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Purchasing Life Insurance with Charcot Marie-Tooth Disease.

Charcot Marie-Tooth disease is a term used to describe a group of inherited disorders that causes nerve damage to ones’ arms and legs (in most cases).  And while it’s not “super” common, researchers have found over 90 different genetic “types” of Charcot Marie-Tooth disease which will affect roughly 1 out of every 2,500 Americans.

It’s also why…

We don’t see a ton of these kinds of pre-existing medical condition cases, but have seen enough to know how underwriting these applications can become challenging particularly if the applicant has a particularly debilitating condition.

Common symptoms of Charcot Marie-Tooth Disease:

Common symptoms of Charcot Marie-Tooth Disease, will typically include:

  • Overall weakness in ones’ legs, ankles, and feet.
  • High foot arches.
  • “Hammertoes”
  • Difficulty running.
  • Difficulty lifting ones’ foot up from the ankle joint.
  • Poor agility.
  • Decreased feeling or sensations in the legs and feet.

Charcot Marie-Tooth Disease and Life Insurance.

As a general rule of thumb, you’re going to find that insurance companies are all over the place when it comes to approving folks with Charcot Marie-Tooth Disease for life insurance.  In some cases, these applicants will be able to qualify for a Preferred rate while in other cases we may find them only qualifying for what is called a table rate.

What is a table rate?

A table rate, is a life insurance rate that falls just below a Standard or Normal rate and is generally reserved for those that would be considered a “higher” risk applicant.

In total, there are 10 different table rates one can qualify for with Table A being the best (lowest price) while Table J would be considered the worst (highest price).  The good news for those suffering from a mild case of cerebral palsy, there is a good chance that you may qualify for a Table A rating.

For those suffering from a more moderate or severe case of cerebral palsy, it is possible that you too may qualify for a traditional life insurance policy only that you would probably qualify for a lower or more expensive table rate.

Now what rate will you qualify for?

That will depend on your particular situation. You may qualify for ordinary whole life or term life insurance.

However, you may be better served with simplified issue no exam life insurance.

Finally, you may have a more serious condition, or multiple health issues, and you will need to consider guaranteed issue life insurance.

Bottom line: what you’re going to find is that most life insurance companies are going to want to know how your Charcot Marie-Tooth Disease is affecting your day to day lifestyle so that they can get a better understanding of your condition.

You see…

Because Charcot Marie-Tooth Disease is a progressive disease that will “theoretically” worsen as one ages, but ISN’T a life-threatening condition, you’re symptoms will be less indicative of your approval than your reaction to those symptoms.

For example:

If you suffer from high foot arches and hammertoes and as a result have a very difficult time walking, it’s quite possible that you may need to use some type of walking aid or wheel chair.  Now this won’t necessarily be an issue on your life insurance application, but if your also receiving disability benefits due to your condition as well, then this could be a factor in what “type” of life insurance rate you’ll be able to qualify for.

This is why…

It’s so important to work with a life insurance agent who is familiar with your condition and has the opportunity to work with dozens of different life isnruance companies so that when we’re presented with a more “challenging” case like someone with Charcot Marie-Tooth Disease, we don’t have to just rely on one or two different options.

Instead we can…

“Shop” your life insurance application to dozens of different life insurance companies and make them compete for your business.  So, what are you waiting for?  Give us a call today and see what we can do for you!

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