Buying Over 50 Life Insurance with Lupus
Are you one of the 5 Million people worldwide currently living with Lupus?
Are you one of the 16,000 new cases of Lupus diagnosed this year alone?
If so, you already know that Lupus is a serious, life-altering condition that can negatively impact your skin, joints, muscles, organs….and even your mental health.
Life insurance companies are obviously in the business of knowing these health facts, the good and the bad.
Insurance companies are aware an estimated 10 to 15 percent of individuals with Lupus will eventually pass away prematurely from complications of the disease.
Life insurers also know the majority of people with Lupus, as much as 90 percent, will live a normal life span because of good quality disease management.
For this reason, when you’re shopping for life insurance quotes when you are over 50 with Lupus, you’ll need to share details about your diagnosis, symptoms, and treatment plan.
Working with a life insurance expert will help prepare you for the application process and increase your chances of securing the right policy for your needs.
You may be wondering “what will life insurance cost if I have Lupus”?
Well, there’s a a short answer and a long answer.
The short answer: if you have well-controlled Lupus with no major complications then you may receive as good as a Standard Rating with average premiums.
To find out what those rates would be for a Standard Rating run quotes for yourself at “Regular”.
Keep reading for the long answer about what to expect when applying for coverage.
Life Insurance Snapshot: Lupus
Here is an overview of typical outcomes for life insurance applicants with Lupus.
- Impact on Application: Usually Moderate
- Best Rating: Standard (Average Rates)
- Worst Rating: Substandard/Table Rating (minimum of 25% rate up)
- Main Factors: Type, Treatments, Health Complications
Please remember the life insurance company’s decision on the rates they can approve you for will be based on all of you…not just your Lupus.
What I mean is all aspects of your life will be taken into consideration. This includes your total health history, driving record, and lifestyle choices. Each will have an impact on what you’ll have to pay for coverage.
I’ve helped lots of individuals like yourself so I know what insurance ratings and premiums applicants with Lupus are likely to be approved for.
Let’s dig in.
What Life Insurance Rating Will I Get with Lupus?
Maybe you’re not familiar with how life insurance ratings work. Or you’re not aware that the rating you receive translates to how much you pay.
If this is all new to you then you’re in the right place!
We are sharing with you right here all that I know about life insurance ratings for those with Lupus.
The chart below outlines the possible rating categories, as well as the criteria for each rating.
The last column shows you how much premiums change depending on the rate class you are approved for.
|Rating||Reason For Rating||Premium Pricing|
|Preferred||Very Healthy, Low Risk||Better than Average Pricing|
|Standard||Controlled Medical Condition(s), Average Risk||Average Pricing|
|Sub-Standard (aka Table Rating)||Chronic Disease (Moderate to Severe)||Below Average Pricing - About a 25% rate up per Table Rating|
I’ve learned that each life insurer develops their own specific ratings guideline. So some applicants may have a slightly different outcome than what we’re sharing here, depending on where they apply.
Plus, each applicant has a different health story so it’s rare that two people with Lupus will end-up with the exact same rating.
I can help you find the best life insurance policy for you, as well as help determine what rate class you will be approved for and cost you’ll have to pay.
Look the fact is that I know all the best life insurance companies for people over 50!
Ratings for Systemic Lupus
If you are dealing with Systemic Lupus Erythematosus (SLE) then you know nearly all your body parts are impacted. This fact alone makes life insurance carriers a bit cautious, even more than they are with Discoid Lupus.
The insurance company will want to know your date of diagnosis and last treatment, as well as how much (if any) organ damage is involved.
The more time that’s past since you were diagnosed the better. These are some general guidelines:
- 1 – 3 years ago = Substandard Table 6 to 8 (150% to 200% premium rate up)
- 3 – 4 years ago = Substandard Table 4 to 6 (100% to 150% premium rate up)
- 4 – 5 years ago = Substandard Table 2 to 4 (50% to 100% premium rate up)
- Over 5 years ago = Standard (average rates), Substandard Table 1 (25% premium rate up), or Substandard Table 2 (50% premium rate up)
Here are additional factors that will help determine the rate class you will be approved for:
- Subtract 2 Table Ratings (deduct 50%) if you were diagnosed after age 60
- Add 2 Table Ratings (50% premium increase) if you are treated with high doses of steroids
Below are unique situations for those with Systemic Lupus:
If you were diagnosed with SLE within the past 12 months, your application will probably be postponed until you pass the 1 year anniversary of the diagnosis.
At that point, you can reapply for coverage. The insurance company is going to want to see what (if anything) has changed since you originally applied.
The insurance carrier wants to give you time to figure out what’s best for your Lupus diagnosis and have an opportunity to get it under good control.
Having your application postponed is not the end of the world!
On the other hand, you could face a possible decline for some traditional life insurance policies if….
- Your kidneys, lungs, or cardiovascular system is compromised because of SLE.
- You’re currently on disability as a result of having Systemic Lupus
Ratings for Discoid Lupus
As you know, Discoid Lupus Erythematosus (DLE) primarily shows up on the skin and does not damage internal organs like Systemic Lupus.
The very best rating most people receive with Discoid Lupus is Standard. This comes along with average pricing.
Keep in mind, to get the Standard Rating your lab tests need to be good and must rule out the possibility of Systemic Lupus.
Also, you can’t be taking any oral steroids to receive the Standard Rating.
Insurance companies may assign different ratings depending on how the Discoid Lupus is being treated, as you see…
- Taking less than 15 mg doses per day of oral steroids, add 1 Table Rating (25% premium rate up)
- Taking more than 15 mg doses per day of oral steroids, you may face a decline
Remember, these are all general outcomes for people with Lupus.
Even for those people that are declined coverage, I can still find an alternative life insurance policy that will work great.
I won’t stop until your family has the financial protection they need.
Remissions and Flare Ups
If you’ve been in remission from Lupus for a minimum of six months, you will be in a great position to secure affordable life insurance coverage.
Or if you’ve ever gone through a remission in the past, be sure to share that information on your application.
Remissions are useful in helping life insurers understand the severity of your disease.
On the flip side, you’ll also need to share your history of Lupus flare ups (aka “flares”). This also helps the insurer understand the seriousness of your condition.
Lupus Rating Examples
Judy is 60 years old and was diagnosed with Systemic Lupus seven years ago. Judy has no serious organ damage, takes a small dose of prednisone daily, and has gone through a few periods of remission (up to six months in one instance). Judy doesn’t smoke and has no other chronic health conditions.
Judy was approved at Standard rates which come with average premiums.
Nancy is a 55 year old non-smoker, she regularly jogs and maintains a healthy weight. She has Discoid Lupus and takes 15mg of oral steroids daily. She has not had a remission so far but all her lab work is good.
Nancy received a Substandard Table 1 Rating. Her premium will be 25% higher than the average/basic policy pricing.
Application Questions about Lupus
I created this list of common Lupus application questions.
You’ll notice the questions cover many different topics. Insurance companies do this to figure out how risky your condition truly is.
Most insurance carriers want to know…
- At what age were you diagnosed?
- What type of Lupus do you have? Is it Systemic or Discoid?
- Do you suffer from any other autoimmune disorders such as celiac disease or fibromyalgia?
- What types of symptoms do you experience?
- What parts of your body have been affected by Lupus?
- What medications do you take for your Lupus? What is the dosage?
- Have you ever been prescribed steroids to treat your Lupus?
- Are you currently receiving any treatment for Lupus?
- If not, when was the last time you received treatment for Lupus?
- Can you please describe your history of flare ups and remissions?
- Have you ever been hospitalized because of your Lupus?
- Has your Lupus caused any complications like anemia, high blood pressure, kidney disease, proteinuria (protein in urine), stroke, seizures, blood clots, lung or heart problems, etc.?
- Have you filed for disability or are you collecting it because of Lupus?
- Are you a smoker? Have you used tobacco in the last 12 months?
- Has Lupus caused you to have anxiety or depression?
- What other chronic health issues are you managing right now?
Be sure you are honest with us and the life insurance company.
I am not here to judge but to help you get the coverage you deserve.
Plus, the life insurer needs you to be truthful to avoid any problems in the future.
For instance, if the insurance carrier finds out you lied on the application then your policy could be voided. You don’t want that to happen!
Don’t You Want to Keep Your Family Safe?
Protect your family from being blindsided by any financial burdens caused by your death.
Get started applying for an affordable over 50 life insurance policy……today.
You can start here by running an instant life insurance quote.
Or give me a call for FREE one-on-one assistance from a knowledgeable agent.