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Psoriasis Quadrupled My Life Insurance Rates
Question:

I have been on the process of updating and increasing my life insurance. The preferred rate I was quoted was $800/year. I am currently being treated with Humira for my Psoriasis and have been treated with Remicade in the past after gallons of tubes of you name it.
The carrier, Mass Mutual, indicated because of my "Systemic Psoriasis", I would be rated as a sub-standard risk group, I think it was Class C whatever that means.
I find it maddeningly interesting that my skin condition is translated into a life insurance risk.
Has anyone experienced this as well and is there any magic words that I can tell the carrier in order to lose that penalty rate?
Thanks,
Kevin in Houston

Answer:

I have some words for you to use, but they aren't magic and I doubt they'll help you with your rate.....I doubt they'll even get past the moderators here.
This is must be maddening for you. Hope someone can reply with some help.

Answer:

Kevin,
I think it's time that you get competitive quotes from alternate carriers. My life insurance did not go up nor was I deemed sub-standard and that's with being a psoriatic and at the time I was using enbrel.

Answer:

I have insurance through work and they are paying a bit more for me because I have PA and a lupus-like connective tissue disease.

Answer:

Kevin, I called the underwriting department of the Insurance Companies I represent today, and they told me that Psoriasis is not a ratable condition. And that they wouldn’t even look at that as a condition to decline or rate at a higher rating!

Answer:

I'm just curious, and perhaps Golddoor can answer this: Could the insurance company have higher rates because someone is on biologics. Afterall, there is a great chance of infection -- among other things.

Answer:

Rebecca,
I was going to ask that same question! I know various medications effect life insurance rates, but I have no idea where biologics fit into that scenario.

Answer:

First, I live in Taxachusetts, Insurance rates are sky high no matter what. It is not the disease that made you a risk, it is the DRUGS. When you look at the side effects of all our meds, it is a wonder you can even get insurance at any rate. I looked into it myself. I am a single mom with no life insurance at all. BTW-her dad is a, well, lets just say if anything happened to me, she would be in a world of hurt. I cannot afford the extras. I talked to a local NY life agent. He told me I would have to sign over my paycheck every week to him! I also smoke. Cigs, enbrel, cyclosporine, cancer, cancer, cancer. Lots of luck to all of us and our children....jen

Answer:

I was told that only Methotrexate can rate you higher and only slightly higher maybe 50 percent higher. They even said that more than likely they wouldn’t even rate you up for MTX unless you were taking excessive amounts? Biologics are standard rating unless it’s used for treating PA. This from the lead underwriter of one of the top Life Insurer’s!

Answer:

I don't understand how or why anyone would tell a life insurance company about having Psoriasis. Are they able to find out on their own without you telling them? I mean I wouldn't tell them about how many cavities I've had or how many bones I've broken over the years. I can understand them knowing about a more serious life threatening disease like heart conditions or cancer but Psoriasis.....come on.

Answer:

The problem with not disclosing conditions and medications is if the insured was to pass away and the insurance company found out they can deem the policy void and not pay the benefits. Don't forget, this is a legally binding contract and non-disclosure is considered fraud. You wouldn't want your beneficiary to loose the benefits because you are trying to save a buck.

Answer:

Yep, you can't not tell them. They would never pay off on the policy if you died. Believe me, they know. We are all in some huge database somewhere. Big Brother and all that. :)
But it's good info to have -- so thanks for answering the question. I take Remicade for PA and I now, know I will never be able to afford life insurance. I guess I'll just keep working. LOL

Answer:

Well that is to bad but in my opinion life insurance is a rip off anyway. People tend to think of it as some sort of saving grace when it is really only designed to be temp help. And nobody should get it unless they have a family with small kids and one spouse that doesn't work.

Answer:

Well that is to bad but in my opinion life insurance is a rip off anyway. People tend to think of it as some sort of saving grace when it is really only designed to be temp help. And nobody should get it unless they have a family with small kids and one spouse that doesn't work.
Resist, Life insurance is a rip off? Are you kidding? You either have allot of money, where you wouldnt need insurance, or dont care? I could tell you horror stories all day about families with no life insurance and the main bread winner pass away. And yea if your going to just use life insurance for a savings plan then yea there are better ways to invest your money such as Annuities and IRA's.
So would your spouse or children will be able to afford the bills(mortgage, utilitys, car payments, insurance) if you passed away? Do you not care about your family enough to give them piece of mind in case something happend to you? You obviously know nothing about life insurance or would not be saying this!

Answer:

Golddoor,
Another big reason for life insurance is funeral costs. A funeral can easily be $50,000 or even more now-a-days and it isn't getting any cheaper. If people are ill before they pass away they can leave behind thousands of dollars of medical bills that will need to be collected on.
I personally have a small whole life policy specifically for funeral costs and then a term life to take care of my family. Now it happens that my wife doesn't work so in my case life insurance in critical, but even if my wife did work I don't want her to have to worry about finances if I were to pass away.

Answer:

Golddoor,
Another big reason for life insurance is funeral costs. A funeral can easily be $50,000 or even more now-a-days and it isn't getting any cheaper. If people are ill before they pass away they can leave behind thousands of dollars of medical bills that will need to be collected on.
I personally have a small whole life policy specifically for funeral costs and then a term life to take care of my family. Now it happens that my wife doesn't work so in my case life insurance in critical, but even if my wife did work I don't want her to have to worry about finances if I were to pass away.
$50,000? Yikes. We live in metro NY/NJ area and my mom's (which I must say was a lovely service with one day of "wake" and beautiful casket with a vault)was about $18,000 including the plot/headstone. I can't imagine what $50,000 gets you.

Answer:

Michele,
Maybe it's just more expensive down here in Miami, but I have a very close friend who had to pay for his sisters funeral and even doing it on a tight budget he couldn't get it below $20,000. In either instance, even if a funeral was standard at $15,000 all inclusive it is still just one more thing to finance and worry about.

Answer:

Resist, Life insurance is a rip off? Are you kidding?
Obviously you didn't read what I said. If you have a family with small kids then yes get it but, a single adult should not and that is what makes it a waste of money. Even a couple without kids should not get it because there is no reason for both of them not to work. Two have to work anyways just to get buy now a days. If one spouse physically can't work then that is also and exception.
We are not talking about medical insurance, it's life insurance! It only pays off if someone dies. And then it is not designed to be a win fall. A person should never count on any type of insurance to carry them by anyway. There used to be a day when folks kept a nest egg for emergencies. Now it seems everyone spends, spends, spends.
I also believe adults should set money aside for their own funeral. But if some of you believe it's cheaper to pay premiums in the long run than it is to save money for such things, then I suggest you do the math.

Answer:

Obviously you didn't read what I said. If you have a family with small kids then yes get it but, a single adult should not and that is what makes it a waste of money. Even a couple without kids should not get it because there is no reason for both of them not to work. Two have to work anyways just to get buy now a days. If one spouse physically can't work then that is also and exception.
We are not talking about medical insurance, it's life insurance! It only pays off if someone dies. And then it is not designed to be a win fall. A person should never count on any type of insurance to carry them by anyway. There used to be a day when folks kept a nest egg for emergencies. Now it seems everyone spends, spends, spends.
I also believe adults should set money aside for their own funeral. But if some of you believe it's cheaper to pay premiums in the long run than it is to save money for such things, then I suggest you do the math.
We do not have kids, but life insurance is necessary because whichever one of us is left behind would need it to pay the mortgage and remain living here.

Answer:

I was told that only Methotrexate can rate you higher and only slightly higher maybe 50 percent higher. They even said that more than likely they wouldn’t even rate you up for MTX unless you were taking excessive amounts? Biologics are standard rating unless it’s used for treating PA. This from the lead underwriter of one of the top Life Insurer’s!
Well, I just tried to obtain a new term life policy. My dad owns a life insurance brokerage agency so that is where my info comes from. Since i'm on Enbrel, there was not a single company who would write me a preferred plus policy and only one that he could find that would write me as preferred. The end result is because of Enbrel, the policy is a little more then double what I would pay had Enbrel not been in the picture.
If you think you could get something written for me, I would be happy to do business with you.

Answer:

Well, I just tried to obtain a new term life policy. My dad owns a life insurance brokerage agency so that is where my info comes from. Since i'm on Enbrel, there was not a single company who would write me a preferred plus policy and only one that he could find that would write me as preferred. The end result is because of Enbrel, the policy is a little more then double what I would pay had Enbrel not been in the picture.
If you think you could get something written for me, I would be happy to do business with you.
Sounds like another reason NOT to use Biologics to me.
Margaret

Answer:

I was turned down for life insurance but my husband was not. He and I are the same age 45, he has chronic asthma is about 80 lb overweight. I am about 15 lb overweight have p and pa. I was taking diclofenac and mtx for the pa and effexor for stress at the time. I found it quite ironic because I believe he is much more of a risk than I am. I do have insurance through work however.

Answer:

With all that I know about risks, etc. and all that I am reading here, with that knowledge I would still have taken Enbrel as I did last year. It cleared the most horrible P and PA I have ever experienced. Life insurance???? What's life insurance without a life?
Annie

Answer:

Well, I just tried to obtain a new term life policy. My dad owns a life insurance brokerage agency so that is where my info comes from. Since i'm on Enbrel, there was not a single company who would write me a preferred plus policy and only one that he could find that would write me as preferred. The end result is because of Enbrel, the policy is a little more then double what I would pay had Enbrel not been in the picture.
If you think you could get something written for me, I would be happy to do business with you.
Steve,
The life insurace policy that I have was written when I was on enbrel (which I disclosed to the insurance company) and I was able to get perferred policy with no problem. If I can dig up my paperwork I'll see who my insurer is and let you know.




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