Those with osteoporosis will likely pay a higher premium for life insurance. The premiums for life insurance for those with osteoporosis depend on many things. They are lower for those who diet and exercise or take medicine to control their blood pressure, and higher for those who don’t see their doctor often. The rating for patients with osteoporosis typically falls under one of three groups. These determine if you will be giving a favorable rating or consider high risk.
If you are considering applying for life insurance and have previously been diagnosed with osteoporosis, you may be concerned that your application will be denied. A common question we get from our clients is “can I get life insurance if I have osteoporosis?”
Yes! You can get life insurance even if you have osteoporosis. Regardless of the severity of your disease, here at Protect Your Wealth we will help you find coverage to financially protect yourself and your family.
Overview of Osteoporosis
Osteoporosis is a disease that causes bones to become so brittle that they break easily, most commonly in the hip, spine, and wrist. Osteoporosis is known as a silent disease due to the fact that you may not notice any changes until a bone fractures. For many years, however, your bones would have been gradually losing strength.
Causes and Risk Factors
Although osteoporosis can affect people of any age, it is most prevalent among older individuals, particularly older women. Men are also affected by this illness. White and Asian women have the highest incidence of osteoporosis. Other high-risk women include those who:
- A family history of bone fracture or osteoporosis
- Premature menopause
- If you’re over 50 and have broken a bone
- Had their ovaries removed before they stopped having periods
- Lack adequate calcium and/or vitamin D throughout their lives
- Used specific medications for an extended period of time
- Had long periods of bed rest or were physically inactive
- Have a petite body frame
- Smoke – calcium absorption may be decreased in smokers
What Kind of Information Will Insurance Companies Request?
When applying for life insurance, you will be required to undergo a medical exam. During this examination, you will be asked about your family history, medical history, lifestyle, and alcohol and tobacco consumption. The examiner will determine your height, weight, heart rate, and blood pressure.
Insurance companies will likely want to know the following about your diagnosis:
- When were you first diagnosed with osteoporosis?
- What, if any, symptoms led to your diagnosis?
- Are you currently employed?
- Who made the diagnosis of osteoporosis? A primary care physician or a specialist?
- Have you undergone a bone density test? If so, what was the outcome?
- Have you applied for or received any sort of disability benefits in the past year?
How do Life Insurance Companies View Osteoporosis?
If your osteoporosis is under control, you should be able to obtain standard life insurance rates. A life insurance underwriter will be concerned about the type and severity of your osteoporosis, as well as how well it is managed. They’ll also want to know when you were diagnosed with the disease and what kind of treatment you’re getting, including medications. Tobacco use is also regarded negatively in the context of osteoporosis.
The best rates are available with a fully underwritten life insurance policy. It will necessitate the disclosure of your condition as well as a medical examination. The company will also look into your medical records, including any medications you’ve used to treat your condition.
Because the progression of the disease varies from person to person, it is nearly impossible to predict your premium rate until your application has been fully underwritten and all supporting information has been thoroughly investigated.
If you have chronic pain as a result of your osteoporosis, you will most likely be approved at a lower rate. In extreme cases, you may need to consider guaranteed issue life insurance because medical issues will not be taken into account.
What Insurance Rate Am I Qualified For?
When attempting to estimate the “rating” of a person diagnosed with osteoporosis, a variety of factors can come into play. Because of this, it is difficult to figure out what rate you may qualify for without first meeting with you directly. This is why we recommend speaking with an insurance expert first. With this being said, we can still make assumptions about the rate you would qualify for. You will fall into one of three groups based on your condition:
Group 1 – Early Diagnosis
Those who have received an early diagnosis of osteoporosis from their primary care physician prior to bone fractures. These patients won’t have symptoms. In circumstances such as these, typically the rate that these types of individuals would have qualified for before their osteoporosis diagnosis should be the same rate that they will qualify for after their osteoporosis diagnosis.
Group 2 – Currently treating and in good health
The second kind of applicants frequently encountered are those who may have experienced a bone fracture or two but are now treating their illness and are usually in good health. These types of people will still be able to live a normal life; however, they will need to be a bit more cautious. Depending on the type of bone fractured and the severity of the fracture, some of the applicants may still be eligible for a preferred rating; however, it is more likely that they will only qualify for a standard rating.
Group 3 – Experiencing Significant Symptoms
Lastly, we frequently find clients who appear to be experiencing many of the significant symptoms of osteoporosis, such as extreme pain and mobility loss. In such instances, the majority of life insurance companies will automatically consider the applicant to be high risk or sub-standard, making it more difficult for them to qualify for a traditional term or whole life insurance policy, especially if they have been diagnosed with another type of pre-existing medical condition.
Preparing for Your Application
Prior to applying for life insurance, there are critical steps you can do to prepare yourself. This will increase your chances of being accepted into the highest possible rating class. Use the following strategies to your advantage:
- See your doctor as regularly as advised.
- Exercise and eat healthier.
- Listen to your healthcare provider’s recommendations for medication and treatment.
- Maintain current and accurate medical records at all times. Remember this is essential! If the life insurance company cannot evaluate your current health, your application will receive a low rating.
- Put any more issues under control. For instance, if you have high cholesterol, make sure you are taking steps (eating less meat, exercising regularly, and getting regular blood tests) to lower your cholesterol.
Life Insurance Options for Osteoporosis
One of the main reasons why people don’t apply for life insurance is fear that a pre-existing condition such as osteoporosis will disqualify them from coverage. However, this is not true. You are eligible for life insurance even if you have osteoporosis. The following are some options to consider:
No Medical Life Insurance
No Medical Life Insurance is a life insurance policy that is available without a medical exam. These policies are easier and faster to get, but they come with higher premiums to cover pre-existing conditions. For individuals with mild conditions and no other health complications, no medical life insurance is a good option.
No-medical life insurance is appealing to those who do not meet the requirements for either term life insurance or permanent life insurance. It is intended for those who are having difficulty finding a life insurance company to insure them.
There are two types of no-medical life insurance: simplified issue life insurance and guaranteed issue life insurance.
Simplified Issue Life Insurance
Simplified issue life insurance does not require a physical examination; however, you will be asked a series of questions about your medical history and current health condition. This type of life insurance is designed for people who want a quick approval process and a short underwriting period. In some cases, you can be insured in a matter of days rather than weeks or months. Depending on the life insurance company, simplified life insurance can be purchased as a term or permanent policy. This type of life insurance is ideal for people who do not want to undergo a medical exam, are unsure what type of policy they qualify for, or simply need life insurance quickly.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance does not require a physical examination or a health and medical history questionnaire. Your coverage is guaranteed, as the name implies. This coverage, like simplified life insurance, can be obtained quickly, and you won’t have to wait a long time or worry about being rejected in the first place. Unfortunately, this comes with higher premiums and less coverage. This is due to the high risk of insuring those who are looking for it. It may also take longer to receive the payment. This type of life insurance is ideal for those who do not qualify for anything else or who want to provide their family with at least a portion of a death benefit payout.
Frequently Asked Questions (FAQs) about Life Insurance With Osteoporosis
Yes! It is simpler if you are eligible for group insurance through your employer. Individual policies, on the other hand, may be available. If available, a term life policy will be less expensive than permanent life insurance. If you are unable to find an appropriate term or permanent policy, you may wish to consider a guaranteed-issue policy. Acceptance is automatic, but keep in mind that the death benefit is restricted. These policies are typically used to cover final expenses.
If you have been diagnosed with osteoporosis, your odds of obtaining life insurance are likely still favorable. However, because the condition affects each individual differently, it is impossible to identify your specific grade or price without submitting an application.
A skilled independent insurance agent can assist you in identifying the best life insurance provider to apply to and examine your policy alternatives. Their skill and knowledge of life insurance needs will result in coverage that meets your satisfaction.
The plan for which you qualify will also determine your life insurance premium. If your medical condition is severe, you will likely be assigned to a standard rate class. If you experience occasional pain, you will likely be rated below average. The costs of substandard rate classes vary.
When you apply for life insurance, you will be asked a series of health and lifestyle questions. If you inform the provider that you have a pre-existing medical condition such as osteoporosis, you will usually be asked more detailed questions:
- How long have you had osteoporosis?
- What medications do you take, if any?
- Have you recently been admitted to the hospital?
- Is there a history of osteoporosis in your family?
The provider may also request to see your medical records, speak with your doctor, or have you undergo a medical assessment and/or examination. You may be concerned about insurance companies accessing your medical records, but they cannot do so without your permission. However, if you refuse, you may be unable to obtain coverage.
Always answer the questions honestly and accurately, to the best of your ability, because the last thing you want is for your family to be unprotected if your policy is invalid. If you withheld information about any previous illnesses or conditions when making your application, a provider may refuse to pay out on your claim.
The main reason why most of the best life insurance companies will care if someone has been diagnosed with Osteoporosis is that if left untreated or diagnosed late in the progression of this disease, some people can suffer from some pretty serious complications. These can also lead to greater risks for the insurer.
The people who seem to find the best life insurance policy for them are usually those who:
- Take their time considering their options.
- Ask many questions.
- Look for life insurance agents. These are people who have experience working with individuals who have been diagnosed with a wide range of pre-existing medical conditions. They also have access to dozens of different life insurance companies so that they don’t have to rely on a one-size-fits-all strategy.
Finding the right life insurance policy for you
Though a condition such as osteoporosis cannot be cured, it can be successfully managed. We can help you determine which companies will be most supportive. A life insurance specialist can help you create the best plan and package for your needs.
At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Mississauga, Kingston, Nanaimo, and Lethbridge.