When seeking a life insurance your age does not dictate your health rating. Your health is the main thing that determines your health rating. For example, prescription medicines you are taking or a medical diagnosis of your current condition affect your health rating.
The only time age is going to impact your insurance policy is when you are, for example, over 80-years-old. 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 of term insurance.
Thus, when you are over the age of 60, you may not be looking at a 30-year term life insurance anymore. 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 affect 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 of a health issue affecting life insurance coverage. 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.
We hope this has been helpful. Click on the link below if you’d like a free consultation. If there’s anything we can help with, we would be happy to help you over the phone or meet with you in person.
Don’t hesitate to contact us. Use the links below or call us directly at (928) 323-0933.