At Insurance Specialists, Inc., we understand that many Americans feel that they won’t qualify for life insurance due to health concerns. Although life insurance companies will come to a decision about health based on the severity of the condition and if it’s currently being treated or not, the majority of people with common health conditions are able to find affordable coverage with the medical help of a doctor to manage the condition. Depending on the company, he risk involves assigning customers a health rating (standard, preferred and preferred plus), which comes with a 20% to 30% change in price from one rating to the next.
The following are the most common health conditions:
- Acid Reflux (GERD) – Capable of leading to ulcers and possibly cancer, life insurance companies believe there is a risk. Fortunately, individuals who treat their mild GERD with over the counter medications are still eligible for preferred plus rates. Those under medication for mild to moderate GERD are eligible for preferred. Moderate to severe GERD individuals who experience ongoing treatment or surgery would qualify for standard rates.
- Anxiety – The most common form of mental illness, resulting in 18% of Americans suffering from this condition. Depression, substance abuse and insomnia are what makes this condition risky for life insurance companies. If the condition is managed properly by being on one medication prescribed by a primary care physician, then individuals with anxiety can be eligible for preferred plus rates.
- High Blood Pressure – Also known as hypertension, high blood pressure can result in serious health issues if it’s not treated. Life insurance companies must analyze the severity of the condition and if it’s being managed with medication. Generally, an individual with 150/90 or lower with medication is eligible for standard rates, while an individual with 140/90 or lower without medication can qualify for a preferred rate.
- High cholesterol – Having a total cholesterol over 200 mg/dL is considered high. Life insurance companies may categorize an individual as regular if their cholesterol is no higher than 300-350 mg/dL. Below 250 mg/dL may make an individual eligible for a preferred rate, while 220 mg/dL or less with medication could classify them under the preferred class.
- Obesity – Over 1/3 of the U.S. population is considered obese. Most companies use the body mass index (BMI) number to determine an individual’s rate class. BMI of 26-28 is eligible for preferred plus, BMI of 27-34 can be preferred, and 35-38 or higher is considered standard.
For more information about our rates, contact us at (888) 451-0883 today.