Shopping for life insurance is about as fun as waiting in line at the DMV (Department of Motor Vehicles).
Shopping for life insurance when you have rheumatoid arthritis (RA) is like waiting in line at the DMV at noon, on a Saturday.
Yet, life insurance is a must-have for most Americans. If you have loved ones who would suffer financially should you pass away, you need life insurance.
It’s true – your rheumatoid arthritis can make the process of buying life insurance that much more unenjoyable.
There’s five tricks you need to know to buy affordable life insurance when you have rheumatoid arthritis.
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Infographic: 5 Tricks To Buy Affordable Life Insurance With Rheumatoid Arthritis
1. Partner Up With An Independent Agent
Collaborating with an independent life insurance agent is the most important first step to take in order to find affordable life insurance.
Here’s why – Independent life insurance agents are not held captive to a particular company. That way, your best interest is top-of-mind. Independent agents will shop the top-rated life insurance companies to find the highest quality life insurance at the lowest cost.
No two life insurance companies are created equal. For example, there are a handful of life insurance carriers who underwrite rheumatoid arthritis favorably. While other carriers will charge you extra for RA. An independent agent can help you navigate your application to find the best company to apply with.
2. Visit Your Doctor
Regular checkups with your rheumatologist, or other physicians, is viewed favorably by life insurance underwriters (that’s who evaluates your application).
Life insurance companies want to see that your rheumatoid arthritis is actively cared for and treated, as necessary.
While it may sound callous, underwriters are in the business of assessing risk. Based on their evaluation, the life insurance company will charge you accordingly for your policy.
3. Document Your Medical History
During your application, you will be asked specific questions about your rheumatoid arthritis. Be ready by documenting:
- Date of diagnosis
- How often you experience flareups and how long they last
- Prescribed medications
- Parts of the body affected
- Any disabilities
- Any deformities
It’s imperative to have your medical information handy so that you can communicate it effectively during your life insurance application interview. If not, your application can be held up for weeks, and your rating may be negatively affected.
Life insurance carriers are looking for applicants to be organized and prepared so the interview is streamlined and simple.
Keep in mind that database checks are used during the application process, so it’s important to be up front.
What that means – Life insurance companies use public record databases. Primarily, carriers use a few resources to assess your application:
- Pharmacy records
- Typically for the last 10 years
- Medical Information Bureau (MIB)
- A database of previous insurance application information used by participating life insurance comapanies
- Risk Classifier
- An algorithm some carriers use to assess how much risk an applicant poses
4. Consider Your Policy Amount And Length
There are two primary factors – outside of your rheumatoid arthritis – that directly affect the cost of life insurance: policy amount and policy length.
Unsurprisingly, life insurance costs more when your policy is for a larger amount and a longer time.
Let’s look at a some example quotes to get a general idea:
The quotes are for males and females who have rheumatoid arthritis, and are otherwise healthy. Remember, the quotes are examples and your specific quote will vary.
Keep in mind – The best health class you can qualify for with rheumatoid arthritis is Standard.
You can adjust the amount and length of your policy to fit within your budget. Ideally, you will purchase enough life insurance to adequately protect your beneficiaries should something happen to you.
5. Manage Your RA
We’re talking risk assessment again – life insurance underwriters are happy to see rheumatoid arthritis that has been effectively managed, and thus poses less risk.
- Did you seek appropriate treatment after your diagnosis?
- Do you monitor your signs and symptoms carefully and adjust your treatment plan and lifestyle accordingly?
- Do you visit your doctor regularly?
- Do you take your medications as prescribed?
- Are you able to lead an active life?
- Are you able to maintain employment?
Note – If your RA is not well-controlled, there are plenty of life insurance options available. For example, if your RA is on severe side, there are graded benefit or guaranteed issue life insurance policies to consider.
To recap, there are 5 tricks you need to know to secure affordable life insurance with rheumatoid arthritis:
- Partner Up With An Independent Agent – An independent agent (that’s us) will have your best interest at heart and will shop the top-carriers to find the highest quality policy at the lowest price.
- Visit Your Doctor Regularly – Underwriters will be happy to see that you have regular checkups with your physician to effectively manage your RA.
- Document Your Medical History – Life insurance applications are streamlined if you effectively communicate your health history upfront. You have better odds at securing a desirable health rate when your application is complete.
- Consider The Amount And Length Of Your Policy – Ideally, you want a policy for an amount that will financially protect your loved ones. Also, you want the policy to last as long as it will be needed. However, some some insurance is better than no life insurance.
- Manage Your RA – If you have been able to effectively manage your rheumatoid arthritis – and keep your symptoms on the mild side – your life insurance premiums are likely to cost less.
Regardless of whether your rheumatoid arthritis is mild, moderate or severe, you have life insurance options.
To get started, fill out your instant quote.