For those who have any type of adverse health condition, getting approval for life insurance coverage can be difficult.
In many cases, this has to do with the fact that the insurance company is fearful of the possibility of having to payout a potential costly – and unprofitable – claim on the applicant, should he or she be accepted for insurance coverage.
Unfortunately, being declined for life insurance can leave those you love unprotected financially in the event of the unexpected.
Don’t start fretting yet, arthritis isn’t an automatic decline and we have worked with plenty of clients who have been issued policies while dealing with arthritis.
Getting Through the Life Insurance Application Process – What The insurer Will Want to Know
When trying to get life insurance approval with arthritis, there are some things that the insurance company will want to know specifically regarding your pre-existing condition. Therefore, in addition to the basic information that is asked on the application for coverage, additional condition related questions will typically include the following:
- When was your initial diagnosis with arthritis? When you were initially diagnosed with arthritis will be important, as this is a condition that cannot be reversed. Therefore, as arthritis progresses, complications from the condition can become more severe. Likewise, certain medications that are used in treating arthritis such as steroids and methotrexate can also produce harmful side effects to organs like the kidneys, lungs, and heart. Should this occur, the ability to obtain life insurance may become more difficult. Therefore, if your diagnosis was more recent, you will likely have a better chance of being approved than if your diagnosis was many years ago.
- What medications, if any, are you currently taking for your condition? If the medications that you are currently taking for your arthritis are simply NSAIDs, then it is possible that you could still qualify for a life insurance policy with a Mild Substandard rating.
- Has your arthritis caused any type of deformity? In some cases, arthritis can cause physical deformities. These can include distortions of the joints in the fingers or wrists. If this is the case, you may still be able to qualify for a Mild Substandard rating on a life insurance policy. However, if you have been caused more serious deformities such as those in your knees or hips – especially if these deformities are causing you difficulty in walking – then it is possible that your policy’s rating could be in the more Severe Substandard rating class.
- In the last year have any tests, or MRI’s revealed any further deterioration? If not, it is still important to get regularly checked to prove to the insurance carrier that you are staying on top of things.
In addition to the arthritis condition related questions that you will be asked, the life insurance underwriters will also be reviewing other information about you in making their decision. This information will include data such as your age, gender, smoking and tobacco usage status, alcohol usage status, marital status, occupation and income, height and weight, hobbies, and overall health condition and history.
The medical exam will occur after you have submitted an application to the carrier. A nurse will meet you, at your office or set place, and take some medical readings and discuss details about your general health and health history.
Another step of the med exam is having your finger pricked and providing a urine sample, which will then be analyzed to determine if there are any unseen medical issues that could change your class rating.
After all of your information has been submitted to the insurer, the underwriters will be able to thoroughly analyze it all and can then make their final determination regarding your life insurance coverage, as well as your premium rate.
In most cases, those who have arthritis can obtain ratings of Mild Substandard on their life insurance policy. By working with a company that has access to more than one insurer, you have a much greater chance of being accepted for coverage.
How to Get Life Insurance Approval with Arthritis
When seeking life insurance approval with arthritis, you can increase your chances of getting a positive rating significantly by working with an agency who represents many life insurance carriers. We can help you in getting your application submitted so that you can obtain coverage quickly, easily, and conveniently. Our agents are familiar with which of the insurance companies are more apt to work with higher risk cases.
We can also help you make accurate comparisons of the different features that all policies have, and we’ll also show you different rates from carriers. The nice thing about our online agency is you do not have to leave your home to send in an application!
If you’re still needing immediate information and want to speak to one of our agents directly, we can be reached at 888-229-7522. Our aim is to make sure your family’s future is protected.