The cost of buying life insurance with iron deficiency anemia will vary from person to person.
In some instances, people with iron deficiency anemia will be able to get a good rating and low premiums. Others may have difficulty finding a standard life insurance policy and may have to seek alternative forms of life insurance. There is also a wide range in between.
The reasons for these enormous underwriting variations depend on the cause of the anemia. Many cases of iron deficiency anemia are not serious and the condition may only be temporary.
Other causes of anemia can be indicative of a much more serious and potentially life threatening situation. Therefore underwriters have to proceed with caution on every application for life insurance with iron deficiency anemia.
Buying Life Insurance with Iron Deficiency Anemia
Life insurance applications are easy when you know the required information in advance. Finding the most lenient insurance company as well as knowing what they are looking for is vital to finding the best policy and the lowest premiums.
Qualifying for low cost life insurance with iron deficiency anemia will depend on 2 main factors:
- The cause of the iron deficiency anemia
- Results from CBC (Complete Blood Count)
Other evidence of iron deficiency anemia can also include (low Mean Corpuscular Volume or MCV), low serum iron, low ferritin, and elevated tital iron binding capacity (TIBC)
Additional factors may come into play which affect how an underwriter reviews your application, but we will discus this in the underwriting section.
Iron deficiency anemia occurs when the iron levels in you blood are too low.
A CBC blood test is able to determine your iron (hemoglobin levels). An Activated Protein C Resistance test along with CBC test must have been performed within the past 6 months or you may be automatically declined.
The allowable levels vary between men and women. Iron deficiency anemia occurs in the following hemoglobin levels:
- Men – anemia occurs in men when their hemoglobin level falls below 13.0 g/dl. Normal g/dl levels should fall between 13.0 – 18.0 g/dl, and the hemoglobin ranges from 42% – 52%
- Women – anemia occurs in women when their hemoglobin level falls below 12.0 g/dl. Normal g/dl levels should fall between 12.0 – 16.0 g/dl, and hemoglobin ranges from 37% – 42%
Women should note that anemia is generally a result of blood loss. Insurance companies take into account blood loss due to menstruation. They are more lenient towards women as a result.
Additionally your overall health is taken into consideration during the underwriting process.
Choose Term Life Insurance with Iron Deficiency Anemia
We recommend that most applicants who have been diagnosed with iron deficiency anemia should select term life insurance over permanent life insurance such as whole life.
Term life insurance is the most basic form of life insurance. Term is also a fraction of the cost for an equivalent amount of coverage that you would pay for a permanent policy. With the potential for extra premium as a result of iron deficiency anemia, it is wise to compare the costs.
All you have to do is to determine that amount of coverage and the length of time or term that you want the coverage in place. Most term policies that life insurance companies offer today also come with a conversion feature. This allows you to convert the policy to a permanent policy without having to undergo a medical exam.
Term life insurance provides death benefits only. That’s why it costs so much less than any other type.
Reasons to Use an Independent Life Insurance Agent with Iron Deficiency Anemia
We always recommend that use an independent life insurance agent when buying life insurance with iron deficiency anemia. Independent life insurance agents only work for their clients and not the life insurance company.
Independent life insurance agents such as those here at Abrams Insurance Solutions have access to dozens of life insurance companies. So they can find the company who offers the best policy for you at the lowest price.
This allows you to save time and money because independent agents can do the comparison shopping for you. They should know which companies are the most lenient towards specific pre-existing conditions.
We also suggest that you avoid using a company agent. These are also known as “captive” agents because they are only allowed to sell the products from one insurance company. Which means that if their underwriting guidelines are unfavorable to your situation, there is nothing you can do.
There are over 850 life insurers in America. Their underwriting guidelines for any health concern vary widely.
If you want no obligation quotes from the best rated companies right now, use the Instant Quotes tool on your left. (Top if you’re on mobile.) Compare dozens of companies. Experiment with different term lengths and benefit amounts. The tool is there for your information. There is never any obligation to buy.
How Buying Life Insurance with Iron Deficiency Anemia Affects Rates
Iron deficiency (as opposed to hemochromatosis) anemia in adults always stems from blood loss. Gastrointestinal bleeding is the most common cause of blood loss. This can occur from:
- Colon Polyps
- Inflammatory bowel disease
Other causes for anemia can result from:
- Inadequate iron disorder
- Peptic ulcer
- Clotting Disorders
- Regular use of some over-the-counter pain relievers, especially aspirin.
- Inability to absorb iron
Preferred and Preferred Best Rating
Some causes of an anemia disorder may have no impact on the life expectancy of a person and can be easily treated. Your tests should rule out the existence of either cancer or other significant medical conditions to qualify for a better rating.
If this applies to your situation, you may not initially qualify for a good rating such as “Preferred Best” or “Preferred”. Although you may be re-evaluated for a better rating later on when the anemia is medically controlled. Therefore if you need the insurance right away, you don’t necessarily have to wait for better rates.
Most people should be able to qualify for a “Standard” rating if there is no serious underlying health issue. To qualify for a Standard rating, most insurance companies require the following:
- Men with a 12.0 g/dl level or higher
- Women with a 10.0 g/dl (11.0 g/dl if menopausal) or higher
Substandard and Table Ratings
If your ratings are lower, you may qualify for a “Substandard” or “Table” rating if your hemoglobin levels are:
- Men with a hemoglobin level between 11.0 and 12.0 g/dl
- Women with a hemoglobin level between 10.0 and 11.0 g/dl
Any hemoglobin level lower than those described will likely result in a “Decline” when applying for a standard life insurance policy. This does not mean you cannot find life insurance, but rather you will likely have to apply for a “Guaranteed Issue” life insurance policy. These policies are more expensive and available coverage amounts are generally lower, but you will have life insurance coverage in place.
Life Insurance Underwriting Factors for Iron Deficiency Anemia
There are several questions which you will be asked about your iron deficiency anemia condition when you apply for life insurance including:
- State the cause of your iron deficiency anemia
- What tests have been performed?
- Current height and weight
- Last CBC results and date
- Any medications prescribed
- Any hospitalizations because of this condition
- Do you smoke?
- Other major health issues
These will help your underwriter figure out what your rates should be. They also help clue him or her in on whether to request medical records.
Low Price Life Insurance with Iron Deficiency Anemia – How Abrams Insurance Solutions Can Help
Here at Abrams Insurance Solutions, our team of independent life insurance agents can save you both time and money if you have a diagnosis of iron deficiency anemia.
We have access to over 70 of the most lenient life insurers available. Our agents won’t settle or stop looking until we find the right life insurer who will give you the best rates when buying life insurance with iron deficiency anemia.
Click for more information about life insurance with pre-existing conditions. Or, if you are looking for quotes, use the Instant Quote tool on the right. There is no obligation to buy. Ever.
Have any questions about how to find affordable life insurance with iron deficiency anemia that we didn’t answer? Give us a call at 858-703-6178 and we will find you the information right away.