Blood Clots and Buying Over 50 Life Insurance
On average, every six minutes one American dies from a Blood Clot.
This means, in one year, Blood Clots account for more deaths than motor vehicle crashes, breast cancer, and AIDS combined.
It’s easy to see why life insurers proceed cautiously when considering the risk of insuring anyone with a history of Blood Clots or Deep Vein Thrombosis (DVT).
The Centers for Disease Control and Prevention (CDC) estimates as many as 900,000 individuals experience a DVT or Blood Clot each year.
Additional reports indicate one-half of DVT patients will suffer from long-term complications while as many as 33% with have a recurrence within 10 years.
Facing such scary statistics may have you wondering how difficult it will be to get cheap 50+ life insurance.
It may be challenging but it’s not impossible.
To get you started, I put together what to expect when applying for over 50 life insurance after Blood Clots. Everything you’ve wanted to know is below.
Life Insurance Overview: Blood Clots
Below are frequent life insurance rating results for DVT and Blood Clots.
- Impact on Application: Typically Minimal
- Best Rating: Preferred is possible
- Worst Rating: Substandard Table 2 (50% rate up)
- Main Factors: Severity, Timeframe, Cause, Medications, Comorbid Diseases
Next up are common life insurance ratings and costs for applicants with Blood Clots…
What Will I Pay for Life Insurance with Blood Clots?
The rate class you are approved for by the insurer determines the actual price you pay for coverage. So the better your rating, the lower the premium.
Insurance companies review applicants on a case-by-case basis. No two people with a history of DVT or Blood Clots will receive the same exact rating or pricing.
I’ve found there are some basic factors that will influence your application approval and premium costs the most.
The most influential factors are: severity, timeframe, cause, medications, and comorbid conditions.
I can help discuss all of this with you one-on-one and then help find the best life insurer for your particular needs.
Typical Ratings for Blood Clots
The following information will provide more insight into life insurance ratings for those with a history of blood clots.
Preferred Rating: This is the best rating available and is strictly reserved for only the healthiest, most fit, lowest risk applicants.
Most life insurers only assign a Preferred Rating if the applicant doesn’t:
- Take drugs
- Drink excessive amounts of alcohol
- Have a history of diabetes, stroke, heart attack, or cancer
To get the Preferred Rating (and best possible price), the life insurers will first confirm all of the above applies to you.
If you no longer have a Blood Clot and it’s been at least two years since your diagnosis, you will have a very good chance at getting the Preferred Rating.
If it’s been at least three years since you’ve experienced a DVT, you will also have a very good chance at the Preferred Rating.
Insurance carriers will review your medical records to confirm your condition is completely resolved and you do not take any prescription anticoagulants (aka blood thinners) such as Coumadin, Warfarin, or Plavix.
Standard Rating: People in average health typically fall into this category and end-up with average pricing.
Many people with Blood Clots or DVT’s receive a Standard Rating.
You could too if you only had one blood clot or DVT episode (without a pulmonary embolism or a stroke). Plus, life insurers will want to be sure your health has remained stable for at least two years.
Now if you’ve had multiple DVT’s (all without a pulmonary embolism) but it’s been more than two years since the last incident, then you may still be approved with a Standard Rating.
It’s fine if you still experience lingering pain from the DVT and use over-the-counter medications such as Tylenol or Advil.
That won’t keep you from getting a Standard Rate.
Life insurers will also be looking to confirm you do not take any blood thinners or opiate-based prescriptions (i.e. vicodin or oxycodone) to control your medical condition.
This is because blood thinners have serious side effects like blood in urine, nosebleeds, coughing up blood, and more blood clots.
The biggest concern for insurance companies is an applicant accidentally missing a blood thinner dose or simply not taking it at all. Either of these situations could lead to a heart attack.
Substandard Rating / Table Rating 1 or Lower:
This category means you can still secure a life policy but you will pay more.
Depending on the Table Rating you’re approved for, you will pay a minimum of about 25% more in premium.
The life insurer puts applicants in this category when they believe the individual is a higher than normal risk.
Reasons you may be approved with a Substandard (Table) Rating:
- Currently taking blood thinners
- You’ve had multiple episodes of blood clots or DVT
- It’s been less than 3 years since your last DVT
- It’s been less than 2 years since your last blood clot
- Managing other health issues like pulmonary embolism or heart disease
Also, if you had a DVT and continue to smoke cigarettes then expect to receive a Substandard Tobacco Rating.
This is because smoking hardens the blood vessels and arteries which increases your chances of having another DVT.
KEEP IN MIND Insurance companies are rating you based on your DVT or blood clot history, as well as all other medical conditions and lifestyle choices you make.
Your collective profile will determine your final rating and your premium costs.
Blood Clot Case Studies
Case Study #1
Thomas is an active 72 year old male. He does not use tobacco. He does have Type II diabetes that is under good control.
The life insurance plan Thomas likes has an average price of $80 per month.
Thomas was diagnosed with blood clots twice: 10 years ago and again 4 years ago.
Both blood clots resolved quickly and doesn’t take any medication because of the blood clots.
A typical insurance carrier may offer Thomas a Standard Rating based on this information. This means Thomas would pay the average rate of $80 per month.
Case Study #2
Mike is a 72 year old male, non-smoker. Mike is also interested in the same life policy that Thomas likes. The coverage costs an average of $80 per month.
Mike was diagnosed with a DVT two years ago which caused a minor stroke. He takes warfarin and occasionally some Tylenol for pain.
Mike has no other chronic health conditions.
Most life insurers will rate Mike as Substandard Table 3 at best because his DVT caused a serious complication (stroke) and he is taking blood thinners.
This means Mike will likely pay at least 75% more than Thomas for the same policy. He will likely pay at least $140 per month.
KEEP IN MIND Honesty is the best policy when applying for life coverage. If you have been treated for ANY type of condition, including a Blood Clot or DVT, the insurance company will figure it out from your medical records and a prescription review.
Filling In Your Application
Some of the life insurance application will be super easy. You’ll simply fill in basic details about yourself like the list below.
- Marital Status
- Height, Weight
- Tobacco Use
- Alcohol or drug use
- General medical history
- Surgical history
- Hospitalization history
- Family medical history
- Preferred hobby
KEEP IN MIND If you have smoked cigarettes within the last year then you will be assigned smoker rates. Smoking generally increases premiums quite a bit.
Other things that some (but not all) traditional life insurers do during the application process is request…..
- Driving Record
- Copies of medical records
- Prescription search
- Criminal background check
- Soft credit check looking for bankruptcy filings
I can help you find the life insurance company that’s best for you and your policy needs. So don’t hesitate to call!
The Blood Clot Questions
The following are examples of insurance carrier questions used to better understand your experience with DVT or Blood Clots.
- What date were you diagnosed?
- Were you hospitalized?
- How many episodes have you experienced?
- Do you take medication for blood clots or DVT?
- Have you had any medical issues in the past year?
- Did you have a Pulmonary Embolism?
- Did you have a Stroke?
- Do you have any other chronic conditions such as high cholesterol, diabetes, or Atrial Fibrillation?
Peace of Mind Starts Here
Did you know that an average of 274 people die every day from Blood Clots?
Every six minutes people, just like you, are ripped away from their families because of a Blood Clot or Deep Vein Thrombosis.
It’s pretty safe to assume those men and women thought they would have more time to plan for their family’s future. Unfortunately, they did not.
Don’t make that same mistake! You’ve already outlived a deadly condition once (or maybe more) so why push your luck.
Give me a call and we can chat about your life insurance needs. We can figure out the best carrier for the coverage you need and get the process started right away.
Or feel free to start a 50+ life insurance quote right now. You won’t regret it.