At TermLife2Go, we help people with pre-existing conditions find life insurance. Whenever we encounter a client who has been diagnosed with biliary cirrhosis, one of our first questions that we’re going to want to ask is…
“How much life insurance coverage are you looking for?”
We ask this question right away because unfortunately, individuals who have been diagnosed with biliary cirrhosis (in our experience) simply aren’t going to be eligible for a fully underwritten term or whole life insurance policy.
That is why we put together our best final expense and burial insurance companies list, offering both simplified issue and guaranteed issue life insurance.
About biliary cirrhosis.
Biliary cirrhosis, also known as PBC, is an autoimmune disease that causes the progressive destruction of ones’ bile ducts within the liver. As a result, harmful substances can begin to build up in your liver which can then “potentially” lead to irreversible scarring of the liver tissue (cirrhosis).
Unlike cirrhosis of the liver due to alcohol abuse, physician and researchers alike are not complete certain what the true cause of biliary cirrhosis is but believe that it may be the result of an autoimmune response in which ones’ own body turns against its own cells.
Early stage symptoms will typically include:
- Itchy and dry skin.
- As well as dry eyes and mouth.
As the disease progress, patients will typically begin to suffer from more significant symptoms which may include:
- Pain in the abdomen, surrounding the liver.
- Bone, muscle and joint pain.
- Elevated cholesterol levels.
- And hypothyroidism.
Unfortunately, there is no known cures for biliary cirrhosis, however, medications can be used to help negate many of the common symptoms associated with biliary cirrhosis and help slow down the progression of the disease.
It also means that…
In order for us to be able to assist someone who has been diagnosed with biliary cirrhosis to find life insurance coverage, they’re going to need to be “open” to pursuing some “alternative” life insurance products which may or may not be what they are looking for.
In order for someone who has been diagnosed with biliary cirrhosis to be able to qualify for a life insurance policy, it is going to need to be an insurance policy that is not going to:
- Require the applicant to answer any health-related questions.
- And not require the applicant to have to take a medical exam.
Essentially, you’re going to need to find an insurance product that does not discriminate based on health.
The good news is…
That these final expense and burial insurance policies do exist (in most states), and they’re called guaranteed issue life insurance policies!
Now in order to qualify for a guaranteed issue life insurance policy, all you have to do is meet two requirements:
- First, you need to be a US Citizen.
- Second you need be over the age of 40 and younger than the age of 85.
And that’s it!
But before you get too excited….
We want to take a moment to describe exactly some of the Pros and Cons associated with purchasing such a guaranteed issue life insurance policies.
And so that we don’t “sugar coat” things…
We’re going to start off with three of the main disadvantages with purchasing a guaranteed issue life insurance policy first.
The first disadvantage that we want to point out is that guaranteed issue life insurance aren’t going to offer a ton of life insurance coverage. In fact, most guaranteed issue life insurance policies are going to max out right around $25,000 dollars in coverage. Which means that if you need more than $25,000 dollars in coverage, a guaranteed issue life insurance policy may not be the right fit for you!
There are however two “possible” solutions to this problem, but each solution will have their own issues as well.
Possible solution #1.
Purchase an accidental death insurance policy as a way to increase your insurance protection against accidental causes of death.
Accidental death insurance policies are not life insurance policies, which is why they will not provide coverage in the event that you die from an “natural” or “illness based” disease such as biliary cirrhosis.
But that being said however, we here at TermLife2Go are unaware of any rule stating that if you have biliary cirrhosis you can’t die due to an accidental cause such as:
- A motor vehicle accident.
- A slip or fall.
- Or a natural disaster.
But remember, purchasing an accidental death insurance policy will not increase your insurance protection against natural causes which is why this is an “imperfect” solution to our problem.
Possible solution #2.
Purchase several different guaranteed issue life insurance policies from multiple insurance carriers. For example, if an insurance company will only allow you to purchase $25,000 dollars in coverage from them, theoretically you should be able to purchase their policy, then proceed to apply for coverage with another company who also offers a guaranteed issue life insurance policy as well.
The main problem that you’re going to run into with this solution is what we’re going to discuss next, which is, guaranteed issue life insurance policies can be expensive. Particularly you compare them to other traditional types of life insurance policies which is why this option may be worth it!
As we just stated, when you consider the actual amount of life insurance coverage that you actually getting when you purchase a guaranteed issue life insurance policy, it’s easy to see why “dollar for dollar” they’re one of the most expensive “types” of life insurance policies out there!
Now this doesn’t mean that you won’t necessarily be able to afford to purchase one, it just means that you may not be satisfied with the amount of money you have to pay for the amount of coverage that you actually receive.
But remember, you’ve been diagnosed with biliary cirrhosis, so it’s not like we have a ton of options out there.
And now let’s address what we feel is the BIGGEST problem associated with purchasing a guaranteed issue life insurance policy which is the Graded Death Benefit Clause.
Graded Death Benefit.
A graded death benefit, is a “clause” written into guaranteed issue life insurance policies which will limit when your guaranteed issue life insurance policy will begin to provide coverage for “natural” or “illness based” causes of death.
Basically, what a graded death benefit will state is that after you have purchased you guaranteed issue life insurance policy, in order for it to provide a death benefit for natural causes, you will need to “NOT DIE” from natural causes for at least 2-3 years depending on the insurance company that you decide to use.
Insurance companies include graded death benefit clauses in guaranteed issue life insurance policies simply because they don’t ask any health-related questions, which means they aren’t going to know anything about your current health status.
Without having a graded death benefit clause, written into a guaranteed issue life insurance policy, there would be nothing to protect the insurance company form preventing someone from purchasing a life insurance policy just days away from passing away from a known pre-existing medical condition!
But it’s all bad news…
Guaranteed issue life insurance policies do have their benefits as well, for example:
- Assuming that you are a US citizen, you meet the age requirements and you live in a state where they are offered, you will qualify.
- Guaranteed issue life insurance applications are also pretty simply which means that you should be able to complete your application over the phone and coverage should start in 24 hours or less.
- And, because most guaranteed issue life insurance policies are whole life insurance policies, once you’ve purchased yours, assuming that you stay current with your payments, you should have to worry about it ever ending or expiring!
Now we know that….
We’ve covered a lot of information here in a very short amount of time and we don’t expect you to suddenly become an expert right away, but what we do want you to take away from reading this article is that if you been diagnosed with biliary cirrhosis, chances are you’re still going to have option when it comes to purchasing a life insurance policy to protect you and your family.
And what we hope is that when you being pursing those options, you’ll give TermLife2Go a chance to earn your trust!
for those who would like to get an idea about how much their life insurance might cost before speaking with an agent, we would recommend that they check out our Final Expense Life Insurance Quotes page when you have a few moments to spare.
Because we’ve been doing this awhile here at TermLife2Go, we know that a lot of times when you suffer from a condition like billiary cirrhosis, 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.