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Today’s Topic Is How To Qualify For Life Insurance With Bone Fracture History?
Have you ever wondered if you qualify for life insurance in case you have any bone fracture history? If you have – then this is the right article for you.
We will describe in details what your options for life insurance coverage are if you’ve recently experienced any bone fracture, or in any stage of your life. And maybe you’re wondering how that will impact your ability to get life insurance? We’re going to answer those questions shortly.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Here’s An Overview Of Today’s Topics:
- Types Of Bone Fractures Discussed
- Case Study Examples
- The 5 Top Reasons Why People Buy Guaranteed Issue Life Insurance
- Stories From The Field
- Insurance Options
- How To Apply
We’re going to talk about the types of fractures and then answer the question of course, if you can qualify for life insurance with bone fractures? Afterwards, we’re going to talk about the types of insurance available to people who have had bone fractures in their history.
Let’s take a quick overview of what to expect and how to describe bone fractures. The types of bone fractures discussed today will include the following:
- We’ll talk about fractures of the skull, so this would be in any circumstances where there was a bone break or fracture of your head or skull. We’re going to discuss about what your availability of coverage is there.
- Also, we’re going to cover spinal fractures and specifically spinal fractures that you’ve experienced full recovery from, or perhaps you’re in the process of recovery.
You have to differentiate those two. We’re going to cover both circumstances and what you may be eligible for, depending on both. In addition, let’s answer the main question you’ve got right now, which is “can you qualify for life insurance if you have bone fractures?” The short answer to this question is yes, most likely yes at least, and the long answer is it just really depends on your age.
It really depends on the product that you’re going to get, as we’ll talk about in a moment, and it depends on the combination of other health issues. Most people have some main concerns when it comes to their health, and for you that concern may be bone fractures. Sometimes, other health issues will play a contributing role about your eligibility to get life insurance.
The bottom line is that your options for coverage are unique to you. Ultimately, it’s going to take a submission for an application to underwriting to see what you can qualify for.
But let’s just start from somewhere, to kind of give you an idea if bone fractures are a something of serious consideration for you, to give you an idea of what you may qualify for.
Let’s have a quick look at some types of life insurance which are possibly available for you if you’ve had bone fracture
There is no one “size fits all” solution to anything really, and I believe that principle is exactly the same when it comes to life insurance. Not all life insurance is appropriate for everybody. Some life insurance options are better than others. So it’s important to understand and figure out what your goals are, and then find the life insurance option that suits you the best. So, the first question I would have you to think about is what do you want a life insurance plan to do for you?
Maybe you want your life insurance plan to just simply cover your final expenses. Maybe you’re more interested in a burial insurance policy to cover final expenses such as cremation, burial and last debts. So, you need to understand what kind of policy would work best, considering the nature of the need. A burial or death is something that we all experienced or will experience at one point.
Looking for affordable, first day coverage? Why not give us a call at (888) 626-0439 for a free, customized quote.
You will speak to an expert in the field who can answer any questions you have and get you that much closer to securing peace of mind in knowing your financial concerns will be taken care of when you die.
It’s a permanent problem. We’ll talk more about how to solve permanent problems later. Perhaps there’s also an income replacement problem and you see this both in younger people, as well as older. If you’re younger, and you’re working, imagine if for a moment you die, a car wreck takes you out, or you contract a serious form of aggressive cancer.
I’ve had people I’ve known that have found out they had cancer and died weeks later. Imagine for a moment if something like that happened to you, what would happen to your family.
How would they go on? How would they live? Could they live on the available income that your spouse makes? Could they live on the available savings that you left behind? Could they pay off any large obligations, like maybe the mortgage you’re paying?
If the answers to these questions are not a certain 100% yes, then a life insurance policy to cover for an income replacement plan is an excellent idea, and this sometimes can be a permanent problem or it can be a temporary problem.
It can be temporary if you’re a prudently saving for your retirement and you need a term insurance plan, for example, or a temporary plan to cover until you are retired and have saved adequately over your life. Or, it can be a permanent problem if you are already retired and your lifestyle requires two incomes and if your spouse passes away, how will you retain your lifestyle the way you want to?
So, it depends upon the nature of where you are in your life, what your goals are, and what you’re experiencing. Also, debt repayment, like I mentioned, a momentarily, perhaps part of the your worries, if you die, the mortgage needs to be paid. It could not be paid and you may lose your house to foreclosure.
With a protection plan, upon passing, you can actually have enough money to pay that mortgage off and alleviate the financial burden from your surviving family of paying that bill and knowing that your family has a house to live in. Also, you’ve got to consider of course, what budget do you have in mind?
Most of the people I work with are older and for it’s always important to have some level of consideration towards what they can afford. So I believe the best type of option for life insurance is find the one that’s easily affordable. It’s a shame when somebody buys a life insurance plan and ends up dropping it because it was just too expensive to begin with.
We want to make sure whatever you buy, it’s easy for you to pay, you’re confident that it’s not going to cause any financial concerns of paying too much and it does the job that you want to. And you can do that. You want to work with somebody who can shop around. That’s what I do as a broker.
I try to find a plan for you that accommodates both of these goals, gets you a life insurance plan that accomplishes your main goal, but also doesn’t break the bank either. So there’s three types of life insurance options available if you’ve had bone fractures in your history. And which of these options is best for you, will depend upon what your goals are, but also the severity of the bone fractures and the length of time that has passed since the actual event.
- Term life insurance
- Permanent life insurance
- Guaranteed acceptance whole life insurance
What we’re going to do now is take a look at how each of these plans work and then we’re going to show you some specific concerns that we’re going to have to address, in order to get an idea of which of these plans you may be eligible for.
Term Life Insurance
The idea behind term life insurance, if you’ve never heard of the term, is that it offers coverage for a temporary period of time. Term Life Insurance is not permanent. It is the cheapest way to get the most coverage per dollar of premium. Why is that the case?
Because you have a high likelihood of outliving it. Life insurance companies designed term insurance so that when they take somebody on and they approved them for coverage, that the likelihood is fairly high in some cases, 97, 98 percent, that people will outlive the coverage and not actually die before it goes away.
Also, in conjunction with that, the premiums are level, which means the prices do not go up. The premiums go up for the term life insurance with the vast majority of the products that are out there, at least the ones that I offer my clients across the country.
This is actually a great way to get a lot of coverage for a low amount per month. Now, there are drawbacks to everything in life of course, no different for term insurance. You could outlive the coverage, right? So you may take a plan out for 30 years as a young person for income replacement plan and then reach the extent of that or the end of that plan.
And, you may still have some income to replace, maybe you didn’t do a good job saving or maybe things turned against you and your retirement plan and you have less than you’d like. And you may need your insurance that much more at that point.
There’s no perfect answer in the sense that if you want a lot of coverage, then you know, you may get that through term insurance. You’re faced with a situation where at the end of the day, you may have to sacrifice the fact that you possibly may outlive it. It’s not going to be permanent.
If you would like to get a personalized, free quote, give us a call at (888) 626-0439 or send us a request using the message box on this page.
We’d be happy to discuss your budget and coverage needs and offer advise regarding which type of life insurance might be best for your specific goals.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Case study examples
Diabetes and Rate Concern
A client reached out to me looking for a new life insurance policy after being informed the life insurance policy they had was going to go up in price. They could no longer afford payments and hoped we could help them out.
The only potential problem was that this client had diabetes. They used insulin on a regular basis to regulate their blood sugar levels and feared this would cause them to either be declined or receive the same high price they were due to pay on their current policy.
Luckily they decided to come to a broker like us, which gave them the best possible chance at getting affordable, high quality coverage thanks to our ability to shop among a number of providers.
In the end we were able to secure a premium rate for this client as well as offer first day coverage. They were relieved to be able to cancel their existing plan and switch over to the policy we offered.
Though we can’t guarantee the same outcome for every individual, we certainly do our best to find affordable, first day coverage for every client that contacts us.
Smoker with Fracture History
A 35 year old gentleman named Mr. Rose contacted us looking to get enough coverage to take care of his final expenses. He’d done his research and found that funeral and burial costs ranged anywhere from $7,000 to $12,000 in his area and had decided to take out a $8,000 policy.
Mr. Rose was in generally good health but had a history of bone fractures and was also a smoker. He worried this would affect his ability to get first day, affordable coverage.
We looked at a number of providers for Mr. Rose and were able to get first day coverage at a rate that was well within his budget. He was very pleased with the end result and glad that he’d contacted a broker like us rather than going to his local insurance agent.
Though we can’t promise the same outcome for every applicant, we strive to offer our clients the best possible chance at getting quality coverage in place.
Permanent insurance is another option, but much more expensive. Also, you got tougher underwriting than simplified issue whole life. So, with the term insurance plan, usually they’re going to have a farther look back on your health history. They’re going to look back a multitude of years, and look closer at the details of your health in order to determine insurability.
And for a lot of people who have had health problems it may be more difficult to get a term life insurance plan. It just depends upon, again, the severity of the bone fractures that you’ve experienced.
My experience has been, if you’ve had a bone fracture and you’re fully recovered, you may be eligible for coverage at a decent price. And then, same thing for narcotic usage. Some people have to take pain medications in order to manage their pain associated with the bone fracture. And under certain circumstances you may qualify for coverage.
Sometimes people are concerned will they even qualify if they’re taking some sort of narcotic. So what we’re looking at here is just a quick review of the types of fractures that you may experience and to give you an idea of what a one particular company may qualify you and for, depending on the severity of the fracture.
We’re first looking at generalized fractures. Will get to skull fractures in a moment. But the main thing we’re looking at here are spinal fractures that are currently repaired, and those typically are going to qualify for some sort of standard pricing. As long as there’s no complications, as this list says, then typically you’re going to go ahead and be qualified for some sort of coverage, usually, not always.
$50 a Month – Guaranteed Universal Life Insurance
$100 a Month – Guaranteed Universal Life Insurance
$150 a Month – Guaranteed Universal Life Insurance
Many people decide a guaranteed issue life insurance plan is their best option if they have chronic or major health issues. If you have been declined for coverage in the past, guaranteed issue is a great choice.
2.Final expense coverage
Final expense coverage is a big motivator for those that purchase guaranteed issue life insurance. You might not necessarily be looking for a lot of coverage, but you do want to get some kind of coverage in place.Guaranteed issue allows you to ensure your loved ones won’t have to pay out of pocket or savings to cover your funeral, cremation, or burial.
3.No questions asked
Probably the most appealing aspect of guaranteed issue life insurance is that the application does not ask any health questions. This means those who have been previously declined due to health or lifestyle most likely will be approved.
4.Can’t cancel due to age or health
Reliability is important for true peace of mind. Guaranteed issue will not cancel due to age or health, which means you don’t have to worry about losing your life insurance. It’s a permanent solution for long term coverage.
5.Rates never go up
Most individuals are on a fixed budget and want to know how much their life insurance is going to cost every month. With guaranteed issue, you don’t have to worry about rate increases due to age or health. The rate will remain the same for the duration of the policy.
This is especially good news for seniors who worry about rate increases when they are on a very limited budget but need to be sure they have life insurance in place.
Again, it depends on your unique health history and not saying that you will qualify 100 percent. Nobody can say that until an underwriting underwriter reviews your case. Also, if there’s the potential for another surgery, then most likely your policy will be postponed until that surgery is completed.
For example, in this situation, if you’ve had some internal fixation device recommended or a plan to help you deal with spinal fracture, they’ll want to see when that’s installed and that’ll go for any sort of follow up surgeries that you may be experiencing in the future.
Most insurance companies are gonna say that you need to go through the surgery first, and then they’ll consider you. They will also need to know your current or frequent narcotic medication usage. It’s basically going to depend on your individual circumstances with a possibility of getting some kind of rate up.
Also, if you’ve had cerebral concussions or fractures related to cerebral injuries, again, what they’re going to look for a period of time to pass before they look at offering you an insurance coverage. Most likely what’s going to happen is, they will want to see if your full recovery has been well over the last several years, before they consider you for some sort of coverage.
When we say permanent protection, that means there’s no potential for a cancellation because of an age or health increase. Now, one of the benefits with permanent protection is that also the rates never increase. So, I’ll put this a little asterisk here, you see next to universal life, we’re going to talk about universal life plans shortly, but this only option here for permanent coverage where the rates are guaranteed not to increase as long as you pay the same premium, what’s called guaranteed universal life plans.
They act very similar to whole life insurance plans. They’re not whole life insurance plans technically, but they’re designed to mimic what whole life does and some of the advantages. So, I’m going to include them into this, but I just wanted to make sure that his little distinction is made when we talk about a universal life plans.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
I’ll be specifically talking about guaranteed universal life plans because they match some of the benefits I like in life plans very well. There’s a potential for first day full coverage. So, with whole life insurance, a lot of plans will fully cover you from the first day to qualify. And like I said from the beginning, the big difference between term life and whole life is permanent coverage offers permanent coverage.
As long as you follow out what the schedule is for premiums, they’re contractually obligated not to cancel because of age or health. s long as you meet the premium requirements, then you don’t have to worry about that.
Now, there are some drawbacks here. Like I mentioned earlier, you’re going to see in a minute, you’re going to have a higher premium amount per dollar of coverage than term. We’re going to look at some smaller whole life amounts because again, we’ve got to go back to our goals.
Most people choose permanent protection because they want to have final expense coverage, or perhaps some level of income replacement. So, what we’re probably going to be looking at here are people who are over 50 and a for less coverage.
Now there are some non-med and fully underwritten whole life guaranteed universal plans that’ll have same writing standards compared to term insurance, but the thing is that we also have what’s called simplified issue whole life insurance.
Let me be honest with you. What really matters to you is there are products that are easier to get potentially quality coverage for than other products, but a lot of it just depends on your underwriting circumstances.
Stories from the field
I’ve been in the life insurance business for many years and have had many memorable clients. One such client was a middle aged gentleman named Mr. Keith who invited me to speak to him in his home.
It was a hot Georgia day when I went out to visit Mr. Keith. We sat down in his kitchen where he told me the sad story of his father’s death and the reason for his desire to get first day life insurance coverage in place.
His father it turns out had been well aware of the importance of getting life insurance. He saw an advertisement from Colonial Penn and decided to do the responsible thing and get final expense coverage.
Once the the plan was in place he sat his kids down and explained that they wouldn’t have to worry about paying for his funeral because he had taken care of it with a life insurance plan. His kids, Mr. Keith included, were very relieved to hear this news.
About a year later, the unforeseeable happened. Mr. Keith’s father had a massive stroke that took his life. As the children worked to make funeral plans they remembered their dad had taken out an insurance policy.
But when they spoke to the funeral home about it, they were told the policy was no good. Mr. Keith said they were shocked to discover the policy, though it would have covered all the burial expenses, did not offer coverage until a 2 year wait period had passed.
Because their father had passed away only a year after taking out the policy, it would not pay a death claim, leaving the children with the burden of their father’s final expenses.
Mr. Keith shouldered the majority of the expense and had to take out a second mortgage in order to give his father the funeral and burial he felt he deserved.
This of course put him in a tough situation financially. He loved his father, but was resentful that he’d had to go into debt to cover the expenses of the funeral because his father had not gotten first day coverage.
Mr. Keith told me all of this to say he didn’t want to make the same mistake his father had made. He wanted to be sure his kids wouldn’t have to go into debt to cover the expense of his funeral.
I can’t tell you how many stories I have heard about individuals in the same difficult position as Mr. Keith. Family members think they are doing the right thing by getting insurance, but are not aware that the policy is subpar and requires a waiting period for coverage to take affect.
That’s why it’s so important to work with brokers like us who do our best to secure first day coverage for all of our clients.
How to apply
Applying is very simple.
You want to pick an agent you want to work with, and hopefully I’ve made my case to nominate myself to you and I’d love the opportunity to help you out with what I’ve just shown you and to get you hopefully some kind of coverage to cover if you’ve got bone fractures.
And second, after I were to listen to your goals, figure out what you’re looking for, takes me just a few minutes to give you an idea of what it’s going to cost, what’s going to run, and then once they’re accepted, the next process is simply apply over the phone or the Internet.
There’s a very small chance I would ever visit you. Everything can be done electronically in those cases. Usually, it takes a couple of days or weeks, depending on what kind of coverage you’re applying for, to get your coverage potentially approved and then several weeks later you get your policy in the mail and that’s it.
Many circumstances we do not require an examination. Examinations are usually optional at these levels of coverage that we’re looking at, but sometimes they’re required. It just depends, but many times it’s not.
If you’re interested in qualifying for life insurance, visit my website. You can go to buy life insurance for burial.com and you can grab a free quote.
I do ask that you messaged me first. You can do that by clicking the contact box or the one at the top or the bottom and send me a quick message or just call me. The best way to reach me is 888 626 0439, and speak with me live.
It just takes me five to ten minutes to give you an idea of what you’re eligible for. Give you an idea of what it’s going to run, and then you can decide for yourself if it’s something that makes sense for you. If you like this article, please leave a comment.
I hope this article has proven useful in your search for more information about obtaining life insurance with a history of fractures. If you have any lingering questions, be sure to give us a call (888) 626-0439 or send us a message using the message box found on this page.
Thanks for reading!