Patients on dialysis are seen as high risk to life insurance companies. Many will turn you down immediately, while others may accept you at a higher premium.
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No matter what, you’ll need to provide documentation so a life insurance company can determine your risk level and if they should approve you for coverage.
Here’s what you should expect.
Guaranteed Life Insurance is the Easiest
If you are currently on dialysis, your only option may be guaranteed life insurance. You won’t need much documentation for this coverage because it’s guaranteed.
There are downsides, though. This coverage basically covers your final expenses. It doesn’t leave behind a legacy or leave your loved ones with supplemental income. At best, you’ll get $25,000 in coverage.
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But you won’t have to prove anything about your condition, which most people on dialysis need.
To get guaranteed life insurance, you’ll need:
- Proof you are a US citizen
- Proof of the state you live (to make sure guaranteed life insurance is available there)
- Proof of your age (guaranteed life is available to those over 40 and sometimes 50)
Guaranteed life insurance may not be your only option if you’re on dialysis, though.
Life Insurance after a Kidney Transplant
If you’re lucky enough to be eligible for a kidney transplant and it goes well, you may be able to secure ‘standard’ life insurance like the term or whole life insurance.
But there’s a catch.
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You’ll go through a lot more scrutiny than someone who didn’t have a kidney transplant. If you are in recovery or past it and want life insurance after a kidney transplant, here’s what they’ll need.
Your medical history before the transplant
Life insurance companies need to know what led to the kidney transplant. This will help them assess your health now and your overall risk even with the new kidney. Life insurance companies can access your medical records with your written consent.
The type of kidney you received
Did you have a living transplant or one provided by a cadaver? This makes a difference to life insurance companies since living transplants usually have a higher level of success.
Proof of any other conditions you have
Not all conditions will exclude you from life insurance, but if they make your risk of kidney disease or kidney failure worse, they will play a role.
A history of your health after the kidney transplant
Life insurance companies want to see how you’ve been doing after the transplant. Have you had a lot of complications, or has it been smooth sailing? Have you had any hospitalizations?
Each of these answers helps determine your eligibility and the cost of your premiums. The better your health and outlook, the lower the premiums.
There’s no guarantee you’ll get approved for life insurance after a kidney transplant. Still, there is a chance that you’ll get a better policy than you would while actively on dialysis since your only option is guaranteed life insurance.
Explore all of your options even while on dialysis. Talk to a licensed insurance broker who has access to many policies. If you’re lucky enough to get a kidney transplant and it goes well, give it about 3 years before you apply for a whole life policy and ditch your guaranteed life insurance policy, so you get the best chances of approval and the lowest premiums.