Along with age comes a host of problems and concerns. For most, the state of their health comes into sharper focus. That might prompt them to think about over 50 life insurance.
For some who’ve had an illness diagnosed, their needs might be more top of mind.
If you are needing to buy life insurance and have osteoporosis you might be stressing.
Here’s the first thing you should do…don’t stress!
Chances are you can get life insurance at very affordable rates.
Here’s a quick preview
It’s possible to qualify for preferred rates although that is not likely to happen. Most likely a standard rating would be your best-case scenario. However, you could be rated or even declined.
We’ll look at this further so you can better determine what rates you would likely qualify for. The rates you can qualify for are based on several factors.
Let’s look at the details…
Types of Osteoporosis
As we are sure you are aware there are different type of osteoporosis including the following:
Primary Osteoporosis is by far the most common form and is more likely found in postmenopausal women than in men.
Secondary Osteoporosis will present with much the same symptoms as the primary type of the disease. However, it typically occurs in those who have pre-existing conditions such as hyperparathyroidism, hyperthyroidism, and leukemia. There is also a list of known medications that can cause secondary osteoporosis, such as aromatase inhibitors, high dose thyroid replacements, and corticosteroids.
Osteogenesis Imperfecta is rare and impacts newborns. Those who have it have fragile bones that will break very easily, seemingly without cause.
Idiopathic Juvenile Osteoporosis is another rare form of the disease, but this time it presents in children who are between 8 and 14 years of age—or at any stage of life where the body goes through rapid growth spurts. Children who have this form of osteoporosis face significantly greater risks of bone fractures.
Determining How Much Your Life Insurance Will Cost
I think, by now, you understand that with your osteoporosis, you’re not going to get the cheapest life insurance over age 50.
An approval at a preferred rating is possible. However, that’s not likely as we mentioned above.
An approval at standard is the best case scenario.
If you think you would qualify for standard then run the rates on the quoter at “regular” to give yourself a better idea of the premium you would have to pay.
The premium you must pay is based upon what rate class you are approved for.
- Your disease is under control and you’ve had no major complications
- You were diagnosed later in life and your osteoporosis is a sign of natural aging
- You have not suffered any major fractures due to bone degeneration
- You are still able to carry out your daily activities with little or no impact
- You have no recent history of tobacco use
Mild Substandard Class (Table 1 to 4)
As your condition—and Table Rating—degrades below the Standard level, the cost of your premium increases by about 25% for each level.
For example, your premium would cost you about 25% more if you were approved Table 1 instead of Standard.
If you fall into Table 3, your premium is now about 75% more than the Standard Class premium.
And yes, being in your fifties is going to impact your premium as well.
- Within the last year, you’ve suffered a fracture due to a fall
- You are in moderate or consistent pain
- You have scoliosis, arthritis, or any other condition known to worsen osteoporosis
- You use tobacco
Low Substandard (Table 5 & Below)
You will probably be highly rated or not even declined for coverage if:
- You were diagnosed at a young age
- You deal with severe pain daily that impacts your daily life
- You are under regular drug therapy
Prepare to be Asked the Following Questions
- Are you following all instructions given to you by your health care provider?
- How long ago were you first diagnosed with Osteoporosis?
- If your symptoms are severe, how severe are they?
- What treatment plan has your health care provider prescribed?
- Are you managing your condition? If so, how well?
- Of the 4 types of osteoporosis listed above, which type were you diagnosed with?
If you feel at this point that there’s a good chance you will be declined for over 50 life insurance based on the severity of your condition, you may want to look into something like a Guaranteed Acceptance Life Insurance Policy.
Many Have Osteoporosis and Need Life Insurance
As we’ve already mentioned, for most people that have Osteoporosis and are 50+ life insurance can be very affordable.
In fact, osteoporosis is quite common. According to the IOF (International Osteoporosis Foundation), in the US, 1 of every 4 women and more than 1 of every 8 men who are 50+ are affected by osteoporosis.
Of those numbers, 1 in 4 of both men and women will show evidence of at least one fractured vertebra. In fact, a major health threat for those in their fifties is low bone mass and osteoporosis.
The current estimate of those diagnosed is about 44 million.
You can be sure you’re not the first to start wondering if you can obtain affordable life insurance if you are 50+ and have osteoporosis.
Working With an Independent Agent
Again, don’t stress if you have osteoporosis. Here’s a pure gold bit of advice. It’s just a nugget, but trust us, it will ease your burden considerably.
Find an agent you trust. Preferably an independent agent who represents several life insurance companies and can shop the market for you.
One who can confirm their industry knowledge and connections, and even more importantly, one who specializes in life insurance plans for people who are 50+.
Let them do all the heavy lifting—which I’m sure you’ve been warned against—and research for you.
The benefit to you is twofold. Less stress, and more than likely, less money paid in premiums. That’s a win/win in my opinion!
Once you’re working with an agent, they can match your profile to the insurance company that would look at your application most favorably so that you can get the cheapest life insurance you can qualify for.
The Application Process
This is how we work. We complete the application over the phone and online.
The next part does not apply if you are applying for no exam life insurance.
You will complete a medical exam. This can be completed at a time that is convenient for you.
A med tech will come to you, either at your home or place of work. Your exam should take about 20 minutes.
Next comes all the heavy lifting, and you can sit back while the insurance company does what they need to do.
Depending on the type of life insurance policy you apply for they might obtain your medical records to review more detail of your medical history.
The underwriter will then make an assessment and either approve or decline you for coverage. If approved they will approve you at a certain rate class such as preferred, standard, or table 2 for instance.
The rate class you are approved for determines the amount that you must pay.
As an independent agency, if we are unsatisfied with the offer made by the insurance company, we will shop your file with your permission to several other companies.
We aim to get you approved for the best rate possible based upon your medical history.
What Should You Do Next?
If you have osteoporosis and are trying to find the best life insurance over age 50 the best thing to is to get in touch with us today.
We are here to help and are happy to answer your questions. You can call us or you can fill out the quote request form on this page.
We will let you know which companies will look at your application most favorably, and let you know what the application process is like specific to those companies.
We’ll give you the pros and cons for the choices that are available to you. You can then decide how you would like to proceed from there.