Life Insurance with Osteoporosis.
What you’re generally going to find is that for most individuals having been diagnosed with a pre-existing medical condition like Osteoporosis isn’t going to prevent them from being able to qualify for a traditional life insurance policy.
Nearly 55% of all American’s over the age of 50 are generally believed to be suffering from some bone loss which is why most life insurance companies will consider some bone loss AKA “mild osteoporosis” as a normal part of aging and not something that they should discriminate against during a traditional term or whole life insurance policy.
This is why…
In some cases, even when an individual is taking prescription medications to treat their osteoporosis, they may still be able to qualify for a Preferred rate, and may even be able to qualify for such a rate when applying for a No Medical Exam Life Insurance Policy.
That said however…
There are a few things that you should know about what a life insurance company will be looking at when determining whether or not your osteoporosis is something that they need to learn more about before they will be willing to approve your coverage and when determining what “rate” you should be able to qualify for.
So, let’s begin our discuss by taking a moment and describing exactly what Osteoporosis is.
What is Osteoporosis?
Osteoporosis is a condition that occurs gradually over a period of time whereby one’s own bones become “porous” or less dense. Because this disease occurs slowly over time and doesn’t present itself with any symptoms, individuals usually aren’t aware that they have this condition until they actually suffer form a broken bone.
How does Osteoporosis occur?
As we said, osteoporosis is a progressive disease that is generally considered a somewhat “normal” part of getting old however, there are a few risk factors that can either increase one’s risk of suffering from osteoporosis or exacerbate its affect.
Risk factors such as:
- Post menopause for women,
- Not enough calcium and/or vitamin D,
- Rheumatoid Arthritis,
- Being underweight,
- Lack of exercise.
Applying for Life Insurance with Osteoporosis.
What you’re most likely going to find is that for most folks, having been previously diagnosed with Osteoporosis prior to applying for a traditional term or whole life insurance policy isn’t going to be a big deal. Sure, you’ll probably be asked a few questions such as:
- How old were you when you were first diagnosed with Osteoporosis?
- Have you been diagnosed with any other pre-existing medical conditions?
- How are you treating your Osteoporosis?
- Have you suffered from any broken bones in the past 12 months?
- Have you been hospitalized for any reason in the past 2 years?
- Has you Osteoporosis affected your mobility or ability to perform your daily routines?
- Have you applied for or received any form of disability benefits within the past 12 months?
These questions are basically designed to get an idea about how “severe” your Osteoporosis has become.
What is usually the case is that soon after one has been “officially” diagnosed with Osteoporosis, a daily routine of taking their medications, utilizing supplements and staying active is all that is needed to put a halt to the progress of their disease. This is why many folks who have been diagnosed with Osteoporosis will still be able to qualify for a Preferred rate!
In fact, some studies even seem to suggest that it’s possible to reverse the effects of Osteoporosis.
That said however…
It’s important to understand that not all life insurance companies will underwrite a policy for someone with active osteoporosis with the same ease. Some may charge you through the roof, whereas others will be more lenient. This is why it’s really important to be as open an honest with your life insurance agent right from the start so that they can get an accurate idea of how “serious” your Osteoporosis is so that they will know which life insurance company is most likely to provide you with the “best” opportunity for succession.
We should point out that if you suffer from severe osteoporosis, that is hindering your mobility or causing you to suffer from frequent and multiple bone fractures, it’s quite possible that some (if not all) life insurance companies will be unwilling to approve one for coverage. Particularly for those older individuals who may have recently taken a fall and fractured a hip.
In cases like these…
Individuals may want to consider purchasing a guaranteed issue life insurance policy especially if they have already been denied by multiple traditional carriers.
Guaranteed Issue Life Insurance Policies.
Guaranteed issue life insurance policies are life insurance policies that will not require you to “medically” qualify. Which means that as long as you:
- Are a US citizen,
- Meet the age requirements,
- And live in a state where guaranteed issue life insurance policies are offered,
You will qualify! But before you get too excited, it’s important to note that most guaranteed issue life insurance policies are going to contain some “not so great” clauses and limitations which is why you should always consider them a policy of “last resort”.
The good news is that…
Here at InsuranceBrokersUSA, we have plenty of experience helping all sorts of folks find and qualify for the life insurance they’re looking for so all you need to do is just give us a call, and let us show you want we can do for you!