There are many illnesses that can get in the way of people getting life insurance, and ulcerative colitis is one of them. Some people may want to give up their hope of getting insured while they have this disease, especially if an insurance company has already denied them coverage. But many— if not most— people still do get life insurance with ulcerative colitis, and with the right information under your belt you greatly improve your chances of being one of them.
Keep reading to learn more about getting life insurance with ulcerative colitis, but know that you can always request a quote today using the form right on this page.
What Do Insurance Companies Look At?
You’re right if you think insurance providers look at a variety of factors when it comes to ulcerative colitis. Though the exact questions will vary depending on the company, you should be prepared to address the following:
Your age and when you were diagnosed
What triggers your symptoms and if you can avoid these triggers
Your treatment (including surgery, medications and/or a special diet), if any
Your history of any endoscopic and lab tests
Your general state of health
What Will My Insurance Rates Be Like?
In most cases, you will have to pay a little more than a healthy person without this disease. This means that you will likely be offered a “standard”, “substandard” or more expensive policy rather than a cheaper “preferred” or “preferred plus” policy. A person who has developed complications from ulcerative colitis or takes medications (like steroids, ASA agents or antibiotics) for it may still qualify for coverage, but they may not get the death benefit amount they want, and their rates will likely be higher.
For a rough idea of what life insurance rates are like for people with ulcerative colitis, let’s say Janine is a 50-year-old female non-smoker seeking a $300,000 term life insurance policy with a term of 20 years. Because she has ulcerative colitis that was diagnosed relatively early and has been controlled so far with no serious complications, a top life insurance company approves her, but offers her a standard rate of $73.86 per month.
By comparison, someone with a “preferred plus” policy (i.e. someone without ulcerative colitis and in excellent health) would pay about 20 dollars less per month. Likewise, had Janine’s ulcerative colitis been more serious and resulted in a colectomy, her rate would have been almost 40 dollars more than what she was offered.
Now, it is important to know that your rates in general will differ based on your age, location, gender and other factors (including the coverage amount). With ulcerative colitis, rates depend on the severity of the disease as well as any treatment that has been given. Keep in mind that you can always help lower your rates by not smoking or using other tobacco products, as well as adopting any recommended diets in order to keep your ulcerative colitis under control.
So, What If I’m Not Approved?
Denial unfortunately does happen sometimes, but it is not necessarily the end of the road. Review the specific reasons why an insurance company may have decided not to cover you. Just because they will not cover you does not mean that another company won’t. If you have frequent symptoms, for example, speak with your physician about what may be provoking these symptoms. Many triggers are able to be avoided, therefore helping you get your illness under better control. If we can’t get you approved for a regular policy, we can always consider graded benefit life insurance.
If you are interested in getting a customized quote for life insurance with ulcerative colitis, please fill out the quote form on this page.