Dealing with high cholesterol can make the process of securing affordable life insurance more challenging, but it’s not impossible. If you’ve been managing your cholesterol and making the right lifestyle changes, you could still qualify for favorable rates. In fact, many insurance companies are understanding of high cholesterol, especially if you’re actively taking steps to control it. Here’s what you need to know about getting life insurance with high cholesterol and how to manage your application effectively.
How Cholesterol Affects Life Insurance Premiums
Insurance underwriters closely examine your cholesterol levels when determining your premium rates. If your cholesterol is high, it could impact the cost of your life insurance policy, but the effect largely depends on your specific cholesterol readings. Insurers have different rate classifications based on cholesterol levels and overall health. These classifications range from the best (Preferred Plus) to higher-risk categories such as Standard Smoker rates.
Cholesterol Levels and Rate Classifications
- Preferred Plus: For cholesterol levels under 230 mg/dl and an HDL ratio under 5.0.
- Preferred: Cholesterol under 260 mg/dl and an HDL ratio under 6.0.
- Standard Plus: Cholesterol under 200 mg/dl and an HDL ratio under 7.0.
- Standard: Cholesterol between 300-350 mg/dl and an HDL ratio of 8.0 or less.
- Preferred Smoker: Cholesterol between 120-300 mg/dl with an HDL ratio of 5.5 or less.
- Standard Smoker: Cholesterol under 300 mg/dl with an HDL ratio of 8.0 or lower.
- Table Rating: Some insurers may use table ratings for applicants with high cholesterol, which adds an additional cost to the premium.
As your cholesterol levels improve through medication or lifestyle changes, your health class may improve, potentially lowering your premiums.
What You Can Expect from a Fully Underwritten Policy
If you’re applying for a traditional, fully underwritten policy, the process typically involves a medical exam, including weight and height measurements, blood pressure readings, blood tests, and a lifestyle questionnaire. This detailed exam provides the underwriter with the latest information about your cholesterol levels and overall health, helping them assess your risk level accurately.
While no-medical-exam policies might seem tempting, fully underwritten policies allow insurers to assess your cholesterol management directly, which could result in more competitive rates. A fully underwritten policy is generally more flexible, with no limit on the coverage amount.
Example Rates for a 30-Year-Old Male
Here’s a sample of life insurance rates for a 30-year-old male applying for a $500,000, 20-year term life insurance policy:
- Preferred Plus: $19.33/month
- Preferred: $25.19/month
- Standard Plus: $31.73/month
- Standard: $36.34/month
- Standard Tobacco: $90.20/month
As you can see, applicants with lower cholesterol levels pay significantly less in premiums, reinforcing the importance of managing your health to achieve the best rates.
How to Prepare for a Life Insurance Application
If you have high cholesterol, there are proactive steps you can take before applying for life insurance to improve your chances of getting favorable rates. Here are some tips to help you prepare:
- Address Your Cholesterol: Start by visiting your doctor and getting a clear picture of your cholesterol levels. Follow any prescribed treatment plans, including medications, if necessary.
- Adopt a Healthier Lifestyle:
- Quit Smoking: If you smoke, quitting can drastically improve your health and lower your rates.
- Modify Your Diet: Reduce your intake of red meats and fatty foods. Focus on a diet rich in vegetables, lean proteins, and whole grains.
- Exercise Regularly: Even simple activities like walking can make a big difference in lowering your cholesterol levels.
- Give It Time: If you’re already taking steps to improve your cholesterol, consider waiting a few months before applying to allow your cholesterol levels to stabilize. If you quit smoking, wait at least a year before applying to ensure you’re considered a non-smoker.
- Medications Are Not a Negative: Taking medications to control your cholesterol is not a red flag. In fact, underwriters will look more favorably on applicants who are actively managing their condition than those who are not.
Can Insurers Reconsider Your Health Classification?
If your cholesterol improves significantly after you’ve already been issued a policy, you may be able to request a reconsideration of your rate classification. Many insurers will reconsider your rates if you can prove that you’ve made meaningful health improvements, such as losing weight, quitting smoking, or lowering your cholesterol levels.
To make a successful request, follow these steps:
- Wait at least a year after your policy is issued before requesting reconsideration.
- Undergo another medical exam (you may have to pay for this exam yourself).
- Prepare all relevant documentation, including evidence of lifestyle changes and cholesterol management.
- If the reconsideration request is denied, continue paying your premiums and explore other options if needed. It’s critical not to cancel your policy until you have a new one lined up.
Finding the Best Insurance Companies for High Cholesterol
To find the best life insurance company when dealing with high cholesterol, it’s a good idea to work with an independent insurance agent. They can help you navigate multiple insurers and find one that offers the most favorable underwriting terms for your situation. Independent agents have the expertise to match you with companies that are more “cholesterol-friendly,” ensuring you get the best possible rates.
In conclusion, while high cholesterol can affect your life insurance premiums, it doesn’t mean you can’t secure affordable coverage. By managing your cholesterol and taking proactive steps to improve your health, you can potentially lower your premiums and secure the coverage you need. Be patient, stay informed, and work with an experienced agent to find the right policy for you.
