Having life insurance coverage can help you to ensure that those you love and care about will have the financial support that they require in case of the unexpected. While nobody likes to think about it, planning financially in case the unthinkable should occur can mean the difference between loved ones going on with their current lifestyle, or enduring financial hardship.
This is because the proceeds from a life insurance policy may be used for replacing lost income, as well as for paying off large debts, and / or for the payment of the insured’s funeral and other final expenses.
In many instances, life insurance coverage may be obtained by simply completing an application and taking a medical exam. However, if you have certain health conditions, the life insurance company’s underwriters may need some additional information about you before making their approval decision. This may be the case if you have been diagnosed with osteoarthritis.
How Having Osteoarthritis Can Have An Effect On Your Life Insurance Application
Osteoarthritis is a type of degenerative joint issue. Sometimes referred to as “wear and tear” arthritis, osteoarthritis is considered to be the most common chronic condition that affects the joints causing severe joint pain, there also other types of arthritis as well, such as rheumatoid arthritis and psoriatic arthritis.
This condition can occur when the cartilage, or cushion, that is between joints breaks down, which can, in turn, lead to pain and stiffness, as well as swelling. In fact, these are some of the common symptoms of osteoarthritis – especially early in the morning or after resting. Also, the joints in the body that are affected with this condition may also become swollen after extended activity.
At this time, medical professionals are unsure of exactly what causes osteoarthritis. However, there are several criteria that may lead to the development of this condition, such as injury, overuse, and excess weight. This condition may also be hereditary.
There are some strategies that are used for helping to manage and / or control osteoarthritis. These can include physical activity – which can keep the joints loosened up – as well as certain types of medication. In some cases, an individual may need to have surgery in order to either repair or replace joint damage. This is particularly the case if the affected joints are the knees and / or the hips.
Osteoarthritis may have an effect on your life insurance policy rating – and, depending on your overall health condition, it could also affect your overall approval for coverage. In order to have the best chance of comparing which types of life insurance coverage may be available to you, it is often best to work in conjunction with an independent life insurance agency or brokerage who specializes in higher risk cases.
Doing so can also allow you to more directly shop and compare several different life insurance policies, carriers, and premium quotes – all in an unbiased manner – and from there determine which may be the best one for you.
What The Insurance Company Will Want To Know
When you are applying for life insurance, it will typically be necessary to fully complete an application for coverage. Here, you will be asked for both personal and health information, such as your name and contact details, your birth date / age, your height and weight, your marital status and whether you have any children, your health condition and history, and your family health history.
In addition, the life insurance company will also want to know more details regarding your osteoarthritis. Given this, you will likely be asked some additional condition related questions such as the following:
- When were you initially diagnosed with osteoarthritis?
- How are you currently working to manage and / or control your osteoarthritis condition?
- Do you currently take any medication for your osteoarthritis? And if so, what medication(s) do you take, and what is / are the dosage(s)?
- Within the past twelve months, have you had any relevant lab testing performed such as an MRI and / or x-ray? (If so, it is possible that the insurance underwriters will want to review this information so as to obtain a clearer picture of your overall health).
The insurance company’s underwriters may also want to review your medical records. These may be obtained from your primary care physician, any specialist that you see for your osteoarthritis or both.
Also, as a part of the total underwriting process, most traditional life insurance policies will also require that you take a medical examination. This will typically entail meeting with a paramedical professional – or paramed – either in your home or in another convenient location.
During the medical examination, the paramedical professional will usually ask some additional health-related questions. They will also take a blood pressure and heart rate reading, as well as a blood and a urine sample.
Once all of your information has been received by the insurance company, the underwriters will be much better able to obtain a clear picture of your overall health condition – and from there, they can make a determination about your life insurance coverage, as well as an appropriate premium price.
How Much Is Life Insurance If You Have Osteoarthritis?
There are many different factors present when it comes to determining the premium price of a life insurance policy. These will certainly include the type and the amount of life insurance that you are buying, as well as your gender and your age.
Due to your osteoarthritis condition, this will also be factored into the overall decision – as will any other health issues that you may have. If other than your arthritis, you are in very good health, then it is possible that you may obtain a Standard policy rating on your arthritis life insurance.
This means that the premium price of your coverage will be in line with other policyholders who are considered to be in average health, and who are also your same age and gender. If, however, your health is not considered to be as good as average, then you could be rated as a Substandard, and will, in turn, be required to pay a higher premium price for your coverage.
It is important to note, however, that just as with most other types of products and services that you may purchase, the price that is charged for a life insurance policy may differ – sometimes even substantially – from one insurance company to another, even for the very same type of policy and amount of benefit.
With that in mind, it is always a good idea to compare several life insurance policies – and premiums – prior to making your final purchasing decision. While it may take a lot of time to do this if you go from one individual insurer to another, you could significantly speed up the process by just simply working in conjunction with an independent insurance brokerage that has access to multiple insurance companies all in just one place.
By shopping for your coverage this way, you will be able to more directly compare the plans that are available to you, along with the premium prices, in an unbiased manner. You can also submit your application for coverage through this broker.
What To Do If You Do Not Qualify For Traditional, Medically Underwritten Coverage?
If you do not qualify for a regular, medically underwritten life insurance policy, then there are other options that can still be available to you. One of these is to apply for a no medical exam life insurance policy.
With this type of policy, there will be no medical examination required as a part of the underwriting and policy approval process – and because of that, people with arthritis or who have various adverse health conditions may still be able to qualify for the coverage.
How To Find The Best Life Insurance Premium Rates With Osteoarthritis
If you have osteoarthritis and you are seeking life insurance coverage, we can help. We work with many of the best life insurance carriers in the marketplace today – and we can assist you with obtaining all of the key details that you will need for making a well-informed life insurance buying decision. We can do so for you quickly and conveniently, all from your personal computer, and without the need to meet in person with a life insurance agent. When you are ready to proceed, then please just simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions regarding getting approved for life insurance with osteoarthritis – or, even if you just happen to have a question or a concern about life insurance in general – then please feel free to call us directly. Our experts can be reached, toll-free, by dialing 800-277-3098.
We understand that the process of buying life insurance can sometimes be a bit overwhelming. There are many variables to keep track of, and you want to be sure that you are getting the proper coverage for your needs. So, contact us today -we’re here to help.