Having high cholesterol can increase your likelihood of having a heart attack, heart disease, or stroke. Naturally, if you have high cholesterol, there are probably some important questions you are going to want to ask your doctor. But there are also some important questions you will want to ask your life insurance provider.
According to recent studies conducted by the CDC, approximately 11% of Americans suffer from having high cholesterol. Though this figure is lower than it was 20 years ago, it still presents a relevant problem that affects many people’s day to day life.
We take a look at how—even if you are one of over 30 million Americans with high cholesterol—life insurance is something that is still well within your reach.
How does having high cholesterol affect my ability to qualify for life insurance?
There are many different variables that affect the cost of a life insurance policy. Things such as your age, your desired amount of coverage, and your life insurance provider are all very relevant. Many life insurance policies will also require a detailed medical examination.
Because high cholesterol has a negative effect on your life expectancy, it may cause your monthly life insurance premiums to increase. These increases vary tremendously between different life insurance providers, so it is important to do your research and compare your options. Fortunately, though your rates may be marginally higher due to having high cholesterol, you will very rarely be outright rejected by life insurance companies because of this condition alone.
If you are able to lower your cholesterol back to a normal level at some point in your life, many life insurance providers will reward you by lowering your monthly premiums.
What are the different types of life insurance policies that are available?
Though life insurance is usually considered to be a relatively straightforward financial asset, it is important to recognize the differences between policies. As you might expect, having high cholesterol will affect some life insurance policies more than others.
- Universal life insurance covers you for your entire life, provides the benefits of having a cash value, and is usually the most expensive. This is the kind of life insurance that having high cholesterol will affect the most.
- Term life insurance covers you for a specific amount of time and is more affordable than universal life insurance. Having high cholesterol may affect the cost of a term policy, but the extent of this effect will usually be limited.
- Guaranteed life insurance is the easiest type of life insurance to qualify for and does not require a medical exam. With a guaranteed policy, having high cholesterol will usually be irrelevant.
What is the best type of life insurance for someone with high cholesterol?
The type of life insurance policy that is best for you—whether you suffer from high cholesterol or not—will depend on your age and personal financial goals.
For individuals with elevated cholesterol, applying for a guaranteed life insurance policy is often quite appealing due to the lack of a medical exam. However, some individuals believe that the increased premiums associated with having cholesterol issues are already “built-in” to the costs of these policies. If, other than having high cholesterol, you are young and healthy, you may be able to find a greater amount of coverage with a more exclusive policy.
Because there are so many variables involved when underwriting a life insurance policy, there is no single policy that can be considered “the best” for everyone. But if you take the time to compare different life insurance providers, compare the various policies offered by these providers, and have a clear outline of your financial goals, you should be able to find a policy that will work for you (regardless of your high cholesterol).
If you have any questions, please feel free to call our life insurance specialists at LifeQuote. 800-521-7873.