Buying Life Insurance with Osteoporosis

Life Insurance with Osteoporosis
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    Osteoporosis is the most typical type of bone disease, but will it make it difficult to buy life insurance? When it comes to life insurance, it boils down to your specific health and which life insurance company will approve you. So what is the best life insurance company for Osteoporosis? How do you get the best deal?

    Purchasing life insurance with osteoporosis, like other preexisting health conditions, can be possible. This article will explain how.

    Buying Life Insurance with Osteoporosis

    If you are shopping for life insurance and suffer from the bone disease called “osteoporosis”, you’re going to need to know the answers to these three important questions:

    • Am I eligible for life insurance?
    • How much is it?
    • What does the process involve?

    So, is it possible to buy life insurance with osteoporosis?

    The short answer: YES.

    Approximately 10 million Americans currently have osteoporosis, and another 18 million have osteopenia, which involves low bone mass, an illness that could accelerate osteoporosis. Each day we help individuals with high risk health situations like osteoporosis apply for term life insurance.  And in that time, we’ve learned the following:

    • Premiums tend to be reduced for people who exercise and diet, or use medication to keep their blood pressure at stable levels.
    • Premiums tend to be raised for those who don’t visit their physicians regularly.

    We suggest starting with a policy at an affordable premium rate, which can be adjusted over time. If you do have osteoporosis, your high-risk life insurance approval will be contingent on:

    • The severity and type of the disease,
    • The time you were diagnosed,
    • How long you’ve had the disease,
    • How you are managing the disease,
    • The kind of treatment you’re getting,
    • Whether or not you’re a smoker.

    How much will my life insurance cost?

    Most life insurance companies have approximately 16 types of rate classes. The one you will be eligible for will also dictate your life insurance rate.

    If your conditions are not severe, then you will likely be placed into a standard rate class.

    If you endure occasional bouts of pain, then you will likely be rated below standard. These “sub standard rates” are also called Table Ratings. The costs of substandard rate classes differ, so it is crucial that you talk to an independent licensed professional at Life Insurance Blog. They are knowledgeable about how all life insurance providers work. 

    Here is a chart that shows you how life insurance is priced.

    If you are trying to gauge costs based on your gender, age, and health, simply provide us with your information to determine what a standard rate class would be.

    How does the life insurance application process work?

    Your agent will help find the best companies for you to choose from. Once you decide from all your options, you will complete our simple online application. You may have the option for a Non Medical Life Insurance policy or a Fully Underwritten policy.  

    A fully underwritten life insurance policy warrants a paramedical exam (It’s similar to a yearly medical checkup). We will arrange this for you at a time and location of your choice. A health expert generally visits your home, inspects your weight and height, and leaves with a urine and blood sample. After your lab results are prepared, the carrier will examine your medical records, and look into a prescription database to inspect the medications you’ve taken and are currently using.

    An underwriter will then determine your level of “risk” before assigning you to a rate class. An agent at Life Insurance Blog will then contact you about your approval status. The process is completely managed by us, so you can relax and let the life insurance carrier do all the work.

    life insurance quote

    Not all life insurance carriers are identical!

    Just like any businesses in other industries, life insurance companies differ from one another. Competition encourages insurance carriers are fighting for your business. 

    As such, carriers cater to specific “niches” in order to be a leader in specific fields and market shares. So certain companies may be better for certain conditions. In other words, not all companies are great for Thyroid disease, Colitis, or Cardiomyopathy.

    You must understand that the agency you select is free to choose from numerous life insurance carriers. It is to your benefit that you work with an agency that isn’t obligated to use one single carrier. 

    life insurance help

    You should work with an independent agent that shops your application to various companies. Having choices means you can get the best types of life insurance policies customized to your needs.

    How to get the best rate with Osteoporosis?

    What company is going to get you the best deal? Will Prudential or some other company like Vantis, Guardian Life, or USAA get you the best rate? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…

    How to buy life Insurance with Osteoporosis

    Here are 7 steps you should follow if you're wanting to get approved for coverage.
    Total Time Needed: 30 minutes

    Required Tools:

    - Computer.
    - Phone.

    Things Needed?

    - Independent licensed agent

    Steps to get approved

    Step 1: Work with an independent agent
    With Osteoporosis, make sure to use an independent life insurance agent that has access to multiple companies.
    Step 2: Communication
    Your agent will listen about your Osteoporosis as well as your goals for coverage. They will also ask you the questions that a life insurance company underwriters will want to know about your Osteoporosis.
    Step 3: Shopping the competition
    Your agent is like your personal shopper. They will find the best life insurance company that will approve you and give you the best deal for Osteoporosis.
    Step 4: Choose your company and policy
    Once the bests companies have been found, you can choose the policy that meets your specific needs, goals and budget.
    Step 5: Apply
    Your agent will help you apply quickly and easily online or over the phone. Most companies provide e-signatures and e-delivery so you can submit your application as quickly as possible.
    Step 6: Underwriting
    After submitting the application you will begin the underwriting process. Once that has been completed you will know if you’ve been approved.
    Step 6: Purchase your policy
    Once your application is approved you may purchase your life insurance policy and put it in force.

    Let us help

    By directly working with LIB, you will have a designated agent assigned to your application. Your agent will be in regular contact with you throughout the duration of the application process. They will present you with updates consistently as your application goes through underwriting. Your agent will also review your application to make sure that you’re getting the best possible deal available.

    Don’t wait any further. Contact us now and learn how we can help you!

    Osteoporosis 101

    Although osteoporosis affects women and men, in the U.S. alone, one out of five women over 50 years old develop the bone disease.  At least half of all women over 50 years old are likely to endure a fracture of the wrist, hip or vertebra (spine bones), as women tend to lose bone more quickly than men due. This can be attributed to menopause, and the fact that women have less bone tissue than men in general.  Thin, small boned women, as well as Asian and Caucasian women, are most susceptible to the bone disease. If you are currently being treated for osteoporosis, or have already been diagnosed with it, there is a strong likelihood that your life insurance rates will be higher than if you didn’t.

    Osteoporosis is a gradual bone disease that’s distinguished by a reduction in bone density and mass, raising the likelihood of a potential fracture. The most typical type of osteoporosis is called “Primary Type 1” and is generally found in postmenopausal women. Senile osteoporosis, otherwise known as “Primary Type 2” osteoporosis, happens after a woman or man turns 75.

    Secondary osteoporosis is caused by chronic predisposing diseases or medical issues, or as a result of continued medication use, including glucocorticoids.

    Michael Quinn

    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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