I first wrote this post in late 2018. It’s a subject I feel deeply about and have written about since I started this blog 13 years ago. Growing old is not for the faint of heart, and there are life insurance companies out there whose sole purpose is to scare you with your own age and make you believe that they are the only place you can get life insurance…….because you’re growing old. I’m updating it because I just can’t leave it alone. Everyone, and especially those of us who have earned a lot of years, deserve to be treated with respect.
Let’s Bust This Life Insurance Myth Now And Forever!
AARP/New York Life, Colonial Penn, AIG Direct and on and on. There is no end to life insurance companies that would have you believe that people over age 50 should quit taking life insurance exams and start turning to smaller, over priced life insurance policies. They want you to steer clear of exams and reviews of your medical records. Instead they want you to opt for prices that are high when you first buy them (age 50, 60, 70?) and then become too expensive to budget when you reach an age where death is no longer considered untimely
Can You Get Affordable Life Insurance At Age 70?
The truth is that approval isn’t based on age. Rates get higher with age but approvals are based on health, not age. Working with business partners I was able to get the older of the two, age 78, approved at the best rate class, a home run for their buy/sell agreement. Even one rate class difference would have meant $20+ thousand more per year. But the fact was he was healthy at age 78, using the same measures of health that a 38 year old would have to show. So life insurance in your 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, a fear that is marketed to us.
Return The Favor. Give Your Parents Sound Advice
Exams and your medical records are almost always your friend and your way to better rates. When life insurance underwriters can see the full medical picture they’re a lot more comfortable approving a better life insurance rate class. Conversely, it is the lack of a full, clear picture of your health that gives rise to guaranteed issue life products and unfair life insurance products. The companies that offer the simplified and guaranteed issue products hope they can instill a fear that because of age or health issues you are better off keeping your health off the table. I’ve demonstrated over the years that this myth can steer you to higher rates for less life insurance.
Demand Ethical Treatment!
Every life insurance agent in the country has to complete continuing education yearly and “Ethical Treatment Of Seniors” has been a required course for as long as I can remember. While the National Association of Insurance Commissioners will bust me and take my licenses if I don’t complete that course, they won’t take companies to task for pushing immoral and unethical life insurance products to seniors. My opinion? I think the NAIC is afraid to take on large companies. Much easier to Lord over agents who don’t have larger than life brands like AARP.
Bottom Line. Protect Those Being Preyed Upon.
Most life insurance customers in their 50’s and 60’s and 70’s can qualify for, if not the best rate, a good rate. Almost without exception you can qualify for better prices and better products than “final expense companies” offer. I highly encourage going with fully underwritten life insurance. Do an exam. Answer the health questions. Let them review your medical records. If you have any questions or would like to discuss how much lie insurance and what rate you qualify for, call or email me directly. My name is Ed Hinerman. Let’s talk.