Osteoarthritis and Over 50 Life Insurance

The Arthritis Foundation estimates 31 Million Americans are affected by Osteoarthritis.

In fact, arthritis (both osteo and rheumatoid arthritis) is the leading cause of disability within the United States.

Osteoarthritis is often referred to as a degenerative joint disease which frequently presents itself as a result of advanced age or simply overuse.

Those impacted by the joint pain and swelling associated with Osteoarthritis may be concerned they cannot secure cheap life insurance over 50.

This assumption is simply not true.

As you know, Osteoarthritis can affect your day to day life but it is not life-threatening.

For this reason, most life insurance companies are willing to issue a policy but at a slightly higher cost.

There are certain factors that will have a big impact on the rate you will have to pay for life insurance coverage.  These include:

    • the level of severity
    • your control over the disorder
    • the existence of comorbid diseases
    • the age you were when you were diagnosed

When it comes to buying 50+ life insurance with Osteoarthritis here’s what to expect…

Life Insurance Snapshot: Osteoarthritis

These are typical life insurance rating outcomes for applicants with Osteoarthritis.

  • Impact on Application: None
  • Best Possible Rating: Preferred (Better than Average Premiums)
  • Worst Possible Rating: Typically Advanced Substandard (Minimum 125% rate up)
  • Main Factors: Severity, Control, Comorbid Diseases, Diagnosis Age

Now let’s get into a little more detail…

How Much Will Life Insurance Cost with Osteoarthritis?

Each life insurer sets their own guidelines and their own policy rates. So the same life insurance applicant may be approved for very different rates depending on the company you apply for coverage with.  

Therefore, first you need to apply with one of the best life insurance companies for your age group and your particular needs.

Second, we need to be sure the life insurer has a good reputation for offering coverage to those with Osteoarthritis.

Finally, I’ll help you complete the life insurance application process until you ultimately receive an offer of coverage.

Typical Ratings for Osteoarthritis

(Remember, the rating determines the amount you’ll need to pay.) 

Preferred RatingYou have mild pain, take over-the-counter pain relievers, do not use tobacco, have no other chronic medical conditions, and generally lead a low-risk lifestyle.

Preferred Rating means you will receive the lowest premiums available.

Standard RatingYou were diagnosed with Osteoarthritis at an older age. Your doctor believes your Osteoarthritis is simply a natural result of aging.

You’ve never had an accident or major fracture because of your Osteoarthritis.

Your illness is controlled and you have had no major complications, and the Osteoarthritis does not impact daily living. Also, you don’t use tobacco.

Standard Rating means you will receive an average premium – not the best rates available.  *This is the rating most Osteoarthritis patients receive.*

Moderate Substandard (Table 1-4) RatingYou had a fracture within the past 12 months. You use tobacco.

You have other medical conditions that tend to make Osteoarthritis worse such as fibromyalgia or lyme disease.

You have constant and/or moderate joint pain.

Moderate Substandard Rating means your life insurance cost will be approximately 25% to 100% higher than the average policy rate.

Advanced Substandard (Table 5 and Lower) Rating: Your Osteoarthritis is categorized as severe and you rely on regular drug and pain therapy.

You experience regular, extreme pain that negatively impacts your Activities of Daily Living (ADL).

You were diagnosed with Osteoarthritis at a young age, perhaps use tobacco, and you may currently be on disability caused by your Osteoarthritis.

In addition to all of this, you also have a serious medical condition such as diabetes or heart disease.

An Advanced Substandard Rating means your life insurance cost will be, at minimum, 125% higher than the average policy rate.

Osteoarthritis Case Study 1

Sally applies for a life insurance plan. The “Standard” premium for this insurance coverage is $70 per month.

However, Sally is assigned a Moderate Substandard Rating of Table 2. This means Sally will pay approximately $105 per month (or about 50% higher than the average premium).

Osteoarthritis Case Study 2

William applies for a life insurance plan. The “Standard” premium for this insurance coverage is $52 per month.

However, William is assigned an Advanced Substandard Rating of Table 6. This means William will pay about $130 per month (or about 250% higher than the average premium).

Remember, your insurance rating will be based on ALL your personal information and not just your Osteoarthritis diagnosis.

Want a better idea of your cost you’ll have to pay for coverage?  Run a FREE over 50 life insurance quote now!

Or go ahead and call me and we can talk through your life insurance options.  I’ll help you determine possible pricing based on your unique circumstances.

What Application Questions Will I Be Asked?

You may be tempted to keep some things to yourself so you can lock-in a good rating. Frankly, this tactic is always an epic failure.  Not only is it fraud to lie on an application but also…

Don’t underestimate the life insurer’s amount of research. They will do plenty.

The insurance carrier will rely on official documents such as diagnostic test results, doctor’s notes, medical records, etc.

First, the insurer will evaluate the following areas of your life:

  • Age
  • Height and Weight
  • Current and Past Illnesses
  • Current and Past Medications
  • Past hospitalizations
  • Alcohol consumption
  • Driving record
  • Criminal record
  • Occupation
  • Hobbies and lifestyle choices

The next step will be for the insurance carrier to begin investigating your Osteoarthritis diagnosis and treatment.

Osteoarthritis Questions

  • When were you first diagnosed with Osteoarthritis?
  • Hold old were you at the time of your diagnosis?
  • Which joints (i.e. hips, knees, hands) are impacted by your Osteoarthritis?
  • How does Osteoarthritis impact your day-to-day life?
  • What is the severity of your Osteoarthritis?
  • What medications, if any, do you take to treat your Osteoarthritis?
  • Do you suffer from myositis?

Comorbidities That Affect Osteoarthritis

The insurance carrier will also be curious about any other chronic illnesses that you may (or may not) be managing.

This is because it is very common for Osteoarthritis patients to also be dealing with a comorbid disease.

    • For example, 47% of adults with diabetes also have a form of arthritis.
    • In addition, 49% of adults with heart disease also have some type of arthritis.

Life insurers want to understand your comorbid condition because it can negatively impact your overall health and possibly alter your life expectancy.  

The Smoking Question

  • Are you a cigarette smoker?
  • If you used to smoke cigarettes, when did you cease smoking?
  • How long has it been since your last cigarette? More than 12 months?
  • Are you using other tobacco products like chewing tobacco, cigars, pipes,  or e-cigarettes? If yes, how often?

Reminder: You must be smoke-free for at least 12 consecutive months to receive “non-smoker” insurance rates.  

You will pay more for coverage if you are approved for “smoker” rates. Often times rates for tobacco users are at least TWICE as much they are for  non-tobacco users.

There are exceptions with some companies for people that use various other forms of tobacco including chewing tobacco and cigars.  

Let’s Get You Covered Right Away

Now that we’ve gone over all aspects of applying for 50+ life insurance with Osteoarthritis, let’s get you covered right away!

When it comes to Osteoarthritis life insurance companies are well informed.  You can be assured that the carrier understands Osteoarthritis is typically not that big of a deal when it comes to higher mortality rates.

So why waste another minute worrying about life insurance when you can get started locking down a policy today?

I’m here to make sure the application process is easy and you secure the best life insurance coverage for you and your loved ones.  

Please don’t let Osteoarthritis keep your family from losing the financial security you’ve worked so hard to provide all these years.

Start with a FREE over 50 life insurance quote right now! Or pick up the phone and give me a call.