For many individuals, applying for life insurance is not very difficult. It is simply a matter of filling out the application and waiting for the approval. Unfortunately, though, this is not the case for everyone – and especially for those who may have some type of adverse health condition such as dementia or diabetes.
Because certain health issues can cause risk to one’s life expectancy, life insurance companies will also see these as risks to the potential for paying out a claim – and in turn, they will either charge a higher premium amount, or they may even decline the applicant for coverage altogether.
While those who have osteoarthritis are not considered to have a life-threatening condition, this issue can cause a life insurer to more closely review an applicant’s overall health history before considering him or her for coverage – and, in some cases, this condition could have an effect on the premium that is charged.
What is Osteoarthritis and What Affect Can It Have on a Life Insurance Application?
Osteoarthritis is considered to be the most common type of arthritis. This type of the arthritis condition can cause the cartilage that is between one’s bone joints to wear away – which, in turn, can lead to a great deal of stiffness and discomfort.
Some of the most common methods of treating osteoarthritis can include using over-the-counter medicines such as aspirin, Aleve, and Advil, as well as using stronger prescription medications.
Underwriting an applicant who has arthritis for life insurance can sometimes be a difficult process. This is because there are many – more than 100 – different types of arthritis, as well as different levels of the conditions regarding how a person is affected. Therefore, there are many questions that will typically need to be answered.
What Will the Life Insurance Underwriters Want to Know?
Just as with most other applicants for life insurance, it will be required that someone with osteoarthritis completely fill out an application for coverage. Here, the life insurance company will want to know general information about the individual, such as:
- Height and Weight
- Occupation and Income
- Marital Status
- Smoking Status / Tobacco Usage
- Alcohol Consumption / Frequency
- Health History
- Family Health History
- Foreign Travel Frequency
- Dangerous / Risky Hobbies
- Any Other Life Insurance Policies in Force (and if so, how much coverage)
In addition to the questions on the general application for life insurance coverage, there will also be certain condition related information that the insurance underwriters will also want to know. Some of the questions that you may be asked could include the following:
- When were you initially diagnosed with osteoarthritis?
- What exactly was the diagnosis that you were given?
- What steps have you taken to help in managing and / or controlling your condition since obtaining your diagnosis?
- Do you have any additional adverse health or medical conditions? (needing life insurance with lupus?)
- Do you take any prescription medications for your condition – and if so, which medication(s) and what is the dosage?
- Do you control your condition in any other manner, such as with diet and / or exercise?
- Have you had any relevant lab testing performed – such as x-rays – within the past six months?
- Has your osteoarthritis ever caused a disability?
- Are you able to work full time, or has your osteoarthritis affected your work duties?
- Do you use any type of device such as a walker or a cane to assist you with walking?
- Has your osteoarthritis caused any type of deformity of the joints?
In addition to answering these important questions, it is probable that you will also have to undergo a paramedical exam. This will include you meeting with a paramedic professional who will take a heart rate, pulse, and blood pressure reading from you. You will also be required to submit a blood and a urine sample, which will then be tested by the insurer for certain types of health conditions that could be risky to the life insurer.
Due to your condition, the insurance underwriters may also wish to review your health / medical records from your primary care provider and / or from any type of specialist that you see for your arthritis. This will help them in better determining your overall health condition.
Once all of your information has been received by the insurance company, a clearer picture of your health can be obtained, and a decision regarding your life insurance coverage – as well as about your premium – can be determined.
Maybe you’re concerned because you are needing life insurance after a heart attack; we can help.
What Will Be the Cost of Your Life Insurance Coverage?
The cost of your life insurance coverage will be the result of what class the underwriters determine you fall into. For example, if it is decided that you are in good health and that your arthritis is not causing you any additional issues, then you may be placed into the Standard class of policyholders.
This means that you will be considered as an average policyholder, and as such, you will be charged the premium rate of an average policy holder of your same age, gender, and health status.
If, however, it is determined that your arthritis is causing you some additional health issues – or if you have other non-related health issues that could also pose risk to the insurer – then you may be placed into a Substandard policyholder class. This means that, while you will still have life insurance, your premium will be higher than that of the average, or standard, policyholder.
There may also be some cases where an individual is in excellent health – and they also have a family history of excellent health. In this case, if their osteoarthritis is not causing any type of issue and the arthritis is very mild, and then it could be that this applicant may qualify for a preferred policyholder rating. Here, the premium cost of the policy would be lower than that of a Standard policy holder’s cost.
It is important to note that all life insurers may underwrite their applicants for coverage in a different manner. While most insurers will typically have some criteria through which they will review someone, an applicant who applies at one insurer may be deemed as a substandard policyholder, while he or she may be deemed as a Standard policyholder at another.
With this in mind, it is important to shop around at more than just one life insurance company prior to making your final purchase decision, as doing so could make a vast difference in the coverage that you obtain, and in the premium price that you end up paying.
How and Where to Find the Best Quotes for Life Insurance with Osteoarthritis
When searching for the best premium quotes for life insurance with osteoarthritis, it is usually the best course of action to go to a company or an agency that has access to more than just one life insurance carrier. That way, you will be able to directly compare – in an unbiased manner – multiple insurance companies, policies, and premium quotes. From there, you can make the determination as to which one is the best for you and your specific needs.
If you are ready to move forward with shopping for a policy, we can help. We work with many of the top life insurance companies in the marketplace today, and we can assist you in obtaining all of the pertinent details that you will need for making an informed purchase decision. We can do so for you quickly and conveniently – all from your home computer – and without you having to meet in person with an insurance agent. If you are ready to proceed, just fill out the form on this page to get started with your quotes.
Should you find that you have any additional questions or concerns regarding obtaining life insurance with osteoarthritis – or even if you have any questions about life insurance in general – please feel free to contact us. Our experts are here to assist you with a wide variety of needs, including help with which type of life insurance is best, how much coverage may be right, and which of the many carriers in the industry may fit your particular needs the best. We can be reached via phone, toll-free, by dialing 888-229-7522.
We understand that the purchase of life insurance can be somewhat overwhelming – especially if you’ve been turned down for coverage in the past. There are many variables to consider – and you want to ensure that you are getting the proper protection for those whom you care about. The good news is that you now have an ally on your side. So, contact us today – we’re here to help.