At least one life insurance company out there has come to grips with and made a positive allowance for the fact that as we get older, most of us tend to weigh a little more than we did in our 40’s and 50’s. This is certainly not to say that Prudential has taken a strong stance in favor of obesity, but rather they have taken a reasonable stance (a rare occurrence with insurance companies) on a fairly normal life/age change.
In most cases if you are 65 or older Prudential’s build guidelines can make a one to two rate class difference over other companies. This means that the rate you pay could potentially be 30% or more lower because of their allowance for higher weights.
Just to put some numbers to what this means, let’s assume a 66 year old is applying for $100,000 of 15 year term insurance. He doesn’t have any health problems and has a great family history. His height is 6′ and his weight 225#.
With Prudential he would qualify for their best rate at $989 annually. The next best rate would be with Banner Life at $1367.00. This is huge, especially for someone who may have been penalized due to build prior to age 65. It could open the door to locking in lower rates when you most need them, at retirement. This could fit in perfectly with people that are looking at a life insurance supplement to maximize their retirement options.
Bottom line. If you are 65 or older and not getting the best rates due to build, call an independent agent and find out if The Rock might provide your best option.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.