A query about life insurance yesterday from a 58 year old with no health history, no family history and no current treatment and a great build led to quotes at a preferred plus level. A return email today asked me to quote a worse rate class doubting that someone his age would qualify for the best rate class. I provided the quotes he asked for but told him I believed, unless something showed up that neither of us knew about, he should be approved at the best class.
The truth is that approval isn’t based on age. I have had clients approved up to the best class all the way up to age 78, a relief to a partner in a business who had to provide their half of business insurance for a buy/sell agreement. Even one rate class difference would have meant $25 thousand more per year. But the fact was he was healthy in all the ways that the 58 year old I described was and qualified for the rate he got. So life insurance in the 50’s, 60’s and even 70’s at the best rate is still a very real possibility with good health. Far too many of us elderly folks settle for guaranteed issue or simplified (no exam) life insurance due to the fear of age and exams.
Exams and your medical records are, in most cases, your friend and your way to better rates. When underwriters can see the full medical picture they’re a lot more comfortable approving a better life insurance rate class. The dark side of life insurance would have you believe that we are all flawed beyond the ability to get good rates, and in a lot of cases to be able to get life insurance at all. That’s when they pull out the weapon of all weapons, no questions, no exam, absolute guaranteed issue life insurance.
How can they do that I asked on behalf of all of you? Disclaimer time. I don’t sell this product. They make it available to all by combining super high price, generally paying its’ own death benefit in 8-10 years along with no benefit in the first two years of the policy.
Bottom line. Most life insurance candidates in their 50’s and 60’s can qualify for, if not the best rate, a good rate and I believe they should lay it on the line and go for it. If it doesn’t work out the other products are still available. Remember? No qualifications. If you have any questions or would like to discuss what rate you qualify for, call or email me directly. My name is Ed Hinerman. Let’s talk.