Here at TermLife2Go, once we know that we’re working with a client who has been prescribed Meloxicam, the first thing that we’re going to want to know is…
“Why have you been prescribed Meloxicam?”
Now we know…
That it’s most likely being used to treat arthritis, but what type? Osteoarthritis arthritis or rheumatoid arthritis? Knowing which is going to play a HUGE role in how a life insurance company is going to “view” your application and will also play a role in “which” life insurance company is going to be the “best” for you.
While it is certainly possible for someone to be able to qualify for a traditional term life insurance or whole life insurance after being diagnosed with either pre-existing medical condition, most life insurance companies are going to view applicants suffering from Osteoarthritis much more “favorably” than those suffering from rheumatoid arthritis.
Why is this?
It’s because in general, osteoarthritis is a much more common and less likely to develop into a potential debilitating disease. In fact, osteoarthritis is believed to affect over 3 million Americans each and every year and is considered by many simply a part of the normal “aches and pains” that comes with age.
Rheumatoid arthritis is actually defined as a chronic progressive autoimmune disease that causes inflammation, swelling and stiffness as well as possible loss of functioning in ones’ joints.
Neither are considered “life-threatening” medical conditions, when it comes to qualifying for a traditional term or whole life insurance policy, insurance carriers are going to look at a wide range of factors when making their decisions. Some of these factors will be “health” related while others will focus on “lifestyle” choices and “quality of life” factors.
For examples here are few “medical questions” the insurance companies are likely to ask:
- How old are you?
- What is your current height and weight?
- Have you ever been diagnosed with any medical conditions other than arthritis (Osteo or Rheumatoid)?
- Have you ever been diagnosed with cancer, heart disease, stroke or diabetes?
- Have any of your immediate family members ever been diagnosed with cancer, heart disease, stroke or diabetes?
- Aside from Meloxicam, are you taking any other prescription medications?
- In the past 12 months, have you used any tobacco or nicotine products?
Then the questions will typically turn to questions specifically asking about your arthritis.
- What type of arthritis have you been diagnosed with?
- When were you first diagnosed with it?
- What treatment(s) are you using to help alleviate the symptoms?
- Have you ever been hospitalized due to your arthritis?
- Are you currently working now?
- In the past 12 months have you applied for or received any form of disability benefits?
Lastly, the insurance companies will also have a few questions that will “generally” be totally unrated to one’s health, at least at first glance.
- Do you have any issues with your driving record? Suspended license, multiple moving violations or a DUI?
- Do you actively participate in any dangerous hobbies such as skydiving, bungee jumping or rock climbing?
- Do you have any set plans to travel outside of the United States to any dangerous locations such as Syria, North Korea, or Iraq?
And as you can see, while it is true that being diagnosed with arthritis will “potentially” affect the outcome of your life insurance application, so will a “bunch” of other things!
So, when we say…
That it is true that if you’ve only been diagnosed with osteoarthritis, it’s possible that you may be able to qualify for a Preferred rate, it’s important to understand that just because it’s possible doesn’t mean that it certain.
For those who have been diagnosed with rheumatoid arthritis while we’ll generally assume that most applicants may be eligible for a Table A rating, it’s quite possible that your condition has progress beyond what most insurance carriers are going to be willing to provide coverage for.
A “Table Rate” is a life insurance rate that falls below a Standard or Normal life insurance rate and is typically reserved for “higher risk” applicants. In total, there are 10 different table rates one can qualify for ranging from Table A (the best and most affordable table rate) all the way to Table J (the worst and/or most expensive table rate).
The good news…
Is that here at TermLife2Go, we operate as an independent life insurance brokerage that works with dozens of different life insurance companies. So regardless of what “type” of arthritis you have, we should have an insurance company that will meet your needs.
Now will there be some that we simply cannot help?
Sure, but that doesn’t mean that we’re not going to try our very best to help you find a great life insurance policy that you can qualify for. And if we need to take a look at a few guaranteed acceptance life insurance policies, we’ve got plenty of them too!
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!
And since we still have your attention…
It’s fair to say that most people who decide to purchase a life insurance policy do so that they can protect their loved one’s financial future in the event of their death.
But what happens if you get sick but don’t die?
Is your family’s financial future still protected? Probably not. Which is why we would encourage you to also take a look at the following articles which will discuss some other “types” of life insurance policies that can not only protect your family’s financial future, they could also significantly help our your own as well.