We have had many request from people in the older age groups and it can still be a surprise to hear that many do not think they can get any life insurance when they are over age 65, 70 or even 80! Let alone a good rate.
What rates can you expect when you are over 65 or older? As always, it depends on your health and possibly your occupation. In other words, if your health is excellent and you don’t go skydiving every morning, then you should be able to get very good rates. There are some variations on handling getting life insurance when you are 65 and over. Some people have asked us if they should first apply for a no exam insurance plan and our answer has often been yes. Why? Simply because if you first do an application on the insurance plan that requires an exam and the exam uncovers some bad health news, then you could end up with very expensive coverage or no coverage at all. We recommend you do a no exam plan first and secure as much life insurance as you can. Then, apply for a regular insurance plan, and if rates on the regular plan come out better than with the no exam plan, then you cancel the no exam plan and have lost at most one month of higher premiums. Of course, you can always take the risk and just go straight to a life insurance application which will require an exam. Sometimes, you may not feel you have a choice as you may need $1,000,000 or more in life insurance, and no exam plans may not be able offer anywhere near what you need.
What plans are available to older people? Just about any! As far as no exam plans, if all you need is $150,000 or less, there are excellent term life insurance and whole life insurance options. Possibly some universal life insurance options too. With no exam insurance each plan may have its limits. Can you apply to multiple plans? Most times, it is fine. This way you can secure a higher amount of coverage from multiple insurance companies and get as close to your insurance goal as possible. Once all or some of your insurance needs have been secured, you are ready for the exam required plan. On the amount of insurance available, the sky is about the limit. You can apply for as much as $5,000,000+ and select from whole life, universal life and term life insurance (there are many other plan options but those are really just variations of any of the three basic plans mentioned).
How about underwriting! First thing first. Tell the truth about your medical history. No point applying for a policy, lie about your medical history, get approved and never know if your family is actually protected. Keep in mind that the insurance company may have at least two years or more to rescind (cancel) the policy. If that happens, good luck getting another policy somewhere else. even if you can qualify, the insurance company will see this nasty code on your records and run for cover. Please tell the truth. Besides, it is the right thing to tell the truth anyway. Second, if you do have medical issues, give the insurance company as much detail as possible. That should always include the right doctor’s name, address and phone number (maybe even fax). One of the biggest delays in getting an answer for insurance is medical records. Grant it, doctors are not so exited about getting more, low paid, work to mail medical records but giving the insurance company the right Dr. info can save you at least two weeks of underwriting. Next, make sure all your basic information (date of birth, social security number..) is entered and entered correctly. Last, but not least, get back to your broker or agent or whoever is your contact for the insurance company whenever they call, e-mail, fax or even instant message you. Not getting back to the person who is helping you with the underwriting of your application may not only delay an answer but may also show a lack of interest. No one wants to spend time on an applicant who is not really interested in the insurance they just applied for. Particularly if the person assisting you has shown great interest in your well-being.
To recap: Apply for no exam insurance plans, then apply for a lower quoted exam required senior plan, be thorough and honest with the application and keep in touch with the person assisting you with the application. One last thing, ask questions before, during and after the underwriting process. Be well!
Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com
Company Profile
MCD Life is a successful, dynamic company built on the principal of serving our customers FIRST! Our primary mission is to bring peace of mind to our clients by offering innovative, value-added products and information that place emphasis on short and long term benefits, benefits backed by selected companies with high quality assets and written guarantees.
Our Focus Life Insurance for people who have or have had health problems
With many years of experience in the insurance business, we have developed proprietary methods to help individuals over the age of 65, get affordable insurance. We offer term insurance, whole life and universal life insurance. We will make this process as simple as possible and get you an answer as fast as possible.
Visit >>http://termlife4ca.com/
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