Millions of Americans are living with arthritis and often people are concerned about if it is possible to obtain affordable life insurance with arthritis. Obtaining life insurance with arthritis does not need to be a complicated matter.
The right information just needs to be provided to the life insurance agent to ensure that the most affordable policy can be found for you. As with any preexisting medical condition, it is important to understand what to expect when applying for life insurance coverage. Life insurance companies will look at a variety of factors in regards to arthritis such as; the type of arthritis you have been diagnosed with, how severe the effect is, and how well you are able to control your arthritis diagnosis.
Unfortunately, a normal part of the aging process is soreness in joints, and the loss of some of the flexibility which you have been used to in your younger years. Arthritis can cause pain and discomfort in many daily activities, and can vary base on the severity of the arthritis. One of the harder parts of underwriting life insurance is the varying degrees of arthritis and how it can affect each individual differently.
Underwriting individuals who suffer from arthritis can be a complicated issue, but I will strive to break it down into what you, the consumer, will need to know when applying for life insurance coverage.
The first big question which the life insurance company will want to determine is whether you have been diagnosed with rheumatoid arthritis or osteoarthritis. The main reason which the insurance company wants to know what type of arthritis you have is because of the difference in quality of life between the two types.
We understand osteoarthritis is also a serious condition, but insurance companies view rheumatoid arthritis as a higher risk for life insurance.
Insurance companies view the two types of arthritis differently because of the way they are both treated differently. Often people who are suffering from osteoarthritis will be able to treat and control their condition with medications over the counter which help with inflammation. Those suffering from rheumatoid arthritis will often be prescribed type of steroids. It has also been reported that some of the treatments for rheumatoid arthritis can cause other types of health issues which can be worse in the eyes of the insurance companies.
The insurance companies will worry just as much, if not more, about the side effects of the treatments for arthritis as they do the disease itself. This is why the insurance company will want the specifics about what medication is prescribed, as well as the dosage.
According to many of our underwriting guidelines, multiple companies will issue someone with osteoarthritis (who has no other medical conditions) a standard or better rates. It is still possible to achieve a preferred rating depending on how severe the condition is, and what the treatment is. Our underwriting guidelines for multiple carriers, point to those who are suffering for rheumatoid arthritis will only be able to receive a standard rate, in a best case scenario. Depending on the severity, and treatment, a substandard rating is a possibility and could even be a decline with certain companies.
Just like with any condition or disease it is important to shop your rates among multiple carriers because certain carriers will be better at accepting someone with arthritis. If you, or someone you love, is suffering from arthritis and would like to evaluate your life insurance options we would be more than happy to help you.