Finding affordable life insurance for those over 60 can be a challenge, especially when it comes to dealing with insurance companies that primarily focus on auto insurance. These insurance providers often label common health issues as ‘high-risk,’ making coverage unaffordable. With some companies, your health history might even cause your application to get declined.
Finding an affordable life insurance policy when you are past 60-years-old requires working with an experienced broker who can help you compare your options, especially if you have a few health issues. Here are a few additional tips to help you find an affordable policy when you’re over 60.
Reviewing your medical records
Life insurance companies use 12 to 16 different rate classes to determine how much to charge someone for their life insurance policy. The most common rate classes are preferred best, preferred, standard, and standard plus. If you have a few minor health issues that are not life threatening, you should fit into one of these four categories.
Some minor medical issues that insurers often overlook include:
- Well-controlled mild mental conditions like anxiety or depression
- Being up to 30 pounds overweight
- Hypertension or high blood pressure
- Elevated cholesterol
While insurance underwriters often dismiss minor health issues, more severe medical problems could cause your application to be approved at a substandard risk category. Here is a short list of some of the medical ailments that insurance companies will consider closely when approving your application:
- History of cancer
- Heart disease
- History of strokes
- Current tobacco use
- More than 50 pounds overweight
Well-controlled type II diabetes should not prevent you from qualifying for a standard or better rate, but people who multiple health issues will have to pay a higher premium based on their “risk” to the insurance company.
Raising your chances
If you have a health issue listed above, you might feel discouraged to apply for life insurance, but don’t give up! Some companies are more lenient with specific health issues than others; by working with an experienced broker, you’ll be able to compare options from dozens of companies to find you best match.
If you’re a few pounds overweight, you don’t have to go on a crash diet or start training at the gym. Most companies are extremely lenient with their weight guidelines, especially after the age of 60. Picking up a health habit like walking could help be your silver lining when it comes to getting a better health rating though.
Some insurance companies will even overlook a few minor health issues if you can prove that you’re active. Finding the best company for your health profile will save you a considerable amount of money – that’s the importance of hiring a broker. Their services are free, and they cannot charge you more money than the insurance company that is insuring you.
Author: Cliff Pendell