20 yr Term Life Insurance for high cholesterol and a bad family medical history?

[kitty_cork]

I am a male in my late 30s and have familial high cholesterol, though fortunately, I'm treating it with medication and it's currently low. I have a parent (who presumably gave me the genes in question) that has had high cholesterol and coronary artery disease that they discovered when they were about 40 and have had a series of procedures to treat it over the years.

They seemed to be very skeptical that I would be able to find life insurance given this history. Nowadays, it seems that the insurers have access to much of your medical data (prescriptions, lab results, etc), so it's not clear to what extent you can strategize (e.g. find an insurer that is less likely to dig into your particular issues). From what I've read, it seems that high cholesterol is something that is insurable. However, if you have a heart-related event or procedure (e.g. heart attack, angioplasty), then it seems you're out in the cold.

Has anyone had experience with getting life insurance with high cholesterol or a bad family history? Or are there any agents out there who can speak to the likelihood of getting coverage given this situation?

Thanks!

 

[cgdtaylor]

@kitty_cork based on that info you can definetly get coverage. I have never seen anyone get worse than standard rates for a family history issue. Your cholesterol being controlled with medication is not really a big factor either. You might even get preferred rates based on this info. Whoever told you it would be hard to find coverage either is trying to puff themselves up to make whatever they are presenting to you look better when the time comes, or doesnt really know the business.

 

[kitty_cork]

@cgdtaylor Thanks for the reply.

What I had read was that your actual lab scores do matter and that some levels could disqualify you, but good to hear if you think that's unlikely to be a factor. I had been told it would be hard to find coverage from my own parent, probably based on their own personal experience rather than the current state of the world.

 

[relthin]

@kitty_cork Agent with New York Life here hoping to answer your questions!

First off, it’s true that insurers do have access to much of your medical data and it’s especially important for underwriting when thinking about adverse selection. If an insurance agency does not take a blood test or look much into your past, this is usually called simplified underwriting and almost always results in higher premiums than if you had just told the truth about your past. Most of your information is already collected through the medical information bureau to give to insurance agencies or new hospitals you may go to so they can check on your past and help you in the best way possible.

High cholesterol alone is usually not a factor that will terminate your chances of getting a policy if like you said, you are taking medication that is keeping it regulated well and have had good history with it since. However, if you are in addition a smoker, heavy drinker, or just in general have an unhealthy lifestyle, and have high cholesterol, then your chances do get rather slim of being able to obtain life insurance. You’re still fairly young in your insurable years and it would probably be in your best interest to try and obtain insurance soon as you have no clue what could happen in the next year alone with your cholesterol or any other issues, much less 20! If you are in good health otherwise, then I don’t see why you couldn’t get a non-smoker rating.

Hope this helps!

 

[kitty_cork]

@relthin Thanks for the reply.

If an insurance agency does not take a blood test or look much into your past, this is usually called simplified underwriting and almost always results in higher premiums than if you had just told the truth about your past.

Given that they also look into your past attempts at getting insurance as a basis for determining the outcome of future attempts, is there a strategy where it makes sense to go for a simplified underwriting outright? For example, if you did a non-simplified underwriting and they decided not to insure you, that seems that it can negatively affect your chances of getting a simplified underwriting after that, even if you were willing to pay more for the policy.

However, if you are in addition a smoker, heavy drinker, or just in general have an unhealthy lifestyle, and have high cholesterol, then your chances do get rather slim of being able to obtain life insurance.

Nope! Don't do any of these things.

You’re still fairly young in your insurable years and it would probably be in your best interest to try and obtain insurance soon as you have no clue what could happen in the next year alone with your cholesterol or any other issues, much less 20!

I think that's the key. They will only insure you if your adverse health information is either unknown or not bad. If you're unlucky (for this purpose) to know about your underlying issues or you wait long enough for the issues to surface, you're out of luck.

 

[relthin]

@kitty_cork No problem, happy to help!

I would say that it’s rare to choose simplified if like you said you’re otherwise in relatively good health. If you’re hiding something else behind high cholesterol and you lie about it on an application it’s likely to be found out anyway, and telling a lie is more likely to get you denied coverage than it is to just admit that your cholesterol is high but you’re controlling it with medicine. Even if you are denied normal coverage with a blood test, occasionally you can still get simplified underwriting coverage later on. I know that a few clients written with New York Life have declined taking a blood test and still received a good or average rating and that because of covid this has been a more popular option lately. I work with a managing partner in my general office that has definitely dealt with this more than myself and talked to him today about your situation and he agreed that usually high cholesterol alone still gets covered but occasionally on a higher price.

Your last statement is why I always say that the worst time to shop for life insurance is ironically when you need it the most! I think the best option for you would be to be shown different classes you could be rated at for a policy at different death benefit amounts to see what would best fit your budget. Sometimes underwriting will even decline you for your initial coverage requested but offer an amount you can be accepted at.

 

[kinai]

@kitty_cork You're definitely in the clear! Shoot me a DM and lets find something that works for you.

 

[enduring_one]

@kitty_cork Insurers have access to Medical Data that is correct. So you want to make sure that you are completely honest on your application in case anything were to happen so that it can not be contested,

Don't let this stop you. Speak to an agent so that you can let them know what you are looking for. There are companies that even provide coverage after a heart attack. Keep in mind that if something were to happen with a certain period of time only the premium is returned plus a certain amount but if they live past a certain number of years the full Death Benefit is paid.

I say this to let you know there are option. If you have other questions reach out.