Life Insurance with Psoriatic Arthritis.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance with Psoriatic Arthritis.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Psoriatic Arthritis?
- Why do life insurance companies care if I’ve been diagnosed with Psoriatic Arthritis?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance if I’ve been diagnosed with a Psoriatic Arthritis?
Yes, individual who have been diagnosed with Psoriatic Arthritis can and often will be able to qualify for a traditional term or whole life insurance policy. The problem is, that simply knowing that someone has been diagnosed with Psoriatic Arthritis isn’t going to be enough information for a life insurance underwriter to be able to make his or her decision about how they should “treat” your life insurance application.
This is why…
If you have been diagnosed with Psoriatic Arthritis, you should be prepared to answer a series of medical questions about your Psoriatic Arthritis as well as possibly be ready to allow a life insurance company to have access to your complete medical records so that they can get a better idea about how “mild” or “serious” your condition may be.
Why do life insurance companies care if I’ve been diagnosed with Psoriatic Arthritis?
The main reason why a life insurance company is going to “care” if you have been diagnosed with Psoriatic Arthritis is because according to the Nation Psoriasis Foundation or (NPF) individuals suffering from Psoriatic Arthritis are a 43% greater risk of suffering from a stroke and a 58% greater risk of suffer from some other “type” of cardiovascular issue which is obviously something that is going to cause a life insurance company to become a “bit” nervous.
This is why…
We wanted to take a moment and discuss exactly what Psoriatic Arthritis is as well as highlight some of the most common symptoms/complications of this disease so that we can get a better idea of what a life insurance underwriter will be looking for when making his or her decision about your life insurance application.
Psoriatic Arthritis Defined:
Psoriatic Arthritis is a type of arthritis which is only going to affect someone who has also been diagnosed with psoriasis (a skin disorder characterized by red patches of skin topped with silvery scales). In fact, most folks (but not all) who end up being diagnosed with Psoriatic Arthritis will first develop Psoriasis and then only later being to suffer from joint problems.
Symptoms of Psoriatic Arthritis may include:
- Swollen, painful joints,
- Muscle stiffness,
- Sausage-like fingers and/or toes,
- Tendon and ligament pain,
- Classic Psoriasis skin rashes,
- Finger and toe nail “changes”,
- Eye problems,
Serious complications may include an increased risk of cardiovascular disease including suffering from a heart attack or stroke.
Treatment options may include:
- Nonsteroidal anti-inflammatory drugs (NSAIDs),
- Disease-modifying antirheumatic drugs (DMARDs)
Now at this point…
We usually like to take a moment and remind folks that nobody here at IBUSA has any kind of “official” medical training and we’re certainly not doctors. All we are is a bunch of life insurance agents who just happen to be really good at helping folks with pre-existing medical conditions like this one, find and qualify for the life insurance coverage that they are looking for.
Not so great if you’re looking for answers to any specific medical questions. In cases like these, we would recommend that you contact a true medical professional who has the training to help. For everyone else, you’re in luck because now we’re going to get into some of the “nitty gritty” about what you may or may not be able to qualify for.
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- When were you first diagnosed with Psoriatic Arthritis?
- Who diagnosed your Psoriatic Arthritis?
- What symptoms led to your diagnosis?
- Do you also suffer from physical symptoms of psoriasis?
- Have you been diagnosed with any other pre-existing medical conditions?
- Have you ever suffered from a heart attack or stroke?
- How are you treating your Psoriatic Arthritis?
- Are you treating with any NSAIDs?
- Have you been prescribed Methotrexate or Prednisone?
- What symptoms do you suffer from now?
- Over the past 12 months, how has your condition change (if at all)?
- In the past 2 years, have you been admitted into a hospital for any reason?
- Do you currently hold a valid drivers’ license? If so, do you have any issues with your driving record? Issues such as multiple moving violations, a DUI or a suspended license?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
What rate (or price) can I qualify for?
As you can see, there are a lot of variables that can come into play when trying to determine what kind of “rate” an individual who has been diagnosed with Psoriatic Arthritis. This is why it’s pretty much impossible to know what kind of “rate” you might be able to qualify for without first speaking with you directly.
That said however…
Most individuals who have bene diagnosed with Psoriatic Arthritis will usually fall into one of three different categories which will usually be determined by the “severity” of the symptoms you are experiencing and the medications that you using to help treat your condition. And while there will certainly be some “subjectivity” when determining what kind of “rate” you might be able to qualify for, the following “assumptions” will generally hold true.
Folks in this category will be those who have been diagnosed with Psoriatic Arthritis and may be using some kind of NSAIDs to help manage their inflammation but do not suffer from any other “significant” pre-existing medical condition and have been “totally” disabled due to their condition.
In cases like these…
What we’ll commonly find is that qualifying for a traditional life insurance policy will be possible only clients will typically only be able to qualify for a “sub-standard” table rate usually somewhere between an A-C.
Individuals who will fall into this category will be those who in addition to possibly using some type of NASIDs medication may also be taking either Methotrexate or Prednisone to help them treat their Psoriatic Arthritis. In cases like these, what we’ll usually find is that these clients may also qualify for a traditional term or whole life insurance policy provided that they don’t also suffer from some other more “significant” pre-existing medical condition which may or may not be related to their Psoriatic Arthritis. The only real difference is that these folks may not be able to qualify for a Table A-C rate and may have to settle for a Table rate somewhere between D and H,
The last group that we’ll commonly encounter when trying to help someone that has been diagnosed with Psoriatic Arthritis will be those who in addition to taking one of the aforementioned medications may also be considered somewhat disabled or incapable of performing the same tasks that they were prior to being diagnosed with Psoriatic Arthritis. The most common way that a life insurance underwriter will make this determination is if you are currently receiving some “type” of disability benefit.
In cases like these…
It still may be possible to qualify for a traditional life insurance policy, however some folks may need to consider looking at a Guaranteed Issue Life Insurance Policy if it turns out that they can’t qualify for a traditional life insurance policy.
The good news is…
That regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours and are committed to helping all of our clients find the “best” life insurance policy that they can qualify for. Which brings us to the last topic that we wanted to take a moment and discuss which is…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that usually the folks who seem to find the “best” life insurance policy for them are those that:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions, but also have access to dozens of different life insurance companies so that when it comes time to helping a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
The good news is that this is exactly what you’re going to find here at IBUSA!