[3 Options] Buying a Worry-Free Life Insurance Policy with Hepatitis C
Most Americans are somewhat familiar with Hepatitis C, at least to a certain extent. Although there are about 4 million people in U.S. infected with the disease, the other 320 million may or may not have even heard of it. The bad news is that there are many people that are currently infected but don’t know it because noticeable symptoms are typically not presented until after the individual has been infected for ten or fifteen years. Here we will discuss buying a life insurance policy with hepatitis C.
Hepatitis C is very contagious and is spread when blood from an infected person comes in contact with blood from a person who is not infected. The disease can either be “acute” (short-term lasting about six months) or “chronic” (long-term lasting a lifetime). To put this disease in perspective, we should examine the statics put forth by the CDC who regularly tracks infectious diseases.
• Acute Hepatitis C (Hep C) is considered a short-term illness that lasts typically six months or can lead to chronic Hep C.
• Chronic Hepatitis C (Hep C) is considered long-term because the virus remains in the patient’s body unless treated with new modern-day medications. For most patients, acute Hep C leads to chronic Hep C.
• An estimated 2.7 – 4.0 million people in the U.S. have chronic Hep C and approximately 75% to 85% of people that are diagnosed go from acute to chronic Hep C.
How Will Hepatitis C Affect my Life Insurance Policy Rates or Ability to Purchase?
Individuals that have been diagnosed with either acute or chronic Hep C are likely to face serious challenges when applying for traditional fully-underwritten life insurance. In fact, depending on your underwriting results, most individuals who apply for a fully-underwritten life insurance policy are either sub-standard or declined altogether.
Applicants that were diagnosed with Hep C but have undergone treatment with Harvoni, Zepatier, or Epclusa, have a much better chance of a standard rating if their blood tests indicate no presence of the virus three or months after their treatment has been completed. The problem here is that treatment with these drugs normally cost between $60,000 and $95,000 and most insurers will not provide coverage for them.
The pharmaceutical companies that provide these drugs claim that the pricing is such that they want to recover significant research and development costs. Certainly, if you are a patient with Hep C and your liver has begun to deteriorate, your concern is not for “Big Pharma” to recoup their investment, but rather your concern is that you wish to be cured and live a long and happy life.
In some cases, if your health insurer does not provide coverage or only provides minimal reimbursement, the companies will offer a substantial discount to help you pay for treatment. Patients who wish to inquire about these special discount programs can visit each company’s website for more information about getting help with purchasing the medication.
Choices for Purchasing a Life Insurance Policy with Hepatitis C
Fortunately, for individuals that have been diagnosed with Hepatitis C, there are alternatives when applying for life insurance. If you are applying for life insurance and have not been treated with any of the new Hep C drugs that are currently available, you have three options for getting life insurance coverage. Here we will discuss each in the order from best value to least value.
Simplified Issue Life Insurance (Best Value)
We consider simplified issue life insurance because it is the easiest method to purchase insurance at affordable rates. Fortunately for applicants with Hep C, there are several insurers that will offer a simplified issue life insurance policy for individuals with hepatitis C, whether they have gone through treatment or not.
A simplified issue life insurance policy does not require medical exams or blood tests. The policies are underwritten using the information the applicant provides on the application along with reports from the Medical Information Bureau and a national prescription drug database.
Since these policies are not fully underwritten, the rates are a little higher than traditional life insurance, but the higher rates far outweigh the aggravation of a medical exam and waiting two or three months to either get your policy issued or declined. Unlike guaranteed issue life insurance, the simplified issue policy does not have a waiting period for coverage or a very low limit on the death benefit. These policies are designed to provide first-day coverage with a more reasonable death benefit.
Independent agents like Life Policy Shopper specialize in high-risk insurance cases and represent multiple insurers that offer a simplified issue life insurance policy for individuals with Hepatitis C. They have a successful track record with getting these cases issued at very affordable rates.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance can certainly benefit individuals who have multiple health issues or are attempting to purchase insurance at 65 or older. The upside about the product is that if you are alive and not incarcerated, you can typically get coverage since there is no medical underwriting or even questions on the application about your medical history. But, like most insurance products that are guaranteed issue, there are some serious drawbacks when you purchase guaranteed issue life insurance.
1. Policies typically have a two or three-year waiting period before they will pay the full death benefit for death from natural causes.
2. The insurance company will have a low ceiling on the death benefit, like $20,000 or $25,000 which generally is only enough money to cover a funeral.
3. The monthly premiums are typically double what a simplified issue policy costs.
Fully Underwritten Life Insurance
Life insurance policies that are fully underwritten are usually the most affordable if your policy is issued with a standard rating or better. The rates are more affordable because the insurance company has fully underwritten the policy by ordering medical records, a medical exam, and the appropriate blood and urine tests.
The problem for individuals that apply for fully underwritten life insurance with Hepatitis C, is that unless you have completed a treatment with Harvoni, Zepatier, Epclusa, or other established treatment, your chances of getting a standard rate are almost impossible, in fact, your application will likely be declined once you reveal your diagnosis.
Your Choice of Insurance Agent Matters
Insurance applicants considering [3 Options] Buying a Worry-Free Life Insurance policy with Hepatitis C are far more likely to get meaningful insurance coverage at affordable rates if they rely on the professionals at Life Policy Shopper. Your independent agent will act as your advocate while shopping your coverage with multiple insurers and they will be there to help you navigate the underwriting process.
For more information about Worry Free Life Insurance with Hepatitis C, and to understand which insurance product will deliver the best value, use our world-class quote engine to receive a free and confidential quote or contact the insurance professionals at Life Policy Shopper through our website at your convenience.
Hepatitis C is a serious condition, and as such, the life insurance agent you choose to do business with is extremely important. Highly skilled agents who specialize in high-risk cases can make a dramatic difference in the rates you’ll pay whether you’ve completed a treatment with Harvoni or not.
Certainly, not everyone who has Hep C can afford to spend $95,000 for treatment, and since Hep C can take years to cause significant problems, most patients will go without the treatment.
If you have completed your treatment of Harvoni or any of the other new drugs, the experts at Life Policy Shopper will find an insurance solution with the most affordable rates. If you have to put off taking the new meds because of the cost, the insurance professionals at Life Policy Shopper will deliver the best rates possible as well.
Not having any life insurance can place your family in one of the greatest overwhelming and stressful circumstances possible. Not only will they be coping with the loss of a loved one, whether unexpected or not, but they will also find themselves with an incredible amount of debt that they cannot pay. Life insurance will give them the solutions they will need to get through this overwhelming time without adding any sort of financial stress. You can’t put a price tag on the peace of mind that choosing to purchase life insurance will bring.
These programs have the following guarantees
1. First Day Coverage. You are fully protected the very first day your coverage goes into effect with no exclusions and no waiting period.
2. Ease of issue. No physical exams.
3. Your premiums will never go up. Lock into a rate at your current age and the cost will never increase regardless of changes to your health and age.
4. You benefits will never go down. Regardless of changes to your health and age.
5. All programs build cash values.
6. The benefit is paid to your beneficiary tax free on the worst week of their life.
7. Your policy can never be cancelled as long as premium payments are made.
8. This is a protected asset that you will never be forced to liquidate.
Seniors looking for a state regulated final expense life insurance policy or a whole life burial plan often have medical impairments and conditions that may raise the cost of these benefits. We keep track of these medical impairments and conditions and contract with several carriers so we can find the most benefits for the amount of money that you spend. Here we will review what we might see as we field underwrite the COPD medical condition. We can help you find first day coverage at a standard rate.
3 Top Reasons why folks use these programs
1. Because they do not have a DEDICATED amount for their funeral or final expenses
2. Because they’ve recently checked the pricing on what they currently have in place. They want to see if they can find more benefits than what they currently have.
3. Because they want to leave behind a legacy. Income for a surving spouse, money for grandkids, or to charity (Cancer Society, Church, etc)