Life Insurance After Colon Polyps
By Jim Tobin, CFP®
Last Updated on
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Expert Review Of Life Insurance After Colon Polyps
If you are searching for information about how colon polyps will affect your life insurance application you have come to the right place.
Anybody who has suffered from an inflamed colon knows all about the inconveniences and outright misery that can be caused by polyps, but you nay not know how to get a good approval for life insurance with colon polyps. If that's the case, keep reading.
Can I Be Approved For Life Insurance After Colon Polyps?
Yes, you absolutely can get approved with colon polyps. However, the health rating and the corresponding rates charged by life insurance carriers, will depend on the size of your polyps, the results of ensuing tests. and your overall health.
With colon polyps, life insurance carriers will want to know as much as they can about the risk they are being asked to insure. This is no different than how the carriers deal with any other condition like high blood pressure and hyperthyroid or lifestyle choices like marijuana use or scuba diving.
Benign polyps won't stop you from obtaining life insurance offers, but it will cause underwriters to scrutinize you more carefully. The reason, simply put, is that those who suffer from severe colon polyps have had a less favorable mortality risk.
What information will life insurance underwriting want to know?
In addition to the standard exam results, underwriters from top carriers like Prudential and Protective will need to know the symptoms that you have experienced , any treatments prescribed including removal, testing, prescription medication, and any follow up.
Will I Need To Take An Exam For Life Insurance After Colon Polyps?
Carriers generally reserve its' No Exam underwriting for very healthy applicants. As a result, you may need to take an exam to get the best term rates. However, if your polyps were tested benign and removed via colonoscopy, you may qualify for competitive rates without having to take a medical exam.
If taking an exam is a 'deal breaker", there are several other carriers who will underwrite your policy without taking a medical exam.
How Much Will My Life Insurance Cost And How Exactly Is The Rate Affected By My Colon Polyps?
The rates you pay for life insurance, is dependent on the underwriting class you are graded by the carrier. Benign colon polyps generally will not have a significant effect on the underwriting class if the condition is mild.
Applications with cancerous polyps will be evaluated based on the cancer stage results may be rated as sub-standard. The severity of the rating will depend on the severity of medical history.
Possible Underwriting Results
Best Case -If colon polyps symptoms are under excellent control and no complications some cases have a chance for a standard or even standard plus rating. Simply use the quote tool for a standard/standard plus quote.
Mid Case -If your polyps were large and required surgery distinct from a routine colonoscopy or were positive for early stage cancer you may be looking at a mid substandard rate. You calculate this rate by multiplying the standard rate by 1.5 (Table 2/B) or 2 (Table 4/D).
To learn about how table ratings work click here.
Severe Case - if your polyps test positive for cancer that is beyond initial stages, or there are additional factors like smoking and obesity the best you will likely do is a severe substandard rate. You calculate this rate by multiplying the standard rate by 2.5 (table6/F) or 3 (table 8/H).
* while expensive this is still a very good outcome for the circumstances
Decline - For a severe case you may be declined for traditional coverage. If this is the case you may be eligible for a smaller face amount policy. These policies are referred to as Guaranteed issue or simplified issue. If you have been declined please contact us.
How Accurate Are The Depression Life Insurance Quotes From This Site?
The quotes you receive from the quote tool on this site are totally accurate for the information entered. That is to say, if you get the health class correct- your rate will be correct. The problem with online tools, like the one on this site, is that getting the health class correct can depend on the underwriting guidelines of the specific carrier.
If you are unsure about health class, you should choose a range and hope to be pleasantly surprised. Alternatively, you can fill out the customized quote form and we will follow up right away.
How Can I Improve My Underwriting Score And Lower My Depression Life Insurance Rates?
The best way to immediately improve your health rating is to use an agent that has access to the companies that will view your colon polyp history in the most positive light. Being able to document compliance with medical advise and any medications is helpful.
As far as lifestyle goes, any positive changes to your diet and physical activity should be reflected positively in your blood markers.
What Is The Best Life Insurance Company For Colon Polyps?
All top carriers, have differing appetites for specific risks. These appetites are reflected in underwriting and ultimately pricing.
That said, three of the better known term carriers for dealing with colon polyps are are Banner, Prudential, and Lincoln Financial.
However, risk appetite can, and does, change. The only way to guarantee the best possible deal is to work with an experienced independent agent. See the case study here to get a clear understanding.
What is the life insurance process for Applicants with Colon Polyps?
The life insurance application process, like other carriers, is an eight step process that includes choosing your terms, picking a carrier, submitting to the exam, and signing documents (digital signatures accepted). The entire process is laid out here.
Case Study: Life Insurance with colon Polyps
Please see the case study below . it will show why it is in your interest to have as many options as possible available when shopping for life insurance with colon polyps.
Gender: Male Age: 45
$500000 20 Year Term
inflamed large Polyps Surgically removed age 42
Negative for cancer cells
Uses 1 RX for Blood Pressure, moderately overweight
This looks like a best case scenario that could be either standard or table 2/B or 4/D depending on the insurers appetite for a depression risk. Let's take a look at the rates.
In the case above Prudential (the second most expensive standard smoker rate) is likely to be the best deal because the more competitively priced carriers will likely rate the risk table 2-4 while Pru might well go standard.
This is something you can't know by simply looking at the lowest price. In this case using an independent agent could save you 22% (the difference between Prudential @ standard and Banner @ Table2).
That's a material difference when you consider that over the life of the policy it adds up to over $3,400.
Now that you know the information you will need to receive the most accurate quote possible, it's time to gather the information and speak to an independent agent (raising my hand).
Simply give us a call or shoot an email over and we can get you started.
Bonus: The most common mistakes people make buying life insurance and how to avoid them
Fast Facts About colon Polyps
Colon polyps can be suffered by anybody but most frequently there is either a family connection, a personal history with a condition such as ulcerative colitis or Crohn's disease.
Although colon polyps are not always cancerous, they certainly can be. Several famous people have faced colon cancer, among them are president Ronald Reagan, Justice Ruth Bader Ginsburg, movie critic Joel Siegel and baseball player Daryl Strawberry.