Effect of Osteoporosis on Life Insurance

Although osteoporosis does not discriminate between men and women, studies indicate women are far more likely to suffer from this condition. In fact, one out of five women over 50 develop the disease. Since women are more likely to lose bone quicker than men, more than half will suffer a wrist or hip fracture as they age. This is typically attributed to menopause and the fact that women are found to have less bone tissue than men.

Studies also reveal that small-boned women are more susceptible than men. Men and women who are being treated for osteoporosis can expect life insurance rates to be higher than those without the disease. Osteoporosis manifests itself with a gradual reduction in bone mass and bone density and is divided into four categories:

1. Primary – This is the most typical type of the disease and is usually found in postmenopausal women more than it is found in men.
2. Secondary – Secondary osteoporosis has the same symptoms that are presented with primary osteoporosis. It occurs in people that have medical conditions such as leukemia, hyperparathyroidism, and hyperthyroidism. It can also occur in patients who take medications that cause bone breakdown. Medications like inhaled corticosteroids, high dose thyroid replacements, and aromatase inhibitors can also cause secondary osteoporosis.
3. Osteogenesis Imperfecta – This is a rare form of osteoporosis that presents in newborns. The disease causes bones to break very easily for no apparent reason.
4. Idiopathic Juvenile Osteoporosis – This is also a rare disease that manifests in children between the ages of 8 and 14-years-old or any age when there is rapid growth. This form of rare osteoporosis significantly increases the risk of bone fractures.

Absolutely, you ARE eligible.

Since osteoporosis is not considered life-threatening, underwriters are willing to offer policies after they have confirmed the extent of the disease and whether you are adhering to instructions provided by your doctor. Certainly, the disease can increase the chance of death that may result from a severe fracture, but the disease itself is typically not recorded as a cause of death.

If you are dealing with an independent agent (hopefully you are), your agent will suggest the insurer that is most likely to issue a policy with the most affordable rate after learning a bit more about your situation and any other health concerns you may have.

Once you’ve made a decision to go forward, your agent will interview you to complete the application, and then schedule your medical exam at your earliest convenience. You can have the medical technician come to your home or workplace to complete the exam which lasts only about 20 minutes.

Your agent will gather the contact information for all health practitioners and facilities that have been involved with treating your osteoporosis and any other medical conditions listed on your application. Your agent will also facilitate the completion of these reports and notify you if any doctors or hospitals are dragging their feet in returning the requested information.

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Once the doctors’ reports and medical exam and blood /urine tests are returned, your underwriter will review the information and make an offer for coverage based on the rate class that's been assigned and then deliver the offer to your independent agent. Your agent will then call you to complete the offer and have any outstanding documents signed.

If the agent feels they can get a better deal for you by using an alternative carrier, they will discuss that with you and offer some advice. If you decide to go forward with the offer on the table, your agent will arrange to have the policy issued.

Since all life insurers are not the same and all life insurance products are not the same, you do have options. In fact, if you are using an independent insurance broker like Simple Life Insure, you can count on your insurance professional to provide many options to best meet your individual needs.

For example, many people do not prefer to undergo a medical exam or drug test to purchase affordable life insurance. In this case, your agent will recommend an insurer that offers a no exam insurance policy.

Although this type of policy is typically priced higher than a fully underwritten policy, many applicants elect the option because it is quickly issued without medical exams, drug or urine tests, and some cases, there are no medical questions on the application.

It’s important, however, to understand that in many cases, having osteoporosis may have only a minimal impact on your insurance rates. If you are otherwise healthy, do not smoke, and your medical exam doesn't reveal other issues that you weren't aware of, your final rate may be based on a standard rate class, and your insurance policy will be very affordable.