with TermLife2Go you will have an assigned agent dedicated to your application. This agent will be available to you throughout the entire application process; he or she will provide you with status updates as your application goes through underwriting and will also review your application at time of approval to ensure that you are still getting the best life insurance rates by age out there!
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!