In this article:

• What Is Anemia?
• Types and Causes of Anemia
• Who’s Most at Risk?
• How Life Insurers Assess Anemia
• Typical Insurance Ratings for Anemia
• Best Life Insurance Options for Anemia
  • No Medical Exam Life Insurance
  • Simplified Issue Insurance
  • Guaranteed Issue Insurance
• FAQs About Life Insurance and Anemia

What Is Anemia?

Anemia is a condition where your body doesn’t have enough healthy red blood cells to carry oxygen through your bloodstream. This can make you feel tired, weak, or dizzy — and may impact how your body functions day to day.

Also known as low hemoglobin, anemia can be temporary or long-lasting. It ranges from mild to severe, and sometimes it’s a sign of an underlying health issue. If you’re noticing symptoms of low energy, breathlessness, or fatigue, it’s important to talk to your doctor and ask for a blood test to check for anemia.

Treatments depend on the cause, but often include iron or vitamin supplements, dietary changes, or medical care. If you’re applying for life insurance, your diagnosis and blood work may play a role in how you’re rated.

Types and Causes of Anemia

There are several reasons why your red blood cell count could be low. In most cases, anemia is linked to how your body produces or processes hemoglobin — the protein that carries oxygen.

• Your body doesn’t produce enough hemoglobin
• Your hemoglobin doesn’t work properly
• You’re not making enough red blood cells overall
• Your body destroys red blood cells too quickly

If you’re unsure what type of anemia you have or how it might affect your insurance, speak to an advisor. We can help you understand your options and find a policy that fits.

Common Types of Anemia

Iron-deficiency anemia is the most common type and occurs when your body doesn’t have enough iron to produce hemoglobin. It’s often caused by blood loss, including from menstruation, injury, or internal conditions. It can also stem from poor iron absorption, especially after gastric bypass surgery or during pregnancy, when iron needs are higher.

Vitamin-deficiency anemia happens when your body lacks vitamin B12 or folate (folic acid). This is usually due to dietary gaps but can also be caused by digestive disorders that reduce absorption. It’s more common in older adults and individuals with limited food variety.

Sickle cell anemia is a genetic condition that alters the shape of red blood cells. These sickle-shaped cells can block small blood vessels, leading to pain, fatigue, and other complications. It’s most commonly found in individuals of African, Middle Eastern, or Mediterranean descent.

Aplastic anemia is a rare but serious condition where the bone marrow fails to produce enough red and white blood cells or platelets. This can result from autoimmune diseases, exposure to toxins, or certain infections. Though uncommon, it can impact how insurers assess risk due to its severity.

Who’s Most at Risk for Anemia?

Anemia can affect anyone, but certain groups are more likely to develop it due to age, diet, or medical conditions. Being aware of your risk factors can help you catch symptoms early and take preventive steps.

• Women of childbearing age: Blood loss during menstruation and childbirth increases the risk of anemia, especially with heavy periods or fibroids.
• Young children: Kids between ages one and two need extra iron during growth spurts. Without enough iron-rich food, they may develop anemia.
• Infants switching to solids: Babies moving from breast milk or formula to solids may get less iron, since it’s harder to absorb from solid food sources.
• Older adults (65+): Seniors may have iron-deficient diets or chronic illnesses that interfere with iron absorption or blood production.
• People on blood thinners: Medications like aspirin, warfarin, and newer anticoagulants (e.g., apixaban, dabigatran) can raise the risk of blood loss and anemia.

How Life Insurance Companies Assess Anemia

Every life insurance provider uses its own underwriting criteria. This means how they assess anemia may differ, but most follow a similar evaluation process when reviewing your application.

Underwriters typically look at the following:

• Date of diagnosis: When the condition was discovered, and whether it’s stable, improving, or chronic
• Type of anemia: Iron deficiency, vitamin-related, or inherited (such as sickle cell)
• Severity and symptoms: Whether you’ve experienced fatigue, shortness of breath, or needed medical intervention
• Treatment history: Supplements, transfusions, medications, or surgical interventions
• Other health issues: If anemia is linked to kidney disease, cancer, or another chronic condition
• Smoking status: Tobacco use can raise your risk and impact eligibility
• Follow-up care: How regularly you see a physician or hematologist
• Recent lab results: Your latest complete blood count (CBC) and whether it’s within normal ranges

Types of Life Insurance for Anemia

If you have anemia you can qualify for many insurance products. The most common type of life insurance for anemia is term life insurance. This is simply because it is intended to financially protect your family if you die, and it pays out a cash lump sum. This type of coverage should be available for most types of anemia, and you should have several options.

A Standard rating is commonly assigned to people who have iron deficiency anemia but are not in perfect health. A policy with a Standard rating will still be affordable.

People with sickle cell anemia and other serious anemias should expect to be rated as substandard. A Substandard rating indicates that your policy will be more expensive than someone with a standard rating. Your specific case will determine how much higher your premiums will be.

If you have multiple high-risk health conditions in addition to your anemia, or if you have aplastic anemia, traditional life insurance will most likely be denied.

In cases where you have severe anemia and you’ve been turned down for coverage, you can get approved with a no-medical-exam policy or a guaranteed issue policy. Both of these are very quick to get approved for because you don’t have to get a physical.

No Medical Life Insurance

No medical life insurance is a type of life insurance that doesn’t require a medical exam or a visit to the doctor. Many people want to avoid medical exams like this, but it’s important to remember that the premiums for this type are usually higher. Like all types of life insurance, it has both pros and cons.

There are two main types of no medical life insurance: simplified issue life insurance and guaranteed issue life insurance.

Life Insurance Ratings for Anemia Caused by Iron Deficiency

When an insurer detects anemia, they’ll assign a rating based on its severity, cause, and how well it’s managed. These ratings affect your premiums and coverage options. While every provider has their own underwriting standards, most follow similar guidelines.

• Preferred Plus: This top rating is rarely available if you currently have anemia. However, it may be possible if your levels have returned to normal and you are otherwise in excellent health.
• Preferred: Available in limited cases. You’ll need near-normal blood levels, minimal symptoms, and no serious underlying condition.
• Standard: The most common rating for applicants with iron deficiency anemia. Males typically qualify with hemoglobin levels above 12.0 g/dL; females need at least 10.0–11.0 g/dL depending on menopausal status.
• Table Rated (Substandard): If your hemoglobin is borderline or other health issues are present, your policy may be rated. For example, men with levels between 11.0 and 12.0 g/dL or postmenopausal women between 10.0 and 11.0 g/dL may fall into this category.
• Declined: Applicants may be denied if their levels fall below insurer minimums, if the anemia is linked to serious illness like cancer, or if they haven’t had recent blood work (CBC) to assess stability.

Types of Life Insurance for Anemia

If you have anemia, you may still qualify for a wide range of life insurance options. The most common product is term life insurance, which pays out a cash benefit if you pass away during the policy term. This type of coverage is usually available for most types of anemia.

Many people with iron deficiency anemia receive a Standard rating, especially if their condition is well-managed but not perfect. These policies are typically affordable and offer full coverage.

For more serious conditions like sickle cell anemia or aplastic anemia, insurers may assign a Substandard rating. This means the policy will cost more, depending on the severity and any other health risks involved.

If you’ve been declined for traditional insurance due to severe anemia or multiple health conditions, you still have options. One of the most common is a no-medical-exam policy or guaranteed issue plan. These products can be easier to qualify for, even without a medical exam or bloodwork.

No Medical Life Insurance

No medical life insurance allows you to get coverage without a physical exam. This is helpful if your health prevents you from qualifying for standard policies. However, premiums are usually higher to reflect the increased risk for the insurer.

There are two main types:

• Simplified issue: No exam, but you must answer a short medical questionnaire
• Guaranteed issue: No exam, no medical questions — approval is automatic

While fast and accessible, these policies may have lower coverage amounts and waiting periods in the first two years.

What’s the Best Life Insurance Policy If You Have Anemia?

The best life insurance policy for someone with anemia depends on the type, severity, and stability of the condition. Your age and other health factors also play a role.

For mild anemia (like iron deficiency), a traditional term life policy with a Standard rating is often the best choice. It offers strong coverage at an affordable rate if you meet basic health criteria.

If your anemia is more severe, or if you’ve been declined in the past, a simplified issue policy may be ideal. These do not require a medical exam but still ask a few health questions. You’ll get faster approval but possibly lower coverage.

For people with multiple health conditions or unstable anemia (e.g., sickle cell or aplastic), a guaranteed issue policy offers the highest acceptance rate. These plans require no medical questions, but they often have a two-year waiting period and limited payout amounts.

Choosing the right policy depends on your lab results, overall health, and whether you’ve been declined before. Matching your health history with the right insurer can make all the difference.

Finding the right life insurance policy for you

Whether you’re at risk of developing anemia or currently have a type of anemia, there’s a life insurance product or package for your situation. A life insurance specialist can help you create the best plan and package for your needs.

At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, British Columbia, and Manitoba including areas such as Burlington, Coquitlam, Red Deer, and Portage la Prairie.