How to get life insurance with peripheral vascular disease?
Finding affordable life insurance with peripheral vascular disease is possible. You must use a broker that specializes in securing coverage in this unique situation.
An independent broker is best to use. The broker should represent many companies and have years of experience in this area of underwriting expertise.
You should do your homework before contacting a broker. Find out what type of coverage you want and how much coverage you should purchase.
How do insurance companies underwrite life insurance with peripheral vascular disease?
First, let’s talk about what peripheral vascular disease is and how it affects the premiums insurance companies charge.
Peripheral vascular disease is a common condition. It affects approximately 10 million adults in the U.S. About 5% of the population over the age of 50 are believed to suffer from peripheral vascular disease.
Peripheral vascular disease (PVD) is caused by atherosclerosis involving the aorta and/or large arteries that branch from the aorta supplying the arms and legs.
Disease in the legs is much more common than the arms. The arteries in the kidneys can also be involved.
When blood flow is decreased by the blockages, ischemic pain can result (claudication). Claudication is brought on by activity such as walking and is relieved by rest. Poor blood supply can also lead to poor healing of even minor injuries, chronic ulcers, and gangrene.
The risk factors for developing PVD are similar to those with coronary artery disease and include cigarette smoking, diabetes and heart disease.
When insurance companies evaluate life insurance with peripheral vascular disease they typically look for how individuals are being treated. These treatment options can include medications to improve blood flow along with exercise.
If the blockages are severe, surgical treatment may be needed such as angioplasty or bypass grafting.
How each individual is treated and the outcomes of those treatments will affect how the insured is rating or evaluated.
Underwriting ratings on life insurance with peripheral vascular disease
As mentioned above, you must locate an insurance company that evaluates your pre-existing medical condition differently than the standard life insurance carrier. Your broker will be your most important ally in finding the most affordable life insurance with peripheral vascular disease.
A carrier that specializes in underwriting life insurance with peripheral vascular disease the best will typically underwrite in the following range:
- Table C to Table E for individuals with no history of coronary or cerebrovascular disease.
Table C to Table E basically refers to an underwriting risk classification. With most carriers a 25% increase in premium is attached per table rating to the traditional standard rate. This means a table C would be an additional 75% extra premium charge. A table D would be an additional 100% extra premium charge. And a table E would be an additional 125% extra rating charge above the standard rate.
So, what differentiates a table C rating from a table E rating? This basically comes down to how extensive the disease is or if an individual has had multiple surgeries.
An example of underwriting life insurance with peripheral vascular disease:
Tom is a 60 year old male non-tobacco user diagnosed with peripheral vascular disease. Joe is also a 60 year male non-tobacco user diagnosed with peripheral vascular disease. Each would like a 10 year level term policy for $500,000 of coverage.
After complete medical underwriting, Tom receives a final rate of $462 per month. Joe receives a rate for the same coverage of $529 per month.
Why did Tom get a better rate? Although both were diagnosed with peripheral vascular disease, Tom had no other medical history and had no history of surgery for his peripheral vascular disease.
Joe had controlled high blood pressure and had an angioplasty several years ago to help with the blood flow in his legs.
Thus with the slight better medical history, Tom received an underwriting class of Table C (75% increase), while Joe received a Table D(100% increase).
It is important to remember that the above are just examples of possible scenarios when underwriting individuals for life insurance with peripheral vascular disease.
Each person is looked at differently based on their medical history and lifestyle. It is up to your agent to find out which underwriting insurance company will offer the best rates.
Questions when underwriting life insurance with peripheral vascular disease
Before your agent can begin working on the best offers available in the marketplace,they will typically need answers to some basic medical questions regarding your diagnosis. This up front information will help your agent in knowing which particular insurance company to talk to about your coverage.
- Male or Female
- Date of Birth
- Date of diagnosis and artery(ies) involved
- Have you had angioplasty or bypass grafting? If so, when?
- Are any of the following present? Bruit heard by physician? Diminished pulse? Claudication pain with activity? Ankle BP reading?
- Any current medications?
- Any abnormal lipids?
- Any high blood pressure?
- Any coronary artery disease?
- Any diabetes?
- Any chest pain?
- Any cerebrovascular of carotid disease?
- Have you used tobacco in last 5 years?
- Any other major health problems?
Conclusion-
Finding affordable life insurance with peripheral vascular disease is possible if you know where to look. Fortunately, you have landed on the right page. We are experts at finding the most affordable life insurance with peripheral vascular disease in the industry. Put our years of knowledge and experience to work for you.
If you would like to discuss your situation, please contact us at 1-888-393-9003 or email Mike Raines at mike@specialriskterm.com
