14. September 2017 19:10
by Ammelia
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Life Insurance After Heart Bypass Surgery

14. September 2017 19:10 by Ammelia | 0 Comments


After a major life event like bypass surgery, it’s understandable that you’d be in a hurry to buy life insurance as soon as possible. This is often a mistake. Life insurance companies will see your past surgery and this could prevent you from receiving a policy.

To qualify for insurance after a bypass, you need to plan right and fill out a good application. To get you ready, here is a review of the insurance guidelines for after bypass surgery as well as some tips to help you with your application.

When you’re shopping for life insurance protection, there are dozens of different factors that you’ll need to consider. It can be a confusing and difficult process, especially if you’ve had a bypass surgery in the past. Life insurance is one of the most important purchases that you’ll ever make for your loved ones, and your health shouldn’t keep you from getting the protection that your family deserves.

Life Insurance Underwriting after Bypass Surgery

When you apply for life insurance, you’ll need to answer several questions about your bypass surgery for your application. You’ll need to answer:

  • What did you have your bypass surgery?
  • Why did you need to have bypass surgery? Was it an elective or emergency procedure?
  • Have you ever had any other types of heart surgeries like a heart valve replacement?
  • Were there any complications after the surgery like internal bleeding, cardiac tamponade, or a stroke?
  • Do you have any other high risk factors for heart disease like smoking, high cholesterol, or high blood pressure?
  • Do you have a history of heart disease?
  • What medications are you taking because of the bypass surgery?

Common medications for after a stroke include: Clopidogrel, Beta blockers, Nitrates, ACE inhibitors, and Lipids.  All of these medications for a stroke could be insurable depending on your health after the surgery.

Be sure to answer all these questions in detail for your application. For life insurance underwriting, more information is better. If an underwriter felt your application was incomplete, especially after something major like bypass surgery, there’s a good chance you’d get a poor rating or a denial.

Life Insurance Quotes after Bypass Surgery

If you’ve had bypass surgery, it’s very important to delay your life insurance application for some time after your surgery. This is because life insurance companies typically deny applicants that just had bypass surgery; there are too many complications that can come up. It’s best to wait at least 6 months to a year before applying.

When you apply, insurance companies will review the details of your bypass surgery as well as your overall health to make a decision. Your rating would depend on how well the surgery went as well as whether you are taking steps to avoid future heart problems. While each insurance company uses slightly different underwriting standards, here are some general guidelines to help you estimate what rating you’ll get for your life insurance.

  • Preferred Plus: It’s not possible to get a preferred plus rating after bypass surgery, even if you are healthy and the procedure went well. There is just too high a chance of future heart problems for insurance companies to be willing to give the best rating.
  • Preferred:  Also usually impossible for applicants that have had bypass surgery. In very rare cases, someone that had an elective bypass and was otherwise in perfect health might qualify for a preferred rating, but this is not something you should expect.
  • Standard:  The best possible rating for most applicants after a bypass surgery. Applicants need to have waited at least a year after the surgery and be in perfect health otherwise. The bypass surgery also must have been a minor procedure, like elective surgery to get around a blockage early.
  • Table Rating (substandard):  A table rating is the most likely rating for applicants that have had bypass surgery. Applicants should have waited at least 6 months after their surgery to qualify. Rating will depend on the severity of the bypass surgery, whether there were any complications, whether the applicant had other procedures like a heart valve replacement, and the applicant’s general health and family history.
  • Declines: Applicants that apply within 6 months of their bypass surgery. Also, applicants that aren’t regularly seeing their doctor, have a history of serious heart problems, and/or have heart risk factors like smoking or high cholesterol could also be denied.

Bypass Surgery Case Studies

If you’ve had bypass surgery, it’s very important that you plan your application right. Here are a couple real life examples that show the difference your application can make.

Case Study #1: Female, 63 y/o, non-smoker, had bypass surgery for a small blockage at 61, tried applying right away and was denied, otherwise in good health.

This client has a small valve blockage a few years ago that she decided to have removed through elective bypass surgery. Immediately after the procedure, she tried to buy more life insurance. Since she didn’t give anytime between her procedure and her application, the insurance company denied her application. At this point, the client thought she couldn’t get coverage. After contacting us, we recommended she try again. Since she had waited the appropriate amount of time, she qualified for a standard policy this time around.

Case Study #2:  Male, 57 y/o, needed bypass surgery at 54, former smoker, recently lost weight and reduced cholesterol levels, taking lipids for cholesterol.

This applicant had an unhealthy lifestyle. He smoked, had a poor diet, and didn’t exercise. This lifestyle eventually forced him to have bypass surgery. After the surgery, this client started living a much healthier life. He also started taking lipids for his cholesterol, as this was a big part of why he had heart problems.

Despite these improvements, this applicant still had trouble getting life insurance. We believed this was because insurance companies were too focused on his past history. We recommended this applicant meet with his doctor and get a note vouching for his improved health. By reapplying with this note, the applicant got a Table Level 2 Policy, a decent rating for someone in his condition.

As you can see from the examples, there are dozens of different factors that the insurance company is going to look at, and every applicant is going to be different. There are no two applications that are the same, and every company is going to view your application differently. Some insurance companies are going to view a history with a bypass survey more favorably than other companies are going to. Finding the right company could be the difference in getting approved for affordable coverage or getting a plan that’s going to break your bank every month.

Getting Affordable Life Insurance Coverage After Bypass Surgery

As an applicant with a bypass surgery in the past, you’re going to be facing higher premiums, but that doesn’t mean that you have to purchase a policy that is going to break your bank every month. There are several ways that you can get lower insurance rates for your coverage.

The first thing that you should do is cut out any tobacco. Using tobacco is hands-down one of the worst things that you can do for your life insurance premiums. In fact, anyone that uses tobacco is going to pay twice as much for their plan versus what a non-user is going to pay for the same sized plan.

Another way to save money on your life insurance protection is to improve your health. As a person with a bypass surgery, you’ve already have one red flag on your application, which means it’s important that you improve the rest of your overall health. Starting a healthy diet and getting regular exercise can help you lose weight, lower your cholesterol, and a whole host of other health benefits. All of these are going to translate into lower rates for your insurance coverage. If you want to save money every month on your coverage, it’s time to lace up your running shoes.

Comparing different policies is always going to be the best way to save money. As we mentioned, every company is different, and all of them are going to give you different premiums. You’ll get drastically varying rates based on the company that you get the quote from.

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12. September 2017 16:15
by Harry
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Blood Cancers and Buying Life Insurance

12. September 2017 16:15 by Harry | 0 Comments

 

According to the American Society of Hematology, blood cancers affect the production and function of your blood cells and end up preventing your blood from performing many of its functions, such as fighting off infections or preventing serious bleeding.  Approximately every three minutes, one person in the U.S. is diagnosed with a blood cancer.  September is both Life Insurance Awareness Month and Blood Cancer Awareness Month.  In this post, let’s discuss the different types of blood cancer and how these conditions can affect buying life insurance.

What are the different types of blood cancer?

There are three main types of blood cancer: leukemia, lymphoma, and myeloma.  An estimated 1,290,773 Americans are either living with, or are in remission from, leukemia, lymphoma, or myeloma.

Leukemia – cancer of the body’s blood forming tissues.

  • Mainly affects bone marrow and the lymphatic system
  • Usually, affects white blood cells – the infection fighting cells
  • There are many types of leukemia

Lymphoma – cancer of the lymphatic system.

  • Affects the lymphatic system – the body’s germ-fighting network – which includes the lymph nodes, spleen, thymus gland, and bone marrow
  • There two categories: Hodgkin lymphoma and non-Hodgkin lymphoma

Myeloma – cancer of plasma cells.

  • Plasma cells are white blood cells that produce disease- and infection-fighting antibodies
  • Cancerous plasma cells release too much protein and can cause organ damage
  • Cancerous plasma cells can also crowd the normal cells in your bones and weaken them

How does leukemia affect buying life insurance?

Leukemia can be either acute or chronic.  Chronic leukemia progresses more slowly than acute leukemia, which requires immediate treatment.  There are five types of leukemia: acute lymphoid leukemia (ALL), acute myeloid leukemia (AML), chronic lymphoid leukemia (CLL), hairy cell leukemia, and chronic myeloid leukemia (CML).  ALL is the most common form of childhood leukemia and AML and CLL are most common in adults.

Although individuals who have been diagnosed with leukemia generally cannot get preferred life insurance risk classes, that is Preferred Plus or Preferred, once treated with no recurrence, individuals can be considered for Standard life insurance rates.  Risk classes are dependent on the type of leukemia, your age at diagnosis, and how long it has been since completion of treatment.  The more years that have passed since treatment, the better your chances are for qualifying for Standard or Standard Plus.

Risk Classes
Preferred Plus
Preferred
Standard Plus
Standard

If you do not qualify for standard risk classes, you may be table rated and/or be required to pay a flat extra.  A table rating typically means you will pay the standard prices plus a certain percentage.  A flat extra is an additional fee that cushions the risk for the insurance carrier.  A flat extra can last the entire life of a policy or just a few years.

Table Rating
(alphabetical)
Table Rating
(numerical)
Pricing
A 1 Standard + 25%
B 2 Standard + 50%
C 3 Standard + 75%
D 4 Standard + 100%
E 5 Standard + 125%
F 6 Standard + 150%
G 7 Standard + 175%
H 8 Standard + 200%
I 9 Standard + 225%
J 10 Standard + 250%

Let’s take a look at a few examples.

Example 1

Jane Doe was diagnosed with acute lymphoblastic leukemia (ALL) when she was 8 years old.  She is now 30 years old and it has been over 20 years since treatment was completed.  Jane is a non-smoker and aside from her history of childhood cancer, she has a clean bill of health.

She applies for a 30-year $500,000 life insurance policy and is approved at Standard Plus.  Her monthly premium payments will be $50.

Example 2

John Smith was diagnosed with acute myeloid leukemia (AML) when he was 18 years old.  Part of his treatment was a bone marrow transplant.  He is now 32 years old, does not smoke, and it has been 13 years since treatment was completed.

He applies for a 20-year $500,000 life insurance policy and is approved at Table B.  His monthly premium payments will be $60.

Keep in mind that no life insurance company underwrites the exact same way.  (Underwriting is the process of evaluating an application and determining a risk class.)  Some will be stricter with leukemia than others.

How does lymphoma affect buying life insurance?

There are two categories of lymphoma: Hodgkin and non-Hodgkin.  The difference between the two is based on the type of cancer cells present.  According to Cancer Treatment Centers of America, Hodgkin lymphoma is rare, accounting for about .5 percent of all new cancers diagnosed.  Non-Hodgkin lymphoma is more common being the seventh most diagnosed cancer.

In the majority of cases, applicants with a history of lymphoma will be assigned a flat extra for the first few years, unless a good number of years (like ten) have passed since treatment.

Let’s take a look at an example.

Example

John Doe is a 54-year-old male, non-smoker, applying for a 20-year $250,000 term policy.  He was diagnosed with stage 3 non-Hodgkin lymphoma five years ago.  He went through chemotherapy that same year and continued preventative treatment for two years following.  There has been no sign of recurrence.  He gets check-ups once per year.

John is approved at Table B with a flat extra of $15 per thousand for five years.  Here’s what all that means.  John is getting $250,000 in coverage, so to calculate the flat extra you multiply 15 by 250.  John will have to pay an extra $3750 per year on top of his normal premiums for five years.  Once year five is over, his premiums will drop to the regular Table B premium which will be $140 per month.

Again, no life insurance company underwrites the same way.  There are insurance carriers that would decline John outright.  This is why working with an independent agency like Quotacy is beneficial.  We have contracts with multiple A-rated carriers, so your chances of being approved are better.

How does myeloma affect buying life insurance?

Myeloma has different forms, but 90 percent of people who have been diagnosed with myeloma have multiple myeloma.  It’s called such because it affects several areas of the body versus just one site.  There is currently no cure for multiple myeloma, so life insurance approval may prove difficult.  Unless you have had a bone marrow transplant, an applicant diagnosed with multiple myeloma will typically be declined for life insurance.  Myeloma is, however, the least commonly diagnosed type of blood cancer.

Plasmacytoma and localized myeloma diagnoses, these are forms of myeloma in which cancer cells are found in only one site, have higher chances of life insurance approval.  Standard rates are even possible if enough years have passed since treatment.

If you have a history of blood cancer, don’t hesitate to apply for life insurance.  Applying for life insurance is free and there is no commitment to buy.  Here at Quotacy we have access to many life insurance carriers and will help to get you approved for coverage.  Start out by using our term quoting tool to run as many quotes as you would like – no contact information required.  We look forward to helping you get life insurance.

 
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