Ah, the joys of being somewhere post mid life and nearly as old as dirt. It seems that we get focused on the negatives like the aches and pains and trying to figure out if retirement is a gift or a joke, and we don’t take time to grab on to the big advantages that being over 60 or 70 can bring.
Joking aside, with life insurance there are some advantages for those of us post 60 that our younger counterparts don’t have. Starting with the obvious for most of us our need for the larger amounts of life insurance has adjusted downward. We no longer need to carry life insurance for the sake of our children since theoretically they are grown and responsible and honestly ought to be sending us gifts and money every month in thanks for the great job we did. We also generally have smaller, if any mortgages at all and therefore have outgrown the need for mortgage protection life insurance. Lastly as we near or enter retirement or just get older even if we still work, the number of years we have left dictates a smaller need for life insurance.
There are also underwriting advantages with life insurance over age 60 and especially over age 70. For starters there are several companies that use a different build (height and weight) chart allowing for the elderly expansion that some of us go through. For instance, with Protective a person 5’10 and 209# under age 70 gets a preferred rated. Over age 70 they can get the preferred rate class up to 230#. With Prudential there is nearly a 30# difference between under and over age 60.
And it doesn’t stop with just being able to shamelessly carry a spare tire and not bust the budget. Life insurance has cut type 2 diabetes over age 60 onset major slack compared to under age 50 almost since they finally broke down and started approving it at all about 20 years ago. Over age 60 life insurance also catches good breaks when it comes to cholesterol, blood pressure and family history with several companies. It’s really kind of humorous to think that some companies will hold the fact that your brother died at age 50 of a heart attack against you at age 70, but it’s all in choosing the right company and using the right agent.
Bottom line. All companies don’t offer these breaks so if you are considering life insurance over age 50 or feel you’ve been mistreated because of any issue that should be age sensitive, call or email me directly. My name is Ed Hinerman. Let’s talk.