For many people, qualifying for the life insurance coverage that they need can be relatively easy.
This is true especially if they are in good health at the time of the policy application.
But, if you have certain adverse health issues such as osteoporosis, then it could be more of a challenge – unless of course, you know how and where to shop.
This is how we can help you to save a tremendous amount of time in finding the insurance carrier and coverage that could be just right for you.
How Having Osteoporosis Can Have an Effect on Your Life Insurance Application
The good news is that many people who have osteoporosis can qualify for life insurance coverage – even the type that requires you to undergo a medical examination in order to become approved.
However, for this to happen, you will typically first need to find a life insurance carrier that is more apt to work with individuals who are considered to be “higher risk” cases.
This task could take some time unless you are working with a specialist who is already familiar with this information.
Osteoporosis is a condition that can cause bones to break more easily.
This is because they become more brittle and weak, and because of that, even a slight fall or coughing could cause them to break or fracture.
In many instances, these bone breaks will occur in a person’s hips, spine, and/or wrists.
The main reason for this occurrence is because the creation of new bone does not keep up with the removal of old bone.
For some people who are affected with osteoporosis, certain types of medications, along with a healthy diet and exercise, can help to prevent the loss of bone and/or can help with strengthening those bones that are already weak.
In the earlier stages of osteoporosis, there are oftentimes no real symptoms of bone loss.
However, once an individual’s bones have been weakened by this condition, he or she could have various symptoms that include the following:
- Stooped posture
- Back pain (which is caused primarily by either a collapsed or a fractured vertebra)
- Loss of height over time
- Fractured bones that occur easily
There are various risk factors that may determine how likely a person is for contracting osteoporosis.
These can include:
- Gender: Gender is a key factor, as females are much more likely to contract osteoporosis than males;
- Age: Age is another factor – the older a person is, the more prone they are to getting this condition;
- Race: Race can also be a factor, as those who are white and Asian may be at greater risk than others;
- Body Frame / Size: Those who are smaller regarding body frame and size could also be at greater risk, as they can often have a lesser amount of bone mass to draw from for regenerating re-growth;
- Hormones: This condition can also be more common in those who have either too little or too much of certain hormones in their bodies;
- Genetics: As with many other health conditions, genetics/family history can also put a person a greater risk – especially if an immediate relative such as a father or mother had this condition.
Because life insurance policy approval is based in large part on an applicant’s health condition and health history, the insurance company will want to know more about you if you are applying for life insurance with osteoporosis.
What the Life Insurance Underwriters Will Want to Know About You
Typically, when anyone applies for life insurance coverage, it will be required that you submit an application for coverage.
This will provide the insurance company with your basic information such as your:
- Marital Status
- Health History (maybe you need diabetics life insurance)
- Family Health History
Below are additional questions you’ll be asked about your condition.
- When were you initially diagnosed with osteoporosis?
- Within the past 6 to 12 months, have you had any falls and/or bone breaks or fractures?
- Do you currently take any medications and/or supplements for the management or control of your osteoporosis?
- Do you help you manage or control your condition in other ways such as diet and/or exercise?
- Do you have any lifestyle practices (i.e., stress, drinking alcohol, smoking) that could speed up your bone degeneration?
- Do you have any additional medical conditions?
In addition, you will also typically be asked to take a medical exam.
During this exam, you will likely be asked some additional health-related questions by the paramedical professional who conducts the examination. You will also be asked to submit a blood and a urine sample.
In some cases, the life insurance company may also want to see additional health information. You’ll need to give them permission if they ask for medical records.
How Much Will Your Life Insurance Policy Cost with Osteoporosis?
The premium that is charged for life insurance is a component of a variety of different factors.
These will typically include the amount and the type of life insurance that is being purchased.
For example, the larger the amount of death benefit, the higher the premium will be.
Other criteria that are considered by the insurance underwriters include the applicant’s age, gender, and health, as well as his or her health history and family health history.
Being a smoker or a non-smoker will also be highly considered.
One of the key criteria, however, is whether or not an individual has an adverse health issue.
For example, getting life insurance for people with osteoporosis can be a bit more challenging, as this is typically a degenerative issue.
However, just as with other items that you purchase in the marketplace, not all insurance companies will price their policies in an identical manner – nor will they view someone with osteoporosis exactly the same.
It’s important to shop and compare more than just one life insurance policy before making a purchase.
What If You Don’t Qualify for a Medically Underwritten Life Insurance Policy?
If due to health or other reasons, you are not able to qualify for a medically underwritten life insurance policy, there are other possible options for you.
One could include going with a no medical exam life insurance policy.
As the name implies, there is no medical examination required to qualify for these types of life insurance policies.
Because of that, those who have various health issues may have an easier time qualifying for coverage.
Do note, that your premium will be higher because a majority of the risk is transferred to the life insurance carrier.
Types of Life Insurance Available to Those with Osteoporosis
There are many types of life insurance protection that may be available to people with osteoporosis.
These can include either term or permanent coverage.
Term Life Insurance with Osteoporosis
With term life insurance, you can have pure death benefit protection only, without any cash value or savings build-up in the policy.
Because of this, term life insurance tends to be quite affordable – primarily for those who are younger and in good health at the time they apply for the coverage.
Typically, term life insurance is purchased for a certain length of time, such as for ten years, 15 years, 20 years, 25 years, or even for 30 years.
You can also purchase a 1-year renewable term life insurance policy option.
Permanent Life Insurance with Osteoporosis
With permanent life insurance, you can get both death benefit coverage, as well as cash value.
The cash inside of the policy can build-up tax-deferred. This means that there is no tax due over time, until or unless the funds are withdrawn.
This can allow the money to build and compound exponentially over time.
Permanent life insurance is meant to remain with an individual throughout their lifetime – provided that the premium is paid.
Typically, the premium on most of these plans will be locked in.
How to Get the Best Life Insurance Quotes with Osteoporosis
When you’ve decided to start your search, our main suggestion is to work with an agency that will show you rates from more than one company.
Life insurance is too important to just stop at the first quote and then sign up.
At InsureNow, our knowledgeable agents are contracted with over twenty of the top life insurance carriers in the marketplace.
We promise to listen to your concerns and needs so that you are applying for the plan that fits in your budget but also provides the best coverage.
Start today by filling out our form on the left, or give us a call at 888-229-7522 to hear what we can offer.
We look forward to helping you and your family secure your future.