Interested in knowing how the rates of life insurance are affected by age?
Hopefully, I can answer all your questions on this topic.
This is Chad McMahon from ‘Protect with Insurance.’ I am in the Cottonwood and Prescott Valley area and am here to answer all your questions that you may have regarding the impact of age on the rates of health insurance.
Your age does not dictate your health rating. Your health is the main thing that determines your health rating. For example, prescription medicines or a medical diagnosis affect your health rating.
The only time age is going to impact your insurance policy is when you are, for example, over 80 years of age. There are certain policies you cannot get when you’re over the age of 60. You may also not be able to get certain lengths of term.
Thus, when you are over the age of 60, you may not be looking at a 30-year term anymore, unless you go fully underwritten. That’s an entirely different topic. You can watch my videos regarding fully underwritten policies for that, but as far as these rates by age for life insurance are concerned, life insurance policies depend upon your medical conditions.
A couple of the major health conditions that change your health rating include being permanently or semi-permanently dependent upon a wheelchair, congestive heart failure or kidney, liver, or lung disease. You can opt for a guaranteed issue life insurance policy or A graded policy in this case.
If a life insurance agent has set you up with a graded life insurance policy, then this is a glaring red flag. What it means is that they do not have access to enough programs to get you something that’s not graded. They should not have signed you up for a graded policy because it doesn’t start for three years and your price increases. Instead of an a graded policy, you should be in a guaranteed issue life insurance policy or be assigned to another company that offers a standard, preferred or higher than preferred health rating. Even if you have major issues such as COPD, you could still get a preferred health rating with some companies.
Diabetes is another example. A lot of people worry about diabetes nowadays. It’s so common that you can easily get a preferred health rating, i.e., an above-average health rating. Even if you are taking insulin, there are some great companies out there where you can get at least a standard health rating.
I hope this has been helpful. Click on the link below if you’d like a free consultation. If there’s anything I can help with, just ask away. I’d be happy to help you over the phone or meet with you in person. Take care!
If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.