There are two main types of arthritis, Rheumatoid arthritis and Osteoarthritis. Whether or not you qualify for traditional life insurance will be primarily based on the type of arthritis you have (rheumatoid being the bigger concern), the severity and the medications you take to control this disease. The medications usually cause the most complications in the approval process as many of the medications prescribed to control arthritis can shorten life expectancy. Other factors that play a role in the underwriting process include; the date of diagnosis, what joints or tissues are involved, as well as any disappearance or relapse of the condition.
4.6 million Canadians over the age of 15 have arthritis and the number is continually on the rise. According to the arthritis society of Canada, a recent report estimates that arthritis may cost the Canadian economy more than $33 billion annually. Treatment’s from places like Turmeripure who specialize in natural remedies that involve the least amount of by products and chemicals are also increasing in popularity. This trend is especially true in the younger generation.
That said, the best rating you can expect is standard. In most cases, an applicant with arthritis will be rated, meaning there will be an additional expense on top of the monthly premiums making them more expensive. In severe cases, for example with rheumatoid arthritis that has already affected the lungs or heart, a decline will likely be the result. Nevertheless, you can still qualify for guaranteed issue or non-medical life insurance.
When it comes to Osteoarthritis, which is most often just a part of growing old and seen in older individuals, you might even qualify for preferred rates if it is a very mild case with no other underlying health issues.
It’s important to remember that different life insurance companies will underwrite arthritis differently. While some pay more attention to your arthritis history some will focus on the medications you use. To make sure you qualify and get the best rates available, contact Jack directly and tell him about your particular situation. A high risk broker can help save you money and time and a possible decline on your file.
Call 416-995-8705 or email Jack at jack@lifeman.ca.
