Options For Life Insurance With Gout
By Jim Tobin, CFP®
Last Updated on
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Expert Review Of Life Insurance With Gout
Anybody who suffers from gout know all about the inconveniences and outright misery that can be caused by gout, but you nay not know how to get a good approval for life insurance with gout. If that's the case, keep reading.
Can I Be Approved For Life Insurance With Gout?
Yes, you absolutely can get approved with gout. However, the health rating and the corresponding rates charged by life insurance carriers, will depend on the severity of your gout and your overall health.
With a history that includes gout, life insurance carriers will want to know as much as they can about the risk they are being asked to insure. This is no different than how the carriers deal with any other condition like high blood pressure and hyperthryroid or lifestyle choices like marijuana use or scuba diving.
Gout won't stop you from obtaining life insurance offers, but it will cause underwriters to scrutinize you more carefully. The reason, simply put, is that those who suffer from gout have had a less favorable mortality risk.
What information will life insurance underwriting want to know?
In addition to the standard exam results, underwriters from top carriers like Prudential and Protective will need to know the symptoms that you have experienced , any treatments prescribed including prescription medication, and any follow up. Additionally, underwriting will need to know if you had any hospitalizations or missed work due to the condition.
Will I Need To Take An Exam For Life Insurance With Gout?
Carriers generally reserve its' No Exam underwriting for very healthy applicants. As a result, you may need to take an exam to get the best term rates. However, if your gout is very mild, you may qualify for competitive rates without having to take a medical exam.
If taking an exam is a 'deal breaker", there are several other carriers who will underwrite your policy without taking a medical exam.
How Much Will My Life Insurance Cost And How Exactly Is The Rate Affected By My Gout?
The rates you pay for life insurance, is dependent on the underwriting class you are graded by the carrier. Gout generally will have a significant effect on the underwriting class if the condition is not very mild.
Applications that show heavy prescription use and/or a history of interrupted employment may be rated as sub-standard. The severity of the rating will depend on the severity of medical history.
Possible Underwriting Results
Best Case -If Gout symptoms are under excellent control and no complications some cases have a chance for a standard or even standard plus rating. Simply use the quoter for a standard/standard plus quote.
Mid Case -If your gout seems to be mild with only the use of NSAID drugs and good compliance but less than 3 years since diagnosis or cases where heavier drugs are occasionally required you may be looking at a mid substandard rate. You calculate this rate by multiplying the standard rate by 1.5 (Table 2/B) or 2 (Table 4/D).
To learn about how table ratings work click here.
Severe Case - It is rare to see cases declined for gout alone. However, if gout is uncontrolled and there are additional factors like smoking and obesity the best you will likely do is a severe substandard rate. You calculate this rate by multiplying the standard rate by 2.5 (table6/F) or 3 (table 8/H).
* while expensive this is still a very good outcome for the circumstances
Decline - For a severe case you may be declined for traditional coverage. If this is the case you may be eligible for a smaller face amount policy. These policies are referred to as Guaranteed issue or simplified issue. If you have been declined please contact us.
How Accurate Are The Life Insurance Quotes From This Site?
The quotes you receive from the quote tool on this site are totally accurate for the information entered. That is to say, if you get the health class correct- your rate will be correct. The problem with online tools, like the one on this site, is that getting the health class correct can depend on the underwriting guidelines of the specific carrier.
If you are unsure about health class, you should choose a range and hope to be pleasantly surprised. Alternatively, you can fill out the customized quote form and we will follow up right away.
How Can I Improve My Underwriting Score And Lower My Gout Life Insurance Rates?
The best way to immediately improve your health rating is to use an agent that has access to the companies that will view your gout condition in the most positive light. Being able to document compliance with medical advise and any medications is helpful.
As far as lifestyle goes, any positive changes to your diet and physical activity should be reflected positively in your blood markers. Modifying your dietary choices is an important part of managing and preventing gout attacks
What Is The Best Life Insurance Company For Gout?
All all other top carriers, have differing appetites for specific risks. These appetites are reflected in underwriting and ultimately pricing.
That said, three of the better known term carriers for dealing with gout are Banner Prudential, and American General (AIG).
However, risk appetite can, and does, change and the only way to guarantee the best possible deal is to work with an experienced independent agent. see the case study here to get a clear understanding.
What is the life insurance process for Applicants with Gout?
The life insurance application process, like other carriers, is an eight step process that includes choosing your terms, picking a carrier, submitting to the exam, and signing documents (digital signatures accepted). The entire process is laid out here.
Case Study: Life Insurance with gout
Please see the case study below . it will show why it is in your interest to have as many options as possible available when shopping for life insurance with Gout.
Gender: Male Age: 45
$500000 20 Year Term
Controlled gout Diagnosed Age 39
Uses 2 RX No Other Health Concerns
This looks like a best case scenario that could be either standard or table 2/B or 4/D depending on the insurers appetite for a gout risk. Let's take a look at the rates.
In the case above Prudential (the second most expensive standard smoker rate) is likely to be the best deal because the more competitively priced carriers will likely rate the risk table 2-4 while Pru might well go standard.
This is something you can't know by simply looking at the lowest price. In this case using an independent agent could save you 22% (the difference between Prudential @ standard and Banner @ Table2).
That's a material difference when you consider that over the life of the policy it adds up to over $3,400.
Now that you know the information you will need to receive the most accurate quote possible, it's time to gather the information and speak to an independent agent (raising my hand).
Simply give us a call or shoot an email over and we can get you started.
Bonus: The most common mistakes people make buying life insurance and how to avoid them
Fast Facts About Gout
Although now comfortably middle class, Gout has historically been referred to as the "disease of Kings". This saying has it's roots in the wealthy being able to afford rich foods including meat products.
Gout is classified as a complex form of inflammatory arthritis and chronic casis are referred to rheumatologists.
The Centers for Disease Control (CDC) estimates there are more than eight million people suffering from gout in the united states. Three quarters (75%) of all gout patients are men.
The most common place for gout to affect is the big toe.
There have been some pretty famous people who have suffered from gout. The list of sufferers includes: Founding father, Ben Franklin, composer Ludwig Van Beethoven , and more recently photographer Ansel Adams, Vice President Dick Cheney and, actor Jared Leto.