For most people, being accepted for life insurance is as easy as answering some questions and taking a medical exam. Unfortunately, though, this is not the case for everyone – and especially for those who may have some type of adverse health condition.
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 – depending on the situation, it could cause premiums to go up.
What is Osteoarthritis and What Affect Can It Have on a Life Insurance Application?
Osteoarthritis is the most common kind 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 with arthritis can be tricky. 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?
Let’s look at some of the questions the insurance agent will ask you during the application:
- How old are you?
- What’s your gender?
- How tall are you and how much do you weigh?
- What’s your job and how much do you earn?
- Are you married?
- Do you smoke or use chewing tobacco?
- Do you drink alcohol? If so, how often?
- They are going to ask a lot of questions about your health history
- Family Health History
- Foreign Travel Frequency
- Do you participate in any risky hobbies? (skydiving, scuba diving, etc.)
- Do you have any other life insurance plans? (and if so, how much coverage)
These are only a few of the questions they are going to ask. These are the generic questions, they are going to ask more specific ones about your arthritis,
- When were you diagnosed?
- How have you managed your diagnosis?
- What medications do you take?
- 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 devices such as a walker or a cane to assist you with walking?
- Has your osteoarthritis caused any type of deformity of the joints?
After you’ve answered all these questions, the agent is going to schedule a medical exam. The medical exam will complete the picture of you.
This will include getting a sample of blood and a urine sample. It’s a very simple exam, nothing major or serious. The whole thing shouldn’t take longer than 30 minutes.
Once they’ve done all this, they are going to take all this info, bundle it up, and send it to the underwriters.
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What Will Be the Cost of Your Life Insurance Coverage?
The premiums for your life insurance are going to be connected to all the factors we mentioned above, and many more. All of those questions and factors are variables in calculating your rates.
Because we don’t know your situation, we can’t give you exact rates. Depending on the other factors, the osteoarthritis itself won’t cause you to get awful premiums. There is a good chance you’ll get standard rates for your plan.
Depending on your age, your policy could be $70 for $1,000,000 but you’ll probably spend much more than that for your coverage.
All of this is assuming you don’t smoke or use chewing tobacco. If you do smoke or chew, kiss those rates goodbye. Tobacco users have their own table of rates the company is going to use.
Getting the Best Quotes for Life Insurance with Osteoarthritis
You want affordable rates. Everyone wants a plan with cheap rates without having to sacrifice their protection.
Getting cheap life insurance doesn’t have to be a long journey. It can be a few simple steps.
Improve your health. Quit smoking. Follow the doctor’s orders. Compare plans.
These are some of the steps you will need to take to get quality insurance. It doesn’t take a genius plan or insurance professional to get cheap rates.
The quickest of those steps to complete is comparing plans. We can’t help you get in shape or quit smoking, but we can help you compare policies.
How quick can you compare plans? In minutes! Answer those questions over on the side and that’s it. You can see real plans at real prices.