In fact, it’s prevalent and impacts more than 10 million people each year. Being the most common form of bone disease inevitably means a lot of individuals may have the same hesitations you are having about applying for life insurance with osteoporosis.
The good news? The good news is that obtaining life insurance with osteoporosis is still possible. In fact, depending on the circumstances, you can still qualify for standard rates on your life insurance with osteoporosis. Of course, other factors will be considered during the application process.
Compared to other health conditions individuals face, osteoporosis is one that is more manageable and a disease that life insurance companies aren’t quite as particular about.
That’s what this article is all about. I want to take the time to break down what you can expect when applying for life insurance with osteoporosis and give you an idea on how you can better prepare yourself.
With some minor preparation and you knowing the facts ahead of time, you can make applying for life insurance with osteoporosis a walk in the park, and we are here to help you do just that.
Here are the details you need to know.
More About Osteoporosis and Why Life Insurance Companies Have Some Concerns
As I stated previously, osteoporosis is the most common bone disease impacting individuals over the age of 50. Over time, osteoporosis causes your bones to lose density which can result in significant fractures and injuries. Furthermore, medication is often required to help treat osteoporosis.
Anytime medication is involved with treatments and high-risk medical conditions; the life insurance companies will dive just a tad deeper than if you were in perfect health.
The good news is that the life insurance companies are very familiar with osteoporosis and have seen this with individuals thousands of times. This is a good thing. The more life insurance companies are exposed to specific health conditions, the more data they typically have.
This helps them effectively understand mortality (chance of death) and other factors that allow them to underwrite your life insurance application effectively.
This ultimately makes life insurance companies more comfortable to offer you coverage when struggling and battling against osteoporosis. This doesn’t mean that the life insurance company isn’t going to have questions for you throughout the process.
Up next, I want to cover what you can expect and what will help you achieve the best possible rates for your life insurance with osteoporosis.
The Life Insurance Application Process with Osteoporosis
The first thing to remember when purchasing life insurance is that you will be presented with several options. All options will still be on the table if you have osteoporosis assuming that you are otherwise in good health. The two main options you will have when initially applying for life insurance coverage will be either.
· No-Exam Life Insurance
· Traditional Fully Underwriter Life Insurance
With the no-exam life insurance option, you will be waiving the exam. This means you won’t have to have the nurse or medical professional stop by your home or work to draw blood or collect any urine. Outside of this, everything is the same.
They will still inquire about your health by asking a series of health questions.
Additionally, a no exam life insurance option will still require you to consent to electronic database checks where the life insurance company can see certain health information using what’s known as the “MIB” or Medical Information Bureau.
The life insurance company will also run an electronic RX report or “prescription report” to double check what prescriptions’ you are currently taking and what you have been taking in the past. Therefore, it’s always imperative to tell the truth and have all relevant information ready to go ahead of time.
Opting to Purchase Fully Underwritten Life Insurance with Osteoporosis
When you decide to purchase fully-underwritten life insurance, you will likely be saving yourself some money on your monthly premiums. No-exam life insurance can carry a higher price tag per month due to the life insurance company waiving their ability to inspect your health and well-being visually.
However, traditional life insurance also involved you having a medical professional stop by your home or office to complete the pesky blood draw and ask you a series of health questions.
Many individuals prefer to skip this step and are perfectly okay with the increased premiums.
With osteoporosis, you will have the option to purchase either form of life insurance, but if you know you are going to be on a tight budget, I’d recommend working with an independent agent only and opting to take the medical exam.
It’s free, they come to you, and it only takes about 30 minutes. It comes down to preference and convenience — nothing more and nothing less. Let’s move onto some of the questions, and essential details the life insurance company will be asking you during the process with osteoporosis.
What Life Insurance Companies Want to See for The Best Rates
If you currently have osteoporosis, the life insurance company will be specific with the information that they are seeking from you.
First and foremost, the life insurance company wants to know that you have the condition under control, you take the prescribed medications, and you are diligent with your follow-ups and seeing your physician regularly.
Additionally, life insurance companies do not like to see osteoporosis in conjunction with other health hazards such as heavy alcohol consumption or using tobacco products.
This doesn’t by any means indicate that you will be declined for your coverage, but it does mean that you may run into a higher price tag for your coverage. The life insurance company will also want to know about some other crucial indicators that can give them a better scope of your overall health.
You can 100% expect the life insurance company to inquire about your height and weight to give them an idea if you have weight-related problems in addition to your osteoporosis. Additionally, life insurance companies are always concerned with blood pressure, cholesterol and family history.
More specifically, the life insurance company wants to ensure you don’t have a family history of cancer, heart conditions or stroke that resulted in a family member passing away before the age of 60 years old.
This alone being on your health background can impose more expensive monthly rates for your life insurance policy but not always.
Don’t Overlook the Power of Using an Independent Life Insurance Agent with Osteoporosis
A pro tip is to always use an independent life insurance agent with access and knowledge to a massive basket of carriers such as 50 or more.
This ensures that your agents know which company will see your osteoporosis more favorably and your agent can also search for a company that’s more lenient with other factors such as family history, tobacco use or even height and weight.
You see, no two life insurance companies are the same. Life insurance companies tend to have niches when it comes to unique health conditions they offer coverage too. This is a competitive advantage they can deploy to gain more loyal policyholders.
Using a captive life insurance agent that works with a company such as State Farm, Farmers or USAA is going to pin you back into a corner with the only option, tight underwriting guidelines, and more expensive rates.
Not to mention the fact that you will only be presented the one option and if you are declined, you have no further options or avenues you can take to gain coverage and protect your family the way they deserve to be protected.
Other Considerations When Applying for Life Insurance with Osteoporosis
Although applying for life insurance with osteoporosis is one of the more straightforward high-risk conditions to walk through the process with, doesn’t mean it doesn’t come without considerations.
Most importantly, you need to be sure you always have all your relevant information prepared to relay to your agent. You see, life insurance companies love when they have all the relevant information up front, and everything matches your physician records, prescription report, and general timeline.
After getting these ducks in a row, enter the process understanding that an independent life insurance agent is the way to go. You may want to shop several life insurance companies to achieve the best possible rates on your life insurance ultimately.
Additionally, be patient. Life insurance isn’t approved immediately in some circumstances especially if you have a health condition or two to discuss with your agent or to compile information to turn over to the life insurance company and life insurance agent.
Lastly, always be willing to consider secondary options when purchasing life insurance with osteoporosis.
What If You Have Recently Been Declined Coverage with Osteoporosis
Let’s assume things didn’t go your way the first time around when applying for life insurance with osteoporosis. If this is the case, do not give up or settle for having no protection for your family. We always have secondary options we consider.
First, on the list, we can consider guaranteed issue life insurance. This is a form of life insurance that asks no medical questions in exchange for the coverage provided. In exchange for the easy approval process, your life insurance will have a 24-month waiting period stamped onto the conditions and fine print.
This isn’t something to get upset over. All this means is that for 24 months you will only be afforded all your premiums paid back. Additionally, a nice bonus with guaranteed issue life insurance is the fact that this money is returned to your beneficiary if you passed during the 24-month waiting period.
Another significant perk is that reputable companies such as AIG or Gerber that offer this no-questions-asked life insurance is the fact that they offer 10% interest earned on your premiums in addition to living benefits (access to cash value while living) and your still 100% covered in the event of accidental death.
Don’t Give Up Hope Through the Process. Something Can Always Be Done.
Always secure some form of life insurance coverage for your family and don’t just give up hope. The absolute worst-case scenario would be selecting one of the guaranteed issue policies, and reapplying for traditional coverage in the future.
If we can get you approved after meeting the life insurance companies’ expectations, we can simply replace the old policy and swap the premiums.
Simply put, you are never double paying and always taking a responsible easy path and having the peace of mind that you have done everything possible to protect your family in case you prematurely pass away.
This can be devastating for families when you are not prepared. Be prepared and protect your loved ones.
What Should You Do Next to Secure Life Insurance
We are 100% confident in our abilities to secure your life insurance coverage with osteoporosis, and we hope that this far into this article that you are beginning to feel confident as well. The best way to get started is to simply fill out the quote form on the right (on desktop) or use the orange drop down tab on mobile and tablet.
This is going to allow you to compare rates with over 50 of the top-rated life insurance companies that we all know and trust such as Prudential Life Insurance, Protective Life and many more. Just be sure to select your rates or “health classification” as standard.
As we explained, standard (3rd best rating) is where you are likely to fall.
Following this step, simply click on the carrier that you want further information on and follow the prompts, that’s all there is to it.
Final Word, Osteoporosis Is Extremely Common, and Life Insurance is 100% Possible
To beat a dead horse, let us say it one more time. Life insurance with osteoporosis is 100% possible, and you can potentially achieve the 3rd best rating offered by life insurance companies If your condition is under control and your health is otherwise decent, you may be hesitating to purchase life insurance for no good reason at all.
Give us the chance to help you. We specialize in these situations at Good Life Protection, and we see these health conditions daily. We will work in your corner until we find the cheapest most popular option for you and your families protection. All you must do is get started.
So, what are you waiting for? May the best price win.
FILED UNDER – HIGH RISK MEDICAL CONDITIONS
Resources – WomensHealth.gov
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.