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Qualifying for Life Insurance with Portal Hypertension
Whenever we receive a call or a life insurance quote request from an individual who has been diagnosed with Portal Hypertension, the first two things we want to know about the individual is:
- How old are they?
- And how much life insurance coverage are they looking for.
This is because…
When it comes to helping those who have been diagnosed with portal hypertension, our options are going to be limited since most (if not all) life insurance companies are automatically deny these individuals if they are applying for a traditional term or whole life insurance policy.
That in order for us to be able to help these individuals find a life insurance policy that they will be able to qualify for, we’re going to need to seek out some “alternative” life insurance products, such as simplified issue life insurance policies or guaranteed issue life insurance policies, that aren’t going to require an applicant to take any medical exams or perhaps answer any medical questions.
To understand why this is the case, we need to know a little bit more about what portal hypertension is and why most (if not all) life insurance companies are going to “shy” away for providing coverage to these individuals.
What is Portal hypertension?
Portal hypertension is a type of high blood pressure that specifically affects the veins that are a part of the “portal venous system”, which includes the veins in your stomach, intestine and other organs in that area of the body.
Symptoms commonly associated with portal hypertension include:
- Fluid built up in the abdomen
- Bleeding in the intestines (this may cause blood to appear in stools or vomit)
- Confusion or disorientation (this is due to liver functionality problems)
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Treatment Options for Portal Hypertension
Once a doctor diagnoses you with portal hypertension, you will have to decide on a course of treatment that is appropriate for your situation. The problem is that, there really aren’t a whole lot of treatment options out there. That being said however one of the best thing you can do is start working on preventing further complications and managing the complications that already exist.
Some of the things you might do include:
- Take medications. Some people take medication to reduce pressure. These are called nonselective beta-blockers.
- Get endoscopic therapy. This is a treatment designed to stop the bleeding.
Additionally, your doctor will possibly suggest you:
- Change your diet.
- Undergo radiology
- Have surgery
Does the kind of treatment you have impact your eligibility for life insurance?
The truth is, not really. Because of the nature of portal hypertension, it’s fairly difficult, if not entirely impossible, to get life insurance coverage with the disease. This is mainly because it is an untreatable disease with the possibility of a lot of complications.
Also, people with portal hypertension are more likely to have a shorter life expectancy than people who do not. All of this contributes to your eligibility for whole life and term life insurance policies.
This does not mean you have to go without life insurance just because you have portal hypertension.
Just because you have portal hypertension doesn’t mean you have to give up your dream of having life insurance, it just means that you’ll need to take a look at what are called guaranteed issue life insurance policy.
What is Guaranteed life insurance?
Guaranteed issue life insurance policies are policies offered from the best final expense insurance companies that aren’t going to require someone to take a medical exam or answer any health or lifestyle choice questions in order to qualify.
Which means, if you have a serious pre-existing medical condition or something else such as a felony conviction or a suspended driver’s license that could potentially disqualify you from being able to purchase a traditional term or whole life insurance policy, a guaranteed issue can be a great “second” option.
But before we get too excited…
It’s important to understand that guaranteed issue life insurance policies will have some potential disadvantages that need to be fully understood before one can know for sure if they’ll be a “acceptable” alternative to a traditional life insurance policy.
3 Main disadvantages to a guaranteed issue life insurance policy.
Guaranteed issue life insurance policies are not 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 in coverage.
Which means that if $25,000 isn’t enough insurance to meet your needs, you’re either going to need to purchase several of these types of life insurance policies which can become pretty expensive or simply try to supplement your insurance needs with an accidental death insurance policy, which won’t provide any coverage due to a “natural” or “illness based” cause of death.
Guaranteed issue life insurance policies will tend to be more expensive dollar for dollar than other traditional types of life insurance policies. Or put another way, guaranteed issue life insurance policies tend to be a bit “pricey” compared to the amount of coverage that they actually offer.
That being said however, if these are the only types of life insurance policies that you can in fact qualify for, sometimes paying a little bit more to be fully insured can be worth it.
The last major disadvantage associated with a guaranteed issue life insurance policy in our mind is the BIGGEST disadvantage of all, and is called a graded death benefit.
A Graded Death Benefit, is a clause written into all guaranteed issue life insurance policies which will limit when in fact your guaranteed issue life insurance policy will begin providing coverage for “natural” or “illness based” causes of death. A typical graded death benefit will require you to wait at least 2 years sometimes 3, before it will provide full coverage due to death caused by illness.
For more information regarding guaranteed issue life insurance policies we would recommend that you check out the following article: Guaranteed Issue Life Insurance - Pros and Cons -.
Should you get guaranteed issue life insurance policy with portal hypertension?
We cannot easily tell you what you “should” and “should not” do – except that we think you “should” consider all of your options thoroughly before making a decision.
Are all guaranteed issue life insurance policies the same?
No. some guaranteed issue life insurance policies offer larger death benefits and different features. Some features you may desire and some you may not. That’s why it’s important that a person living with portal hypertension and deciding on a life insurance policy should talk with a life insurance expert before coming to a conclusion.
Who should you talk to?
When you have portal hypertension, the last thing you need is something causing you more unnecessary stress. Instead, find someone you trust can make reasonable recommendations with your best intentions in mind. This person would probably NOT be someone associated with one particular life insurance company. Why? Because that person will simply be limited to selling you a policy from their ONE company. Instead, you should find an unbiased life insurance expert to guide you through the process of getting life insurance with portal hypertension. And guess what? That’s who we are here at TermLife2Go!
So, what are you waiting for? Give us a call today or visit our Online Life Insurance Quotes page and see what we can do for you!