Life Insurance for Seniors with Pre-Existing Conditions
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As most people enter their retirement years, they are bound to develop some health issues. It is always important to compare a variety of life insurance policies before making a purchase, but some pre-existing medical conditions may reduce available options. However, plenty of insurers want to compete for the business of senior citizens. While relatively healthy seniors may have more choices, there are also alternatives for applicants with some items to report on a health history application. Also, it is possible to find policies with no health questions on the application at all.
These days, it is fast and easy to shop for life insurance. Let us help you find the best senior life insurance for yourself or your parents. You can use our life insurance quote forms to view quotes and plans online, and all you need to provide is your ZIP code to get started.
Life Insurance for Seniors with Pre-Existing Conditions
Seniors with diabetes, seniors with cancer history, and seniors who need to look for life insurance coverage after a heart attack may have limited options. Some risk factors or chronic health conditions might trigger a rate increase from companies that have strict underwriting guidelines and different rate classes.
These are some things to keep in mind about looking for coverage from insurers that do a lot of underwriting after a serious medical condition:
- Health history of serious diseases: Insurance companies who have fairly strict underwriting rules will probably want to see that an applicant has recovered from a serious disease, like cancer or a heart attack, for at least two years. The type and severity of the illness also factors in. For example, seniors who needed bypass surgery or stints after a heart attack or after a stroke may have a tougher time than those who could recover with diet and exercise.
- Chronic health conditions: With chronic health issues like diabetes, control and management are important. For example, some insurers may offer fairly standard rates to applicants who can demonstrate they have managed their disease with diet, exercise, and oral medications or less than 40 units of insulin a day. Seniors with HBP or cholesterol may face similar issues in that they must demonstrate good control of their medical condition.
- Risky lifestyles: People with other risk factors, like smokers or seniors that are overweight, may have to pay more. If these high risk factors are combined with illnesses or other medical conditions, the application might get declined or moved into an even higher rate class.
Guaranteed Issue Senior Life Insurance for High Risk Applicants
When you see ads for senior life insurance on TV, it is usually for a product called burial life insurance. It gets this name because some older people and their families purchase these policies to make sure they have the funds to pay for burials and other final expenses that crop up when a loved one passes away. These are small whole life policies that provide a lifetime of coverage at one level rate.
There are two basic types of senior life policies:
- Guaranteed Issue Senior Life Insurance: These policies don’t require the answers to any health questions at all, and they accept any qualified seniors who apply. However, they probably do not offer an immediate death benefit and rates might be higher than they are for policies that do ask health questions.
- Simplified Issue Senior Life Insurance: These policies ask a few health questions, but they still accept the majority of reasonably active and healthy seniors. They do offer an immediate death benefit and somewhat cheaper premiums than guaranteed acceptance policies.
How can insurance companies offer life insurance without asking health questions?
They use a two or three year waiting period. If the insured person passes away before this waiting period ends, the insurance company may only pay the beneficiaries a portion of the full face value or even only send back an amount equal to premiums that have already been paid.
Guaranteed issue policies might be a good option for elderly people who cannot qualify for coverage that does require answers to health questions, but we suggest trying to find a simplified issue policy first. Even seniors with a history of health issues might still qualify for these because insurers already know they are attracting older people who might not be in perfect health. Simplified issue polices are typically cheaper and offer the full death benefit right after the policy is issued.
Why Compare Burial Insurance Quotes?
You should always get a handful of insurance plans and prices to review. Some insurers offer different benefits. Also, some have underwriting guidelines that work better for different clients. Since most people plan to keep their coverage a long time, a few dollars difference in monthly premiums can add up to a lot of money over the course of years or even decades.
It does not have to be difficult to find the right senior life insurance, and this is even true for seniors with pre-existing conditions. For example, you can access our online quote form 24/7 from the comfort of your home or office computer desk. Just provide your ZIP code to start shopping, and you can look for quotes for yourself, elderly parents, or even your children.
After browsing the list of insurers that offer life insurance in your town or city, you can click through any entry to learn more. If you need more help, you are also free to call and speak with a licensed agent. We work hard to provide the best life insurance solutions for all of our clients.