Hello everybody. This is Chad McMahan with protect with insurance. This is another life insurance episode. This one is on Arizona term, life insurance for seniors. So this is a bit of a niche in the industry. Most seniors don’t get term life insurance. They get whole life insurance. So very, very briefly the difference between the two-term life insurance is going to be a policy that does have an expiration date in terms of guarantees of price, guarantees of covering you with your health term life insurance it’s called term because it has a stretch of time, anywhere from one year to 30 years, depending upon your age and depending upon your health for seniors, typically it’s a 10 year term.
15 sometimes. and if you’re a younger senior, then it can be a 20 year term, sometimes even 25 year. If you’re an exceptional, exceptional health, Nope. Prescription medicines, ideal build all of that. Then you can get a 25 year term it’s that can certainly happen. We’ve helped a lot of clients with that, and that requires a fully underwritten process.
Now. Term life insurance is harder to get than whole life insurance. Let me go through quickly on some pros and some cons. but the general overview is that it is more difficult to get than whole life insurance term life insurance policies require much better health, very few or no prescription medicines.
They require that you don’t have any moderate or major health conditions. It’s okay. If you have diabetes. But no insulin. It’s okay. If you’re on blood pressure, meds, cholesterol meds, things like that. Typically it’s a max of an accumulative three prescription medicines. That includes inhalers. That includes eyedrops.
So it’s very important to know this going into it. You want to have realistic expectations if you’re a, if you’re taking four or more prescription medicines, if you have insulin, if you’re taking a blood thinner, all of these things that are fairly common, actually. Then you probably are not going to get approved for term, but I still want you to reach out to us because we’ll do everything we can for you.
If we can get you into term life insurance policy, we will. And if anyone can, we can we shop okay. A whole bunch of these companies. And so we’ve done this a long time. We know what their requirements are and we know how to get she in if anyone can. So please reach out to us if you want to term life insurance policy.
Now, aside from those requirements, In terms of prescription medicines and all of that, your bill doesn’t have to be perfect. But if you are on the heavier side, please tell us right away, a text or call us and let us know right away so that we can fit you with the company that’s going to work for that.
Now, sometimes people are too heavy based on their height in order to get term. Whereas with whole life insurance, again, more flexible can get into a policy for that. So, we can certainly help you. We have taken care of, I don’t know how many policies for seniors, we put them into term, but again, most terms, they prefer to get the whole life.
Cause they don’t want to turn. That’s going to expire. They want something that’s going to keep going. The reason why a lot of seniors do want term life insurance is because they want a larger coverage policy. They want to 5,100, 300, 500,000 million dollar policy. but the problem again, yeah. Is that it’s a policy with a ticking clock.
and the cost per thousand dollars of coverage is lower with a term policy than it is with the whole life insurance policy. Here’s an example, a $100,000 term policy is probably gonna cost about the same. If you were talking about a 70, 75 year old and above, it’s going to be even more extreme, but a hundred thousand dollars term for 10 years is going to cost typically about the same.
As about a 30 to $40,000, whole life policy, more like the $30,000 side life policy. yeah, it never expires. And that whole life policy is going to build cash value and it’s just never going to change. So these are big decisions. And, for example, a lot of our clients that are married, they, you know, we give them the information, they talk it over and they decide what they want to do.
And then they get back with us if they want to do it. So I hope that’s helpful. Now, the term life insurance companies that tend to be more helpful towards the seniors. American amicable has an amazing term program for seniors up to the age of 75 foresters, financial, by the way, these are all great companies.
We only work with the best foresters financial. They have an incredible program, goes up to age 80. Yeah. Now if you’re past the age of 80 and you want to term life insurance policy again, you know, let us know. No, but at this time as of today’s date and this always changes, we’re always looking for great companies to add.
They have to be a rated and they have to take care of the needs of our clients and their pricing has to be reasonable. But by the time you reach out to us, Yeah. If you are 81 or above, hopefully we will have added a company that can take care of you. But as of right now, age 80 is our maximum age. As far as accessing these high rated lower priced companies.
So please reach out to us no matter your situation, we’d love to try and help you love to take care of you. whole life policies right now, we can go up all the way to 89. Believe it or not. And so we do occasionally get reached out to by clients that are in their nineties. Or they maybe have a parent that’s in their nineties and they want to take care of them.
And what we do is we add that to our waiting list. And if we do either a, at a company that can take care of them, we give you a call or B run across a company that has an, a rating that’s super important, a life insurance company with an, a rating. Then we reach out to you and we just points you in their direction.
We don’t get any benefit for that except us to help you out. Yeah. And that does mean a lot to us, obviously, so, yeah. Yeah. And I hope this has been very helpful. Please reach out to us, let us know how we can help you. Alright. Take care.