Can I get Life Insurance if I Have Ulcerative Colitis?
It depends on how severe your chronic inflammatory bowel disease is; but for the most part, you can qualify for traditional life insurance (which requires you to undergo a medical exam) with this condition. What’s at stake is how much you’ll pay.
You doctor has probably explained the disease to you, but doctors and insurance underwriters don’t have the same perspective. Your doctor wants to help you take good care of yourself, while life insurance companies want to know how risky you are to insure (but they also care about your health as well).
Ulcerative Colitis and Traditional Life Insurance
Your age and the severity of your condition play a huge role in what rates you’ll pay if you qualify for a traditional term life insurance policy. Insurance companies view ulcerative colitis based on the condition itself – mild, moderate or severe.
- Mild: A standard policy may be possible if your condition is well controlled on non-steroidal medication
- Moderate: A rated policy is a possibility if your treatment includes steroids
- Severe: You may be declined until you’re stabilized for one year
The above is a guideline, it’s not written in stone. A life insurance professional will be able to give you a more personalized view of what you can expect in your situation.
Life Insurance Underwriting and Ulcerative Colitis
Ulcerative colitis can lead to serious health complications such as an increased risk of colon cancer, severe bleeding, increased risk of blood clots in the veins and arteries; this is why they need to know the severity and your age. The younger you are and the more severe your symptoms are, the higher your rates will be.
Questions Your Life Insurance Broker Will Ask
To see where your ulcerative colitis falls with respect to the above guidelines, your broker will need to ask you some questions. They’ll want to know your age, severity of your symptoms, your flare up frequency, medication, if you’ve been hospitalized, had surgery, lost weight, if you’ve had follow-ups, complications or concurrent impairments such as rheumatoid arthritis or other inflammatory disease.
If, for whatever reason, you don’t qualify for traditional life insurance, you can still get coverage. Ask your life insurance agent about simplified issue and guaranteed issue life insurance.
Simplified Issue Life Insurance
With this type of insurance, you only have to answer a few questions about your medical history, and you don’t have to undergo a medical examination.
Guaranteed Issue Life Insurance
All you have to do for this policy is pay your premiums. The downside is that since there are no qualifications, the premiums are usually quite a bit higher than what a traditional life insurance applicant would pay for the exact same coverage amount. However, the pros (obtaining life insurance) outweigh the cons (living without life insurance).
At Shelter Bay Financial Corp., we will help you with your life insurance application if you’ve been diagnosed with ulcerative colitis. We are experience with traditional, simplified and guarantee issue life insurance products.
To get a quote or speak with an insurance professional, please call us at 1.888.498.5288.