It is possible to get life insurance with osteoporosis. You have to do your best to manage the condition properly, as well as work with the right life insurance company.
What Is Osteoporosis?
Osteoporosis is actually a fairly common disease. It is a progressive disease that reduces bone mass and density. This eventually leads to increased risk of fractures. It is most common in postmenopausal women. However, a variation of the condition, known as Primary Type 2 can occur in both men and women after age 75.
One of the problems with osteoporosis is that it often develops – over many years – without showing any obvious symptoms, or causing any pain or discomfort. Often the first sign of the condition is a broken bone. Other times the existence of the condition can be noted through a loss of height, or the appearance of a Dowager’s hump.
As the condition progresses, bone fractures can occur as a result of ordinary activity, such as sitting, standing, or even coughing. Fractures usually occur in the back and hips. Each fracture means that you are at increased risk for still more fractures. You may even develop chronic pain, and even disability.
Therapies for treatment typically slow bone loss, and in doing so reduce your risk of fractures. There can also be changes in diet and lifestyle, as well as the introduction of medications that will slow the degradation of bones, and/or help to increase bone mass.
Resistance exercises are also found to be effective, as they increase muscle mass and decrease reliance on bone structure. Eliminating smoking is almost always strongly suggested. There are various medications that have been found to be effective in the treatment of osteoporosis, including Forteo and Prolia.
How Life Insurance Companies View Osteoporosis
If osteoporosis is well controlled, you can typically obtain life insurance at standard rates. A life insurance underwriter will be concerned with both the type and severity of your osteoporosis, and how well it is being controlled. They will also want to know when you were diagnosed with the disease, and the various types of treatment you’re receiving, including medications. As is usually the case, tobacco use is usually considered a negative in conjunction with osteoporosis.
A fully underwritten life insurance policy will offer the best rates. It will require disclosure of your condition, as well as a medical exam. The company will also investigate your medical records, including the use of specific medications to treat your condition.
Since the progress of the disease varies from one person to another, it is virtually impossible to know what your premium rate will be until your application has been fully underwritten, and all supporting information is been fully investigated.
If you’re experiencing chronic pain as a result of your osteoporosis, you’ll likely be approved at a below standard rate. In extreme cases, you may have to consider guaranteed issue life insurance, since medical issues will not be considered.
Managing Your Osteoporosis
Though it is not possible to make a condition such as osteoporosis disappear, it can be successfully managed. This will mostly be done through lifestyle changes. Proper diet will be absolutely necessary, and you’ll be required to quit smoking, if you have that habit. As well, losing weight may also be necessary, since it will reduce the strain on the already weakened bone structure.
As mentioned above, you may have to engage in a regular routine of resistance exercise, in order to strengthen your muscles and relieve the stress on your bones.
And naturally, you’ll also have to make sure that you are getting proper medical attention, and taking any medications necessary to slow and improve your condition, and to manage pain.
Applying to the Right Life Insurance Companies Can Make All the Difference
There is no industry-wide standard for how life insurance policies are underwritten for people who have osteoporosis. Some companies take a more favorable view of clients with the condition, while others may issue policies only reluctantly. Which companies you apply to for a policy can make the difference between a life insurance policy with an affordable premium rate, and a decline of your application.
In order to know which companies will take the most favorable view, you need to work with an agent who knows the industry, and knows the companies. We work with dozens of life insurance companies, and have been in the industry for many years. We have a firm grasp on which companies are most likely to approve your application, and to do so with the most affordable rates possible.
If you have osteoporosis, give us a call, and let us put our experience and knowledge to work for you.
