Psoriatic arthritis – how would it affect a life insurance application?
Mr and Mrs P, 44 and 40 years old respectively and both non-smokers, contacted us because they wanted to arrange cover which would provide financial support for each other should either of them pass away. The funds would be used to help them raise their two children aged 4 and 2.
Our clients wanted to ensure that cover was in place until their children were financially independent, and felt that a sum assured of £250,000 over 25 years would be more than sufficient.
However, Mr P told us that he had experienced problems in arranging life insurance on his own because he suffers from Psoriatic Arthritis and takes regular medication for the condition.
What is Psoriatic arthritis?
Psoriatic arthritis is a type of arthritis that develops in some people who also have the skin condition psoriasis. It typically causes affected joints to become inflamed (swollen), stiff and painful.
Like psoriasis, psoriatic arthritis is a long-term condition which can get progressively worse and in severe cases, there is a risk of the joints becoming permanently damaged or deformed, and may require surgical treatment.
About 1 in 20 people with the skin condition psoriasis, will go on to develop psoriatic arthritis. In most cases, psoriasis comes before arthritis. The cause of psoriatic arthritis is not known, but genes may play a role. In general, people who have psoriasis have a higher rate of arthritis than the general population. Symptoms can include swelling of the joints, Skin patches (psoriasis) and pitting in the nails, and tenderness.
Doctors may prescribe non-steroidal anti-inflammatory drugs (NSAIDs) to reduce the pain and inflammation of the joints. More severe arthritis needs to be treated with more powerful drugs called disease-modifying antirheumatic drugs (DMARDs). Drugs such as Leflunomide, Methotrexate or Sulfasalazine. (NHS Choices Dec 2019)
Where symptoms are severe, more powerful medication is required. This, unfortunately, means that is it more likely for an Insurance company to increase the basic premium they charge.
Our process and advice
At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.
Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.
Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk)
Might they decline the application? We want to avoid wasting time by making applications which may be declined.
Each Insurance Provider has their own underwriting guide and we contacted them all to find the best solution. Many of the providers we spoke to wanted to place a 50% ‘loading’ on top of the cost of the standard monthly premium. However, we were able to find one company which was willing to offer him insurance on standard rates.
Mr P was pleased that we were able to arrange an indexed linked life or earlier terminal illness policy with an initial sum assured of £250,000, over a term of 25 years for a monthly premium of £27.39.
All our case studies are based on actual client scenarios, many of which pre-date 2020. We are confident that the acceptance decision made by the insurers would still be offered. Although it is likely that the rates will have changed, your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.
Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
Client Ref: 86023704
Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.
Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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Interested in related stories?
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Do you suffer from a medical condition and concerned you can’t secure Life Insurance? Please view our ‘Medical Guides’ for further information.
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