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How to find Burial Insurance with Osteoporosis can be quick, easy, and affordable as long as you use the right independent insurance broker.
The word “Osteoporosis” means “porous bone.” This condition manifests when your body loses bone or doesn’t make sufficient bone, or both.
- About Osteoporosis
- Top FAQs
- Am I Eligible with Osteoporosis?
- The Cost of Burial Insurance
- The Application Process
- Policy Options
The condition results in bones being considerably weaker than normal bones and typically results in breakage from things like falling down, or in serious cases, bones may break from things as simple as sneezing or a simple bump.
Although osteoporosis is not considered life-threatening, many insurance companies pull back from issuing burial insurance with the lowest rates and first-day coverage.
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:
- Primary – This is the most typical type of the disease and is typically found in postmenopausal women more than it is found in men.
- 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.
- 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.
- 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.
Top FAQs about getting Burial Insurance with Osteoporosis
Certainly, those folks with osteoporosis who are shopping for life insurance have many questions, with the top four being:
- Am I eligible to get life insurance coverage?
- How much will it cost?
- What is the application process?
- Where can I get the best rate?
Am I Eligible to buy Burial Insurance with Osteoporosis?
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.
What’s the cost of Burial Insurance with Osteoporosis?
Your burial insurance rate will be based on the information provided by your doctors, any other health issues that you may be dealing with, whether you are a smoker or non-smoker, and other medical questions on the application where you answered “yes.”
When you apply through a life insurance broker who represents many insurers, the broker will be able to designate the carrier that offers the most favorable rates and doesn’t require a medical exam or waiting period.
In any case, the typical questions that will be asked about your disease are:
- When were you diagnosed?
- How severe are your symptoms?
- What type of treatment has been prescribed?
- How well are you managing it?
- What is the particular type of osteoporosis you are suffering from?
The application process for getting affordable burial insurance with Osteoporosis
If you are dealing with an independent agent (hopefully you are), your agent will designate the insurer that is most likely to issue a policy at the most affordable rate.
Once you’ve made a decision to go forward, your agent will interview you over the telephone to complete the application and then forward the application to the underwriter.
The underwriter will typically order reports from the Medical Information Bureau (MIB), a Prescription Drug report, and your motor vehicle report (MVR) for the last three to five years.
Once the reports 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.
The reports are provided electronically so you may get an underwriting decision within 24 to 48 hours.
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.
What are My Options?
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 MyBurialInsurancePlan, you can count on your insurance professional to provide many options to best meet your individual needs.
For example, if after the underwriting process is completed and the company is unwilling to offer a Level Benefit Burial Policy, your agent will immediately see if you can qualify for Graded Benefit Burial Insurance which has slightly higher rates and a 2-year waiting period when the death benefit is reduced should you die from natural causes.
If you are unable to qualify for a level benefit or graded benefit burial insurance plan, your agent will recommend a guaranteed issue policy (guaranteed acceptance) because with this policy your health is not a concern for the insurer.
A guaranteed issue policy will be priced higher than level benefit and graded benefit burial insurance, and a 2-year waiting period will be imposed.
This means if you die from natural causes within the first two years, the insurance company will only pay the sum of all premiums paid plus 10% interest to your beneficiary.
If, however, your death is considered accidental, the insurance company will pay the full death benefit to your beneficiary.
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About the Author
My name is Loran Marmes and I am the owner of MyBurialInsurancePlan.com. I would like to explain why we are your best option when it comes to Life Insurance. We are an Independent Agency and we contract with all of the top-rated carriers in the country so we can offer you products and pricing tailored to your needs and budget. After a four-year tour of duty, I went into the printing business and enjoyed meeting with clients and helping them solve printing-related business issues. After years of 12-hour days in the printing business, I got my Health and Life Insurance license and decided to specialize in Life Insurance because I have seen first hand what happens to a family when the main breadwinner dies without any coverage. My intentions will always be to put your needs first so that I can deliver solutions that will accommodate your circumstances and your budget.