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Today’s Topic Is How To Get Life Insurance With Arthritis [Secrets Revealed]
In this article we’ll discuss three types of arthritis, which more or less encompass most arthritic issues. They are osteoarthritis, probably the most common psoriatic arthritis and rheumatoid arthritis.
The article will be focused on these. If you have some other sort of arthritis, you want some guidance here, just reach out to me and I can do some specific research. But most of you fit into one of these three.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Here’s An Overview Of Today’s Topics:
- Can You Qualify For Life Insurance With Arthritis?
- Types Of Insurance Available To People Who Have Arthritis
- Top 7 Reasons People Buy Term Insurance
- Case Study Examples
- Stories From The Field
- Term, Permanent, Guaranteed Issue
- How To Apply
- Next Steps
Can you qualify for life insurance with arthritis?
Can you qualify for life insurance? The short answer is most likely “yes”. The long answer is it just “depends” on your age and on your other health issues.
And really it’s just matters of taking a look at what you qualify for. Again, the thing here you have to understand is I can’t say for a hundred percent sure if you qualify for life insurance and have arthritis. I’m hopeful. I’m depending on how you approach this business. You want to find somebody who’s a broker like myself, I can shop it around for you. See which companies are available for you because I don’t represent just one company.
Let’s take a look at some options because the thing here with life insurance is that there is no one-size-fits-all solution.
I’ve trained agents for years and one of the biggest things that I advocate is representing multiple companies. People have all sorts of health issues. You know, arthritis is just one.
Maybe you have other health issues, I hope you don’t, but a lot of people have other health issues and those other health issues may be good with one company but may not be so much with another company.
It’s important not to get started in your search for insurance and fixate on one company without knowing whether or not the insurance company is going to be the most liberal and most understanding towards your health issues.
The thing is is you’ve got to figure out what life insurance options suits you best, and it’s not just based on underwriting, it’s also based on what your goals are.
You have to ask yourself, what do you want a life insurance plan to do for you?
You wanted to cover something like final expenses may be you have arthritis and you’re older and you just want enough to bury you. That’s fine. All you’ll need is a smaller plan, but you also need a permanent plan.
We’ll get into that in a little bit later and I’ll discuss the differences. Perhaps you have arthritis, you’re older, and you have a spouse and you’ve thought about what happens when your spouse dies and how that affects your livelihood.
Maybe you need extra money to support the lifestyle that you want to live. So what we call an income replacement plan would be a great idea. Perhaps you have debt repayment that you need to take care of. Maybe you have a mortgage, maybe have a loan, and you want those to be as fully paid off as you can if your spouse or yourself passes away. So some type of plan will be good in those circumstances too.
So what budget do you have in mind? This is important too. Again, a lot of people that I do business with are on a fixed income. They get a pension, maybe a retirement plan, but they understand what it means to be fixed, right? When you only get one check a month or two and you don’t work and you’ve got to make sure every dollar you spend is economically used.
We provide our clients with the best value coverage for their money by shoping among a number of competitive providers. To find out what you might qualify for, get in touch by sending us a message or calling (888) 626-0439.
A budget is very important to me. Although I am a salesperson and I do want to sell policy to everybody I see, certainly. But I don’t want to break the bank either in respect somebody’s budget is very important to me because it’s more important than anything for you to buy insurance and keep it, not just hold on to and drop it in six months wasted money.
Types of life insurance available to people who have arthritis
There are several types of life insurance options available if you have arthritis and you’re looking for some kind of life insurance. In short, we have term, whole life and guaranteed issue. We’re going to talk in length about all three of these. Let’s go and get started with that.
Term Life Insurance
Term life insurance for people with arthritis, if you’ve never heard of term insurance or are unclear as to what the meaning is, term insurance can be best understood as temporary coverage for temporary needs. So term insurance is something that won’t last the entirety of your life. Potentially you could outlive it. In fact, most term insurance is designed to be outlived. Insurance companies will offer insurance with the hope that you outlive it, so they don’t have to pay a death claim. Of course they will if you die before the term insurance is outlived, but you get the idea.
The benefits of term life insurance is you can get level premiums and usually get the most coverage per dollar and premium. This is important because it’s important for you to understand term life insurance is what we call pure insurance. So there’s no cash value component to most term life insurance and you usually get five to 10 times as much term life insurance compared to what you could get with permanent or whole life insurance. Then of course the downside is, that you may outlive it.
In what circumstances will term life insurance makes sense? Well, for example, if you have a mortgage, mortgages, hopefully a temporary obligation. So a temporary insurance policy would make sense for that because hopefully you’re gonna outlive it and pay the mortgage off.
Also, if you’re younger and you’re just looking for an income replacement plan and you know, what if you die before you save enough money for retirement term insurance is a good idea as well. Or if you just feel like you need about 10 more years to, if you’re older and you’re 60 years, even seventies, and you’d like to just some temporary coverage in case something pops up and you want to have a small little plan to cover it or even a large one, then that’s something that is potentially available as well.
There is tougher underwriting with a term life insurance plan and what we call simplified issue whole life. It’s going to depend on the severity of the arthritis and how that would affect you. My experience has been if you have a manageable arthritis, you may experience a rate up and premiums with term life insurance or any fully underwritten product that goes into detail about your health history. If you have minor arthritis, maybe not so much.
Again, it just depends. Most of the problems and difficulty we see in approval processes for rapidly progressive rheumatoid arthritis will result in a higher chance for decline at a client that has a rapidly progressing rheumatoid arthritis.
She was using a wheelchair at one point, she receives a lots of injections for rheumatoid arthritis and she unfortunately was declined and that was the worst case scenario, but hers is extremely severe.
She has a family history of severe rheumatoid arthritis of which her mother died as well. So these are some circumstances we’re looking at. And the thing is we’ll get to a moment, she’s actually still eligible for coverage with other companies. And you may be too if this was your situation.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Top 7 reasons people buy Term Insurance
1.Term insurance is affordable
Among all of the types of life insurance, term insurance is the most affordable as far as monthly rates. It allows people on a budget to get quality coverage that doesn’t break the bank.
One of the biggest motivators for people to get life insurance is to ensure if something happens to them that their income will be replaced.This allows surviving family members to be able to continue to pay bills and maintain the level of lifestyle they are used to without going into debt.
If you die earlier than expected you cannot make contributions to your 401K plan or pension plan. While your surviving family may be able to get by financially in the short term, the loss of your retirement plan can affect them in the long term.
4.Out of love
Love is a big motivator when it comes to buying life insurance.If you do not want to financially burden your loved ones in the aftermath of your death, life insurance can provide with funds to ease financial obligations and the cost of your funeral and burial or cremation so that they don’t have to go into debt or suffer the consequences of not having any savings in place to take care of bills and other expenses.
Term insurance is a very customizable plan in that you can choose the length for which the program lasts. For example I own a 30 year term life insurance plan because I wanted to have coverage up until my retirement so that my wife and kids would be taken care of should I pass away unexpectedly.
6.Pure insurance need
One of the greatest things about term life insurance is that it only serves one purpose – to pay a death benefit upon your passing within the term time. There are no added extras to the plan which would drive up the costs, which means you know what your cost will be each month for the duration of the policy.
7.Exams are optional
Life insurance has become very competitive an these days and companies have come up with different ways to entice you to buy from them. One of the ways is to provide life insurance coverage without requiring an exam.
It wasn’t too long ago that every term life insurance policy required an exam, but nowadays it is simply optional. This is great because if you have a fear of needles or don’t want to go through the hassle of a multi-month process to get approved, a non-medical process eliminates much of the frustration as well as the time required on getting your policy approved without sacrificing to a great extent on price.
Case study examples
Rate Increase and High Blood Pressure Concern
An older client recently reached out to me because they had dutifully paid on their life insurance coverage for many years and then out of the blue they had received a rate increase notification in the mail.
The notification informed them that within a certain period of time their life insurance coverage would go up in price to a point that they could no longer afford to make payment. Looking for alternative coverage, they gave us a call to see what we could offer.
This client was in generally good health but did suffer from arthritis and high blood pressure. We looked at a number of options among our providers to find a similar policy at a lower price. This client was very pleased with the end result and was able to cancel their old policy for more affordable coverage.
Every application is unique, which means we can’t guarantee coverage. But we certainly do our best to source out viable options for every client that gets in touch with us.
Bank Loan Coverage
A middle aged couple recently contacted us looking for a 10 year term insurance policy to cover a bank loan. They owned their own business and had made the decision to expand, but the bank required they take out a policy to cover the time period of their loan.
The husband suffered from diabetes and was taking up to 100 units of insulin a day to maintain healthy blood sugar levels. He was concerned this would affect their ability to get affordable coverage, but thankfully they decided to work with a broker like us.
We were able to shop among a number of providers to find first day coverage for this client at an affordable rate. Though we can’t guarantee the same positive outcome for every individual, we strive to find insurance solutions for all our clients.
Whole Life Insurance
Now let’s take a look at whole life insurance for people with arthritis. Whole life insurance, if you’ve ever heard of whole life is it’s basically permanent coverage for permanent needs. Benefits of whole life include the rates never go up. The exception of this is universal life. If you don’t get a guaranteed universal life plan.
Universal life plans have flexible premiums which may go up and many times they do, whereas guaranteed universal life guarantees those premiums. You first get a full coverage potential with a whole life insurance plan.
There are (we’ll get to it in a moment), guaranteed issue plans that make you wait two years and whole life insurance plans never cancel due to age or health. The biggest drawbacks of whole life insurance or permanent coverage is that the premiums are higher relative to term, so you’re not gonna get nearly as much coverage per dollar of premium investment, if you will, relative to term insurance. If you buy permanent coverage.
Why get it? Well the biggest reason people buy whole life insurance is for permanent coverage concerns.
For example, if you know you need money to bury you, why would you buy a term insurance plan if you may outlive it, right? Whole life plan or a permanent plan provides guaranteed coverage.
You know it’s going to pay out as long as you pay in. So whole life has a place for those things that you know you need something for. You know you need coverage, you know that it’s required.
Term Insurance would be well, if you happen not to make it long enough to take care of the obligation. Hopefully that makes sense to you. Also, whole life insurance for the fully underwritten products that are guaranteed universal life products will have similar underwriting standards compared to term and for some reason, let’s say you’ve got severe arthritis, maybe you’re wheelchair-bound, maybe you require use of a walker or you have rheumatoid arthritis in severe cases.
Again, this is severe cases. You probably are going to have a little more flexibility with the simplified issue whole life product. When we say simplified issue, that just means a better underwriting standards in the sense that it’s easier to qualify relatively speaking to fully underwritten products and so people can sometimes fit better on those products than the traditional fully underwritten whole life term products.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Guaranteed Issue Whole Life Insurance
This is just a last ditch effort if nothing else works. Guaranteed issue works in a sense that there is no health questions asked. You also get the advantage of premiums never going up. Nor do they cancel because of age or health, and you get the coverage itself.
The biggest downside, there’s just no natural death coverage for two years, although you do get accidental death from the first day in coverage. Maximums are lower at 25,000, but you can purchase more coverage by stacking multiple policies to get more. But here’s the thing, this is the trump card option.
And what I mean by that is if everything else fails, this is our last ditch effort. I don’t want to impose upon you thinking that this is the only option you have and it’s not. It probably is a last-ditch option.
Again, I can’t tell you for sure, and I’m just being fully honest until I actually have a conversation with you and talk to you about what your options are for coverage. All I can say is that this is something that we look at if all else fails.
At this point, maybe you’re interested in qualifying for life insurance, you’d have a better understanding what your options are and you want to just kind of see what’s out there because ultimately what’s out there just depends upon your unique health issues and figuring out what you may qualify for.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
Stories from the field
The following story demonstrates how individuals can often overpay on their life insurance plans, sometimes without even knowing it.
Early in my life insurance career I was driving to see a client in a little town outside of Chattanooga called North Ridge. As I came to the address I had received a request for more information from, I couldn’t help but chuckle.
There was a bright pink mailbox in front of the house and a matchign bright pink Cadillac in the drive. I knew I was in for a memorable visit as I parked and walked past a hard to miss sign in the yard featuring what could only be described as a person dressed in a jester outfit.
Before I made it to the gate, an older lady came out and greated me. Her name was Miss Anita. I would later learn her middle name was Lollipop.
Miss Anita invited me into her home and we sat down to talk in the oppressive heat of a Tennessee summer afternoon.
I had no idea when she began her story how memorable it was going to be. Turns out, Miss Anita was one of the few people to make it out of New Orleans during Hurricane Katrina. She survived by swimming through the French Quarter, hanging on to a floating casket.
When she made it to the FEAMA safe point on the highway, she was told she would be escorted out of the danger zone by plane. It turned out her pilot was none other than Al Gore who had heard her amazing survival story and wanted to help her out any way he could.
Once she made it to safety, Miss Anita had a lot to be thankful for, but it also made her realize how quickly your life can end. It had got her to thinking about her life insurance policy, which she had dutifully been paying for a number of years.
She asked me what I thought about the rate, because she felt she was paying an aweful lot for the amount of coverage she was getting. Turns out she was paying $250 a month for $8,000 in burial coverage. There were very few reasons why she needed to pay this much.
She was in good health, with no chronic issues. I assured her we could do better. After looking at a number of options I was able to offer Miss Anita equivalent coverage that saved her $1,800 a year.
This experience was a reminder that many people get taken advantage of by companies that claim to offer great insurance, but overcharge their clients. There are justifiable reasons for rate increases, but no one should have to overpay for no legitamate reason.
When you overpay on life insurance it cuts into your finances for living expenses and other related costs. We can save you from this unecessary experience by shoping among a number of providers to find coverage that is fair and affordable in price.
While I can’t guarantee everyone first day full coverage I can say with certainty that dealing with a broker like us at Buy Life Insurance for Burial puts you in a position to potentially get better coverage than what you find through TV insurance or mail order insurance programs.
How to apply
Applying is real simple. Find an agent you’d like to work with and I’ll always nominate myself. What can I say, I’m biased.
And second of all, once you figure out who you want to work with, whether it’s myself or someone else, let them draw a quote up for you. With me it takes five or 10 minutes.
I can give you an idea of what your options may potentially be based on the severity of your health issues. And then what we’ll do is we’ll apply over the phone if you like what you see or over the Internet. I’d email the application to you.
The visit is very rare in requirements nowadays. And then after a couple of days or weeks, we hopefully will get your coverage approved if it is approved. And then you’ll see for policy a couple of weeks later.
And really that’s it. It’s very simple process, very streamlined, very easy to do.
If you like the idea of qualifying for life insurance, two ways to do it. You can call me at 888-626-0439. Leave me a voicemail if I don’t pick up, I’m fielding phone calls all day. Or you can go to my website buylifeinsuranceforburial.com, send me a message, click a contact box at the top or at the bottom of the page. And that’s it.
If you liked this article, please leave a comment. Also, feel free to subscribe to my YouTube channel if you found this information useful. Thank you very much for reading this article. Take care.
Thanks for reading. If you would like to speak to an expert in the field to get a no obligation quote, call us at (888) 626-0439. You can also submit a message to the left-hand side of the screen and we will reach out to you within the next 24 business hours.
We hope to speak with you more about how Buy Life Insurance for Burial can provide you with affordable life insurance coverage.