Getting Life Insurance with Ulcerative Colitis
Finding affordable life insurance with ulcerative colitis is available if you know how to find it. The absolute best way to find the lowest rates on life insurance with ulcerative colitis is by using an independent life agent.
An independent life agent who is experienced and knowledgeable in this unique risk area of life underwriting can help you negotiate the best rate.
It is important that your agent offer companies that look at each person’s medical history and lifestyle separately. Too many companies often just throw each risk into the same pile. Individualized medical underwriting is the key to finding the best rates for life insurance with ulcerative colitis.
What is Ulcerative Colitis and how does it affect my rates?
Ulcerative colitis affects nearly 700,000 Americans. It is different than Crohn’s disease. It is a recurrent inflammation of the colorectum. It is characterized by bloody diarrhea, abdominal pain, fever, anemia, and weakness.
It usually develops between the ages of 25-45 and 10-15% of the cases have a family history of the disease. Inflammation limited to the rectum is a more mild form of the disease when compared to inflammation of the entire colon.
Life insurance underwriters are concerned with a diagnosis of ulcerative colitis due to the higher incidence of colon cancer, especially if the disease has been present for 10 years.
Regular checkups with colonoscopy are important. Treatments may include anti-diarrhea agents, 5-ASA compounds such as sulfasalazine, corticosteriods, immunosuppresive agents or surgery.
A total colectomy (removal of entire colon with or without colostomy) is curative.
Underwriting considerations for unoperated ulcerative colitis-
When life insurance with ulcerative colitis is evaluated a lot depends on the time period from when diagnosed. Below is some of the common ratings an insurance company may offer on an individual looking for life insurance with ulcerative colitis:
- Less than or equal to 6 months from diagnosis and/or any severe episodes- Application Postponed
- 6 Months to 2 years from diagnosis and/or any severe episode- 50%-75% extra premium charge
- More than 2 years- 50% extra premium charge if no significant episodes and colonoscopy within 2 years
- Single episode of ulcerative colitis greater than or equal to 10 years ago and no medication for 5 years- No Extra premium charge
- 2 severe episodes in the past year or 3 severe episodes in the past 2 years- 150% extra premium charge
- Evidence of sclerosing cholangitis or dysplasia on biopsy- Declination for coverage
If a total colectomey has been done and there were no complications a standard offer of coverage could be considered after 6 months from surgery.
Complications would include repeated surgery, weight loss, or other system involvement.
A diagnosis of just ulcerative proctitis typically results in a better rating than full ulcerative colitis. This again depends on treatments and any other considerations.
It is important to remember that the above ratings are just an example and full medical underwriting most be completed before an actual offer of coverage can be made. Keep in mind their are a handful of insurance companies that underwrite life insurance with ulcerative colitis better than most companies.
It is up to your agent to negotiate with those companies and find you the lowest rates. Put your agent to work and if he is an expert in this area of underwriting you could save hundreds if not thousands of premiums dollars over the life of your policy.
Information needed to quote on life insurance with ulcerative colitis
Your agent will typically need to get some medical information up front in order to find the best rates. It is important that you not just apply to several different insurance companies hoping for a good offer.
When insurance companies review the medical information bureau file, and see multiple applications outstanding, they typically frown on giving you their best offer. They know you are just shopping your coverage to several insurers and realize they have a slim chance to gain your business.
This is a rookie mistake that many clients and agents make. Your agent must know how to discreetly shop your coverage by informally speaking to several different insurance companies without formally applying for coverage. This also keeps any future declination of coverage out of your MIB file.
You should be totally honest and upfront with your agent regarding your medical history. Below are the questions your agent may ask:
- Male or Female?
- Date of Birth?
- Date of diagnosis?
- Type of diagnosis? I.E. Chronic ulcerative colitis, chronic proctitis
- Taking any medications?
- Been hospitalized, had surgery or had colonoscopy? If yes, dates for each
- Height/weight
- Used any tobacco products in last 5 years?
- Any other major health problems? I.E. Diabetes, high blood pressure, etc.
In addition to the above questions, it is also important that your agent know the amount of protection you need as well as the type of coverage requested.
Conclusion-
Affordable life insurance with ulcerative colitis is possible. The secret is knowing who to talk to. Fortunately, you have landed on the right page. Put our 30 years of knowledge and experience to work for you.
If you are looking for the most affordable life insurance with ulcerative colitis and would like to discuss, please contact us at 1-888-393-9003 or email Mike Raines at mike@specialriskterm.com
