What Kind of Life Insurance is There For Kidney And Dialysis Patients?

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When a person becomes ill they often think about what will happen to their loved ones if something happens. This tends to lead them to think about life insurance. The problem is if they have already become ill is there a chance they are even going to qualify for coverage? This is a grave concern that those who suffer with kidney disease face. Including those who are relying on dialysis.

What Kidney Diseases, Will Affect Your Life Insurance?

A lot of people think that because they have some form of kidney disease that they will be denied life insurance. This may not necessarily be the case. The insurance companies have loosened up on their rules about not insuring people with pre-existing condition. They seem to be taking a different approach.

Different Types of Kidney Disease

There is chronic and acute kidney disease. Some of the acute kidney diseases can be treated depending on the cause. The one that commonly affects life insurance is those kidney diseases that fall into the chronic kidney disease range.

The diagnosis for chronic kidney disease is when the kidneys are not functioning properly for a period of longer than three months. The common causes of this are both types of diabetes or high blood pressure. Along with several other potential causes. Diabetes and high blood pressure also happen to be on most lists of pre-existing conditions. When it comes to insurance providers. Some additional chronic kidney diseases are:

  • Some diseases that affect the immune system
  • Viral illnesses which can include AIDS or HIV as well as Hepatitis
  • Urinary tract infections
  • Inflammation
  • Polycystic disease
  • Birth defects
  • Drugs

Why are Insurance Companies Concerned about These?

Insurance companies are concerned about anything that may affect the health when it comes to life insurance. Any of these kidney problems listed raises a risk for the Insurance companies. For this reason, they are going to pay close attention to them.

What is Kidney Dialysis and When is it Needed?

Some kidney diseases cannot be controlled properly with medications. Or other forms of treatments. As a result kidney failure can set in. In order to assist individuals in this situation kidney dialysis will be used. It is a mechanical means of helping the kidneys to function normally. There are times when kidney failure can be reversed. There is a life expectancy set for many that require dialysis. But there are several who have been on this form of treatment for twenty years or more.

What Approach is Insurance Companies Taking Concerning Kidney Disease?

Not every kidney disease is of a serious nature. Many are curable. Others can be maintained. The insurance companies realize this. Therefore they look at each disease individually. They also look at the circumstances as to how it affects the life of the insurance shopper. A person may be able to get fairly reasonable life insurance coverage. If their kidney disease is kidney stones. Compared to those who have chronic kidney disease or those who are on dialysis.

High-Risk Life Insurance

As the name implies, it is all about risk. This type of insurance is geared towards those that will be considered as high risk. Health is not the only factor that can put one into a high-risk insurance category. Those that have kidney disease may end up in this category of life insurance. Also, those that are on dialysis most likely will.

While this sounds disheartening, it does hold an element of hope. It means that the Life Insurance companies are not coming right out and saying no. But, it does mean the insurance shopper is going to be treated differently. Compared to those who do not have kidney disease.

The insurance company may very well insist on a medical examination. Blood tests and urine tests will most likely be a requirement. The company is going to scrutinize the medical history. As it pertains to these particular insurance shoppers. They are going to want to know how long the individual has had the kidney disease. How frequently they are being treated for it. What is the prognosis? This will be even more important for those that are on dialysis.

The insurance company will gather all the pertinent data. Then they may develop a life insurance package. It will be modified from the standard coverage. It may have a lot of conditions attached to it. Also, it may have a lot of exclusions. There will probably be a limited amount of coverage provided. The premiums will be higher compared to those who are healthy and buying the same insurance.

What happens if you Develop Kidney Disease After you are insured?

Insurance companies cannot just cancel your insurance coverage. Just because you happen to take sick. This is a risk they take when they accept someone for a life insurance product. That is why they are so careful about pre-existing conditions. They may, however, scrutinize the policy carefully when it comes time to pay out the value of the policy. They will want to be sure that the condition did not exist prior to accepting the individual as a client. What will be important is if the individual knew about the kidney condition and did not reveal it. Or, they did not answer the questions that may have pertained to kidney disease. When they were filling out the application.

Be Careful Transferring Policies

One has to be careful if they are transferring their life insurance policy. They may have had group life insurance. Then they are going to transfer this to another place where they are working. If one has developed kidney disease during the life of the policy, this could affect the transfer. The insured must do their homework about this before doing any transfers.

Shop Carefully for Life Insurance

If an individual has kidney disease or is on dialysis they need to shop carefully for their insurance. There should be a few insurance providers that will offer some type of coverage. For this reason, it is worth shopping around and comparing what they each have to offer. It means asking a lot of pertinent questions. Before signing any contracts it should be read in its entirety. This type of insurance is going to affect the loved ones who are the beneficiaries. The insured needs to know that even if they are paying higher premiums, the value of the policy is going to be paid out. When it’s time.

Resources

https://www.kidney.ca/insurance-tips
http://www.spectruminsurancegroup.com/life-insurance-for-kidney-disease.php
https://www.cpp.ca/health-effects-life-insurance-costs/
https://www.canadainsuranceplan.ca/Term_Whole_life_insurance_kidney_transplant_disease_Stones.php
https://lsminsurance.ca/life-insurance-canada/2011/07/high-risk-life-insurance
https://www.webmd.com/a-to-z-guides/understanding-kidney-disease-basic-information#1
https://www.kidney.org/atoz/content/dialysisinfo

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