I, too, have UC (left-sided) and I own an Insurance Marketing Organization (Abbreviated: IMO). We handle annuities, life insurance and Long-Term Care. I currently have a Universal Life (UL) policy, which is a lifetime/permanent policy, rated at Standard Non-Tobacco (ratings start at preferred plus, preferred, standard plus, standard, and then standard with table ratings).
Depending on the carrier, you may get standard, you may get standard with a table rating of 4, or you may be declined. Carriers focus on certain areas where to be competitive. For example, Prudential will accept someone using smokeless tobacco as standard plus non-tobacco, whereas almost every other carrier places this applicant in a tobacco rating.
Therefore, you should shop carriers to see who will offer the best pricing. You can fill out an anonymous informal questionnaire regarding UC and have your agent shop it around. You can get your medical records from your Gastro doc and have your agent use his/her “IMO” to hand it to an internal underwriter to find the best carrier which to apply. Please note the 800 numbers to call for term insurance will most likely not offer these pre-review services.
Here are some corrections from posts above:
In the private insurance market they can do any of those <ask health history, deny app, ask for physical> things, and charge you a higher rate or deny you coverage based on their findings.
This is somewhat true. Non-group insurance is issued on an individual basis ranging from preferred plus non- tobacco through standard tobacco with a high table rating (and decline). Policies asking you for a physical, or a paramed exam (blood draw, urine specimen, physical measurements, blood pressure, and health questions) will provide a huge savings compared to group insurance. This is because they can approve you at preferred plus, preferred, or standard, whereas group policies must incorporate all health ratings; therefore, group policies have a much higher premium.
Life insurance plans seem to be a scam in my opinion. Usually when you get to a certain age, the prices go up so high per month, that maintaining them is more expensive than putting the money in the bank and saving. I bet my father would have put a 100k aside by this point with all the payments he's made. They finally increased the monthly payment up above what he was willing to pay. It was up at $1000 a month as he's in his 70s. He had to forfeit all the money he's put in. The plan was only an 80k payout. He definitely paid in 80k, for what? Sorry, this doesn't answer your question, but just another perspective. If you're planning to leave it to family when you get old, definitely look into whether you will be able to maintain the payments at older age.
Your father most likely had a term policy that went past the guaranteed ‘term’ and continued to pay the annual renewable term rate versus purchasing a new guaranteed term period policy. Or, he purchased a permanent policy (e.g. UL) and did not have a lifetime death benefit guarantee. Under the latter policy, to keep it in force, he would have had to pay higher and higher premiums. I am shaking my head at the advisor who gave that as a solution. I am sorry.
By the way, I have never seen the question of UC or AI diseases being asked on an application.
If an application does not specifically ask about diseases of the colon, intestine, etc., the carrier will find your diagnoses through the Medical Information Bureau (MIB). When you are asked, do NOT EVER lie about your diagnosis. Ever. You will be declined and that will go on the insurance database and carriers will see you lied.
Secondarily, there are policies that are ‘guaranteed issue’ or ‘non-med’ which issue at a very high standard rating, sometimes Table 4 or higher (e.g. 200% increase of ‘standard rate’ premiums). Be wary of these, too, because you will overpay for your death benefit when compared to a fully underwritten policy.
Fully underwritten policies are nothing to be afraid of. They will give you the best bang for your buck, provided you do research to which carrier(s) will rate your condition most favorable (e.g. my standard non-tobacco rating).
I have had UC since I was 23 off and on for years and no one would ever insure me. I went into remission around 2008 and it wasn't until I was in remission for 9 years when finally a bank insured me for 150,000 it's not a lot but its something. I would call every year and always get denied.
Since I do not work within the banking channels, this may seem biased. It is not; it's information for you to process. Banks (banking channels) have a very limited selection of carriers and products. Almost always, they are not as competitive as an independent agent who can access 100+ carriers. Similarly, advisors with big name companies like NY Life, State Farm, Allstate, Travelers, etc. have reps who are ‘captive’ and can only offer one line of products – from their namesake. You can get a price 50% lower through an independent agent. For example, we offer Prudential and we have lower rates than a Prudential agent.
I truly hope this helps and does not muddy the waters more. In summary, years ago UC would be a Table 4 (by miracle) through decline. Recently, thankfully, knowledge about our condition has increased, treatments improved, life expectancy improvements, etc. has made UC more acceptable. Heck, if I can get a guy with 4 heart attacks, a pacemaker, and diabetes coverage, we should be able to get excellent coverage!
-1997 left sided colitis.
-Taking 2 Lialda 1.2gm in a.m., Folic acid, Probiotics, Juice (in the morning from a juicer), Nopal juice (12-16 oz in the morning, about 5x per week for two weeks which helped - presently not taking)
-Originally on Asacol 3x per day, then Colazal; Lialda for a while now