While seniors with pre-existing conditions might not qualify for the very cheapest life insurance rates, options really depend upon the degree of control the individual has over their health condition and other risk factors. If seniors follow their doctor’s instructions to manage a medical condition very well and avoid poor lifestyle choices, they may still qualify for good coverage at affordable rates. If the individual has trouble managing a health condition and some poor health habits, like tobacco use, options may be more limited.
Are you having trouble finding the best life insurance for your elderly parents, grandparents, or even yourself? Simply enter your ZIP code to use our free online life insurance quotes. After you compare the best life companies in your local area, you are also free to contact us if you want more help. Note that many adult children help elderly family members find policies, but the person that will get insured does need to be involved in the process by signing the application or answering a few verification questions over the phone.
Term Life Insurance for Seniors with HBP Problems
If high blood pressure or high cholesterol is well managed by diet, exercise, and prescription medication, younger seniors may still find cheaper term policies. But while some companies offer 10 year term for seniors in their 60s and even 70s, underwriting guidelines tend to get stricter. Even simplified issue policies that do not request a physical could still require truthful answers to lots of health questions.
Keep this in mind when shopping for term life insurance for senior citizens:
- Application process: Expect insurers to verify answers to health questions against the Medical Information Bureau (MIB) or by requesting a report from the individual’s doctor.
- Face values: Policies that don’t require physicals only offer a limited maximum policy size, and this maximum tends to get smaller for older people. While younger adults may qualify for up to $350,000, older people may need to settle for $50,000 to $100,000.
- Premiums: Average rates might be higher for smokers and people with pre-existing conditions.
- Length of term: People in their 50s may still find 20 year term policies, but people in their 60s and 70s may only have the option of 10 year term.
What About Guaranteed Issue Life Insurance Policies?
One option for elderly people who have trouble managing health conditions like cholesterol or blood pressure could be another type of no exam life insurance. You might choose a simplified issue or guaranteed acceptance policy. Often, these are whole life policies with fairly small maximum death benefits of from $5,000 to $35,000.
Sometimes they are called burial insurance or final expense insurance because their main purpose is to provide the insured person’s beneficiaries with cash to to pay for a funeral and handle other types of final expenses. Since the policies pay in cash, the beneficiaries are free to use any leftover money in any way they choose.
These are some features of burial insurance policies:
- Since these products have been designed for senior citizens, they don’t ask a lot of health questions.
- The questions on simplified issue applications are mostly designed to filter out the most seriously ill applicants and not people with common health issues of old age.
- In fact, guaranteed acceptance policy applications do not even ask any health questions at all.
We Offer Life Insurance Quotes for Seniors
Locating the best life insurance for an elderly person or even yourself can be difficult for a typical consumer. That is why we supply our website visitors and clients with the right tools to compare the best life companies online.
Just key in your ZIP code to use our quote system. After browsing what these companies offer, you are always welcome to call us for help. There really is a life insurance policy for everybody, and we work hard to help people find a great solution.