In many cases, those who have various health conditions will oftentimes find it difficult to qualify for life insurance coverage. This is typically the case with conditions that cause a person to be considered a high risk to an insurance company in terms of filing a claim.
For those who have been diagnosed with Parkinson’s disease, primary symptoms will typically include rest tremors, rigidity, and slowness of movement. Others may also include shaking, difficulty in walking, and a flexed posture, while as the condition progresses, individuals may also face signs of mental, emotional, behavioral, and sensory disorders as well.
All of these can make qualifying for insurance coverage difficult. However, working with the right agency that can point you in the right direction can help to improve your chances of approval substantially, reducing time and frustration, and getting you closer to the life insurance protection that you and your family need.
The Process of Applying for Life Insurance with Parkinson’s
When going into the process of applying for life insurance coverage, simply knowing what to expect can be helpful in being properly prepared with all of the information that the insurance underwriters need to make an accurate decision.
When applying for life insurance with Parkinson’s, the insurance underwriters will want to know more details about your condition. Therefore, you will likely be asked questions such as the following:
- When were you initially diagnosed with Parkinson’s? In many cases, people are diagnosed after age 50. Those who are diagnosed early have a good chance of controlling their condition, as well as its further progression. This could help in qualifying for a Standard life insurance policy rating.
- Have there been any changes in your symptoms over the past 6 months? Any type of changes that indicate a worsening of your condition such as rigidity, slowness of movement, or rest tremors could be signs that the condition is progressing. This could be cause for a Substandard life insurance policy rating, or in some cases, even a decline.
- Do you take any type of maintenance medicines for your condition? While there is no known cure for Parkinson’s disease, there are medications that can help with controlling the symptoms. By regularly taking such medicines – and if they are able to slow the control of your symptoms – then you may be able to qualify for a Substandard policy rating.
- Do you have a family history of Parkinson’s? A family history of Parkinson’s is important because the prognosis of a relative’s condition can be a good basis for how your condition may progress – although a neurological and physical exam will also be used as a more direct basis for your specific basis and policy rating factors.
In addition to this information, the life insurance underwriters will also review additional information about you such as your:
- Height and weight
- Marital status
- Smoking status / tobacco usage
- Alcohol usage
- Occupation and income
- Hobbies and lifestyle
- Amount of foreign travel
The underwriters will also oftentimes consider the amount of any other life insurance that is already in force – regardless of whether it is an individual or a group policy. This is because having too much life insurance coverage is oftentimes considered a negative.
In addition, it is likely that you will be required to undergo a medical examination as a part of your life insurance policy application. This generally entails a medical professional coming to your home and taking a blood and urine sample. These samples are reviewed for certain types of other health conditions that could also make you a risk to the insurance company.
After the underwriters have reviewed all of your information, they will be better able to make a determination as to whether you are insurable for coverage. If so, you may qualify in various different rating classifications.
How Much Will Your Coverage Cost?
The premium cost of your life insurance policy with Parkinson’s will depend on which policy rating class you are placed in. Most insurance companies have numerous classifications, however, they will fall primarily into three key categories. These include:
- Standard – The Standard policy class is where most insureds who are of “average” height, weight, and health will fall. These policy holders do not have any adverse health conditions, yet are not in exceptionally great health. In this class, policy holders will pay an average, or Standard, premium amount for their coverage.
- Substandard – Those who fall into a Substandard class will have some type of health condition that deems them a higher risk to the insurance company. Therefore, in order to compensate for taking on the higher risk, the insurer will charge these individuals a higher amount of premium for their life insurance coverage. There are oftentimes several levels of Substandard classes.
- Preferred – Those who are in the Preferred class are usually in exceptionally good health. Therefore, they will be charged less in premium for their coverage than those who are in the Standard, or “average,” class. Just as with the Substandard class, there are often several levels of Preferred classes.
How to Help Your Application Through the Underwriting Process
When applying for life insurance with Parkinson’s – or any other adverse health related condition – it will oftentimes require additional paperwork in the application process. In doing so, you will want to let the insurance underwriters know any of the positive features that could help you to become approved for coverage.
For example, if you are helping to control your condition through diet, medication, or exercise, this should be noted either on the application for coverage or on a separate document. In either case, providing any details that shine a positive light on your case will help you in the underwriting process.
Likewise, working with an agency that has access to several insurance companies is also helpful. This way, your application for coverage will not be bound to just one insurer and its requirements. Having several carriers to choose from will open up your chances for approval considerably.
Taking the Next Step
If you or a loved one is ready to take the next step in applying for life insurance with Parkinson’s, we can help to point you in the right direction from the beginning. We work with many of the top rated life insurance carriers in the industry, and we’re familiar with which insurers are more apt to take on life insurance applicants with illnesses. This can help to save you a great deal of time – and frustration – throughout the life insurance application process.
Because we are not bound to any one insurance company, we can help you to find the carrier that will best meet your life insurance coverage needs. We can also help you to compare premium quotes. You can begin the process of obtaining quotes by using the form on this page.
We also understand that you may have many questions along the way. That’s why we’re here to help. Please feel free to contact us by calling 888-229-7522 and we will be happy to answer any of the questions or concerns about life insurance with Parkinson’s that you may have.