Sickle cell and life insurance-would I be accepted?

I have sickle cell anemia/disease.   Would I be accepted for life insurance?  Yes ! you would be accepted!

With sickle cell and life insurance, you would be approved for either an easy issue policy or a guaranteed issue life insurance policy.  This would be a whole life policy that is sometimes referred to as a permanent policy.  Hi, I am Mitch Winstead from Allstar Senior Benefits.  My toll-free number is 866-598-8170 or 910-538-4547.  My website is www.allstarseniorbenefits.com   My email address is mitch@allstarseniorbenefits.com.  Cally today for your no pressure quote.  Whole life is not a term life policy.   Term life policies different “terms” such as 10 -30 year periods.  As far as I know, there is not a guaranteed acceptance or easy issue term life product that has no health questions or only 2 questions on the application.  More on term life insurance later in this article.  A whole life policy builds cash value.  This can happen in usually in 18 months or less.  Building cash value is important and can be used for many things.   You can borrow money from your whole life policy.  You must have enough cash value built up to borrow the money.  This is not the same thing as a bank loan.  You cannot borrow money you do not have built up or available in your policy.  

 

Now if you do borrow money against your life insurance policy and do not pay it back then the whole value of your policy will not be paid to your beneficiary upon your death.  So if you have $10,000 and you borrow $1,000 from it and pass away, your beneficiary only gets $9,000.  So it is important to pay it back.  It is not like borrowing from a bank.  With a couple of companies I have, there may be discounts available for burial products.  This is an important benefit because it can save you money.  For example,  if you purchase 10,000 of life insurance most of that money will go to the funeral home NOT your loved ones.  When you get a discount on burial products, that means more money goes to your loved ones NOT the funeral home.  I suggest you read that over again to let it sink in.  

 

For those who do not know about sickle cell anemia, I will attempt to explain.  This is a blood disorder that is genetic.  Most of us probably know and have heard of a person that is anemic.  I was anemic at a young age with the “regular” version of anemia.  I am ok now.  Sickle cell anemia is on a different level.  Sickle cell anemia is hereditary.  Hemoglobin and oxygen are affected. Under a microscope, the blood cells appear to be in a crescent shape instead of a normal round shape.Blood cells carry oxygen.  Since the shape of blood cells in SCA is different, less oxygen is able to be carried throughout the blood. Also because of the differing sickle shape, they also have a differing consistency which can at times block the flow of blood throughout certain extremities and organs.  This can cause pain to the individual and the infection risk is heightened.   Some of the sickle cell symptoms include lethargy, joint pain, jaundice, and weakness etc.   I have read that some people can have mild to moderate symptoms while others have severe symptoms.  I have also read that this affects African American people more than others.   This explanation certainly is not supposed to be a comprehensive definition of this disease.  It is only a summary.  Now back to Life insurance.  The key thing I would like you to get from this article is that life insurance is available.  It is whole life.  You will not be turned down. This is great news.   At one time the life insurance companies would just turn you down flat.  Now with being accepted with sickle cell disease, your policy is going to cost more but still can be affordable.  It is better if you do purchase at a young age.  This goes without saying but you do not want to wait until you are age 65-70 years old and then buy it.  The premiums are much higher.   There are no health questions on a guaranteed issue policy.  

 

If you want to try for a different type of policy such as a fully underwritten whole life or term life you may do so.  Term life policies offer higher face amounts for 10-30 years. There are some variables in term periods also.  The insurance companies look at different things.  These may include :  

How long have you been diagnosed with sickle cell anemia?  

Are you on any medications? If so what medications and have there been any changes?

What are your specific symptoms?

Have you been hospitalized?  Have there been any emergency room visits?

Do you have regular checkups?

When was your last checkup?

 

The insurance company will want detailed answers and will contact your doctor(s).   When it comes to term insurance- you may receive what is called a table 2 rating or table 3 rating.   The higher the number is the higher the premium is going to be.  This is all going be on an individual basis.

With term insurance, insurance companies look at overall health not health care costs to determine ratings and premiums.  For example, people with diabetes are often “rated up” and the premium increases. It is important to work with an experienced broker.  He or she may have connections and know certain companies that are better in the way of premiums for certain health conditions.  The good news is that insurance companies have flexibility to offer different premiums rather than just declining you.  Although, you have to be on the lookout because there are companies that won’t even consider your application.  

 

That is when you will have to settle on a guaranteed issue whole life policy.  Here again would a case to think about the positives.  Meaning that life insurance is available.  It may not be exactly what you want.  This kind of sounds like life.  A lot of times we don’t get what we want.   I apologize for the lecture.  Some insurance companies offer pharmacy discount cards also.  One of the perks of dealing with me as your broker is that I can actually look at the best pharmacy discount card specifically for you.  I have actually used a card recently that brought down my cost on a medicine from $300.00 to $50.00!  Needless to say that is a huge discount.  All I had to do is pick the right two cards and make some calls to local pharmacies and boom I saved $250.00   I can do the same for you but you have to ask me about it.   I cannot guarantee you will save as much as I did.  But it will be worth it to do that research for you. Also ask me about the “funeral rule”

Most agents/brokers may not know about this little piece of information.  Knowing about this government regulated rule could save you thousands and the funeral homes will NOT tell you either. Why? Because they want to make as money as possible of course.   I am not down on funeral homes.  However, if I know something that will save my clients money I am going to let you know.  This goes without saying.  When a loved one dies it is the worst day ever.  You don’t want to pay a fortune for a burial.  Well that is all I have to say in this article.  Again my name is Mitch Winstead with Allstar Senior Benefits.   My toll-free number is 866-598-8170 or 910-538-4547.  My website is www.allstarseniorbenefits.com.  My email is mitch@allstarseniorbenefits.com  Call today for your no pressure quote.

Thanks for reading!