According to the Centers for Disease Control (CDC), as many as 900,000 U.S. Americans experience some form of blood clot each year. Many think that having a blood clot lessens their chance of finding an affordable life insurance plan.
We’re here to let you know that this is not the case and that you can still receive coverage, such as burial insurance, at an affordable price.
In this article, we will discuss how blood clots affect the price of burial insurance coverage, how underwriting views blood clots, and how to locate the best policy to fit your particular needs.
About Blood Clots
Essentially, a blood clot is when the blood changes from its normal liquid state to a semisolid, or gel-like state. Although blood clotting is a normal process that occurs within the body in order to stop excess bleeding, some blood clots have the ability to form and not dissolve on their own, potentially causing a life-threatening situation.
Even though not every blood clot will cause harm, there is a risk of it moving and relocating to an area of the body, which can be extremely dangerous.
Common Types of Blood Clots
As mentioned, blood clots are gel-like clumps of blood, and they can accumulate within the vessels of your legs, arms, heart, abdomen, lungs, or brain.
If you’re injured or cut, blood clots are a life-preserving action that your body performs in order to stop blood loss. Typically, the blood clot dissolves on its own once the wound is healed.
However, due to certain medical conditions, they may not dissolve completely on their own. There are instances when clots may form inside your blood vessels for no apparent reason. This in turn can lead to serious health issues.There are primarily two forms of clots:
Thrombus – This type of blood clot remains stationary, meaning it does not travel. However, they can cause a blockage in blood flow, known as thrombosis.
Embolus – This type of blood clot has the ability to break loose and travel to other areas of the body. Dangerous and possibly life-threatening depending on the organ affected, physicians refer to this form as embolism.
While these are the two main types of clots, they are further classified according to where they form within the body.
Navigating Burial Insurance if You Have a Blood Clot
The most optimal burial insurance policy for those with a history of blood clots is known as simplified, or preferred (may also be called “level”). This burial insurance plan offers immediate coverage, meaning there’s no waiting period, and typically has the lowest premiums.
In order to qualify for burial insurance with blood clots, applicants will need to go through an underwriting process. This process will include health questions, as well as questions regarding the circumstances and treatment required for blood clots.
Burial Insurance Underwriting with Blood Clots
The underwriting process varies significantly among the different life insurance providers available. Working closely with independent insurance agents helps when deciding which providers to apply to.
If a history of blood clots, as well as any treatment for them, is your situation, the insurance company’s underwriting will ask questions pertaining specifically to that.
They will want to know what type of blood clot you’ve had, or currently have, when was it first detected, what treatment (surgery and/or medications) you’ve had, and what other health conditions you’ve been diagnosed with.The following includes examples of some of the health questions you may be asked:
- When was the blood clot first diagnosed?
- Have you been diagnosed with a DVT (deep vein thrombosis)?
- What medications have been prescribed and when?
- Have you undergone any surgeries for the blood clot(s)?
- What other health issues have you been diagnosed with?
- Has your blood clot caused myocardial infarction or an ischemic attack in the past?
- Have you ever been diagnosed with a TIA (mini-stroke) or ischemic stroke?
Blood Clot Treatment and how it impacts Insurability
Currently, there are numerous medications on the market that are commonly prescribed for the treatment of blood clots. The most popular ones prescribed include Coumadin, Xarelto, and Eliquis, and so far, not too many insurance companies red flag these medications.
They may ask additional questions regarding your medication history if what you’re prescribed is to treat a more serious medical condition.
Although rare, certain blood clots, such as DVT or PE may require surgery for treatment. One of the most popular surgeries of such is a Vena Cava Filter insertion.
No matter what type of surgery you’ve undergone, if a procedure has been needed in order to treat your blood clot, your ability to purchase coverage will be impacted.
It’s standard for insurance providers to inquire about recent health issues requiring hospitalization or surgery.
How to find the Best Burial Insurance with Blood Clots
It is important to work with an experienced and reputable independent insurance agency because they generally work with multiple insurance carriers. This allows good comparison shopping when finding the right policy at the best rates.
Finding the optimal burial insurance policy for your particular situation does not need to be complicated or frustrating. The overall goal is ensure you’ve got adequate coverage for both your needs and the needs of your loved ones.
Never accept a guaranteed acceptance or guaranteed issue policy without speaking first to an experienced and reputable independent agent who represents multiple highly-rated burial insurance companies.