Life Insurance for Seniors that are Overweight
A few excess pounds probably won’t matter that much to the majority of life insurance companies. They do use weight charts, but the numbers are more relaxed than they were a few decades ago. However, life insurance for seniors that are overweight might be considerably more than the average weight for their height may find that they cannot qualify for the cheapest rates offered by insurers with strict underwriting guidelines. By the way, some insurers might take a second look at seniors who are very underweight too.
We would like to help you find the best life insurance for seniors that are overweight? To get started, just put your ZIP code in the box at the top of this page. After comparing life insurance quotes from top companies in your city, you are also welcome to call for more information.
Coverage Options for Life Insurance for Overweight Seniors
Some younger seniors may still find good term life insurance, but even no exam life insurance term policies might still have some pretty strict underwriting standards. The insurers will still ask some health questions, like weight, height, and disease history, and in some cases they might verify these answers against other sources or even the applicant’s doctor.
Typically, one factor like carrying 35 extra pounds will not get these applications declined. However, it might trigger a rate increase. In combination with other factors like diabetes, multiple risk factors may get applications declined or increased in price considerably over standard rates.
Smokers might find themselves in a similar situation as very overweight people. Also, some term policies might cap death benefits at a fairly low amount for term policies. Seniors may be limited to $50,000 to $100,000 in coverage.
Guaranteed Issue Life Insurance for Seniors that are Overweight
The right answer might be a type of life insurance called senior life insurance or burial insurance. They are called burial insurance plans because these whole life policies usually have a fairly small death benefit that is mostly meant to cover basic end-of-life expenses like burials. However, note some basic features of these plans:
- These policies do pay the death benefit in cash, so the beneficiary can use the money in any way that she needs to at the time, and she does not have to use it all to pay for a funeral.
- Death benefits are limited from about $5,000 to possibly $35,000.
- Underwriting is relaxed, and they may or may not have a different rate for smokers.
Insurers know that these policies are offered to senior citizens, so minor pre-existing conditions like high cholesterol or some excess pounds won’t matter. In fact, the average senior life insurance policy has very few questions on the application, and you can find guaranteed issue life insurance for seniors that are overweight that may ask no health-related questions at all.
However, policies that do ask some health questions might be a better choice because rates are somewhat cheaper and the entire death benefit can be paid as soon as the policy gets issued. With a guaranteed issue policy, the insured person might have to survive a two to three year waiting period before the insurer will pay out the entire death benefit. Before the waiting period expires, the insurer may offer to pay beneficiaries some portion of the death benefit or just refund any premiums paid.
How to Find Life Insurance Quotes for Seniors Overweight
Prices and the types of benefits offered do vary a lot even between top companies. That is why it is a good idea to compare multiple companies. We make this comparison very easy by offering free online senior life insurance quotes. To begin, just put your ZIP code in the box at the top of this page.
After viewing a list of good life insurance companies, you are free to click through for more information or call us if you need help. We work hard to provide both online insurance tools and personal service to help every client find the affordable life insurance they need.