Chances are, you or a loved one has rheumatoid arthritis (RA). And, it’s likely there’s a need for life insurance. You may have also discovered previously that those two things – life insurance and RA – are sometimes more like oil and water rather than peanut butter and jelly.
Here’s the deal: Rheumatoid Arthritis Life Insurance was founded for that very need. Specific health conditions, like RA, require an expert agent with extensive knowledge of the condition in order to place the highest quality life insurance policy at the most competitive price.
How do I get accurate quotes for life insurance?
Instant quoting systems work well if your health status is simple and straightforward. For those of us with rheumatoid arthritis, it can be complicated. Especially if your health and/or lifestyle has numerous considerations. In addition to trying out our instant quote options, we highly recommend contacting us for a personalized quote. The most important thing you can do when requesting a quote is to provide accurate, detailed, and of course, honest information to your agent.
Life insurance underwriting is the process a life insurance carrier takes you through to determine how much they should charge you for life insurance. They use a fairly strong magnifying glass to determine what health class to place a potential policyholder in. Don’t let that scare you off. There’s always life insurance options available, regardless of your situation.
Let’s look at some sample quotes for a general idea of how much life insurance policies can cost when you have rheumatoid arthritis. Keep in mind, the best health class you can qualify for with RA is Standard.
Life Insurance Quotes With Rheumatoid Arthritis
The amount you pay, and your ability to be approved, for life insurance is dependent on a number of considerations. Some factors are specific to the severity of your rheumatoid arthritis. Others relate to your age, gender, overall health, lifestyle factors, and the type of occupation you have.
Let’s take a peek at a some examples. The length and amount of the policy has been kept the same for comparison purposes: $500,000, 20 year term policy.
1. Pam is 30 years old with mild rheumatoid arthritis. She was diagnosed one year ago. She takes NSAIDs to control periodic pain and inflammation. She has no disability or deformity. Pam lives an active lifestyle and plays on a volleyball league. Pam would likely qualify for these rates:
2. Jim is 30 years old and was diagnosed with RA five years ago. His rheumatoid arthritis gives him pain and discomfort regularly. He has a mild deformity of a finger joint. Jim takes a low-dose of methotrexate regularly to control inflammation. Jim is fairly active and holds a steady job. He would likely qualify for these rates:
3. Angela is 40 years old and was diagnosed with RA three years ago. Like Pam, Angela only takes NSAIDs periodically to control pain. Angela plays golf every week and works a full-time. She would likely qualify for these rates:
4. Phyllis is 40 years old. Her RA was diagnosed 20 years ago. Phyllis struggles with intense joint pain. She regularly takes prednisone to combat inflammation. Additionally, she takes Plaquenil, a DMARD (disease-modifying anti rheumatic) to slow the progression of her rheumatoid arthritis. Phyllis is unable to work regularly due to the pain of her RA. She would likely qualify for these rates:
5. Dwight is 40 years old with mild RA. He was diagnosed six months ago. Dwight works full-time and farms on the weekends. Dwight does not need prescription medication to control his rheumatoid arthritis symptoms. Occasionally, he will take an NSAID for joint discomfort. Dwight would likely qualify for these rates:
6. Meredith is 50 years old. She was diagnosed with rheumatoid arthritis five years ago. After a few flareups during the first year of diagnosis, her RA has gone into remission. Meredith lives an active life with a full-time job. In her spare time, she enjoys dancing. She has no disability or deformity. Meredith would likely qualify for these rates:
7. Jan is 50 years old. She was diagnosed with rheumatoid arthritis 30 years ago. Jan is unable to work due to disability caused by her RA. She has deformities of the finger and toe joints. Methotrexate and Prednisone are prescribed to control Jan’s inflammation. Thankfully, her internal organs, like her heart and lungs, have not been affected by RA. Jan would likely qualify for these rates:
8. Michael is 50 years old. He was diagnosed with rheumatoid arthritis three years ago. He works full-time and participates in the local theater group. Michael has no disability or deformity. He does not need prescription medication to treat his RA. Michael would likely qualify for these rates:
Factors Affecting Life Insurance Rates
Aside from rheumatoid arthritis, there are a number of factors life insurance carriers will want to know to determine what rating to provide. During the application, basic information will be recorded:
- Date Of Birth
- Lifestyle – i.e. smoking, drinking, drug use
- Financial Information – i.e. annual income, net worth, history of bankruptcy
- Hobbies – i.e. scuba diving, rock climbing
During the medical portion of your application, whether that be in an interview over the phone (non-med life insurance) or with a paramedical insurance examiner, the following will be recorded:
- Medical History
- prescription medications
- history of surgeries
- history of pregnancies
- history of illness
- family medical history – i.e. heart disease, diabetes, cancer
- Blood Pressure
- Urinalysis (if you are completing a paramedical exam)
- evidence of drugs
- evidence of glucose
- protein levels
- creatinine levels
- Blood Work (if you are completing a paramedical exam)
- cholesterol and lipid levels
- liver panel
- glucose levels
- protein levels
Rheumatoid Arthritis Factors Affecting Life Insurance Rates
Life insurance carriers focus on anything that might increase your risk. If you have rheumatoid arthritis, there are six things that they will be especially interested in:
- Date of diagnosis – because RA is considered a chronic condition, insurance companies want to know how long you have been treating RA. Their concern is the longterm effects drugs used for RA management has on the body.
- Duration and frequency of RA flareups – the more often you have flareups, and how long they last, will increase your risk for joint and tissue damage.
- Deformity – insurance companies want to know if you have (and what type) a deformity. For example, a mild deformity of the wrists or fingers or a major deformity of the knees or hips.
- Disability – the inability to live independently and perform the daily activities of living, due to a disability, negatively affects your life insurance rating.
- Medication – how often and what type of drugs used in your treatment plan.
- Parts of body affected – areas of the body, and to what degree affected by RA. For example, mild wrist pain or lung and kidney damage.
Do I Need Life Insurance?
Simply put: If a loved one should suffer financially if you were to die, you need life insurance.
And, unfortunately, thinking about life insurance doesn’t provide protection. It’s not until you complete the slightly unenjoyable process of securing a policy that your loved ones are protected. We don’t like to sound dark, but we’ve seen too many instances where a person waited too long to take action and apply for life insurance, and tragedy struck.
You should buy life insurance when you care deeply for someone or want to make a difference in the world, and your financial resources aren’t able to fill the financial gap if you were to die. – Russ Alan Prince, Forbes Contributor
How Much Life Insurance Should I Buy?
Generally, agents will recommend you purchase at least 10 times the amount of your annual income in life insurance. The length (i.e. 10, 20 years) of your term policy should be as long as your financial needs will last. Yet, it’s not always that simple. To make a wise decision, it helps to plan for the following:
- Your funeral expenses
- How long until your loved ones have finished college or are living independently
- Outstanding debt (mortgage, loans, etc.)
- Your living costs
- Future needs (college tuition)
- Family business costs
In other words: it helps to ask yourself three basic questions:
- How much debt do I have?
- How much money do I spend every month?
- What are my longterm financial goals?
If your life insurance proceeds can cover those three questions, give yourself a pat on the back!
We specialize in working with clients with rheumatoid arthritis find the highest quality protection at the best prices available. If you have RA and are seeking out life insurance, it’s crucial to collaborate with an agent with a deep understanding of RA. At Rheumatoid Life Insurance, our job is to be your advocate. As an independent life insurance agency, we will cross-reference the top-rated life insurance companies to find the best rate for which you can be approved.
To get started, fill out our Instant Quote form