WARNING: Life Insurance Companies Look at YOU Differently
This is a fact that if you are 61, you should keep in mind.
It’s really important that you understand that every insurance company has their own rules and guidelines that are used when underwriting an application. Some companies have very strict rules and guidelines including any pre-existing medical conditions. There are also life insurance companies that are not concerned with health issues.
Understanding this will help you find the right life insurance company for you!
You should know the best life insurance policies for your given health and lifestyle. As mentioned, companies vary in their terms and who they will give a policy to and who they won’t. This is where we can help you out. We know all about life insurance companies and work hard to provide people with the best choices for them. We can guide you to the best insurance company and the best price.
It’s all about “Saving Money”.
Life Insurance Options When You Have Health Issues
Even though most people who are 61 are in good health, some have pre-existing issues that date back to childhood or at some time in their life. That said, you can still get an affordable plan even if you have some health problems. The policy you might qualify for and the cost will depend on your particular health concerns.
As an example, if you suffer from type 2 diabetes, some insurance companies will offer a standard rate as long as your condition is under control. If you have heart problems or have experienced a heart attack or stroke in the past, you will probably only qualify for a Guaranteed Issue Life Insurance Policy. If you have a health issue you should speak with an experienced agent, they will guide you to the best insurance carrier for a policy.
What You Should Know About Getting Life Insurance When You’re 61
Regardless what your overall health is today, Final Expense Life Insurance Companies will be a great deal more detailed during the underwriting process than if you were 30-years of age.
Bottom line, someone who is in the 70s will face serious health issues sooner than someone in their 60s, though that’s always the case. Life insurance companies will factor in your age and other details when deciding your rate and whether to approve your policy or not.
The Challenges of Getting Approved at Age 61
Even though you qualified for an insurance policy, in the past, you might find it more difficult now, especially if you are looking for a million dollar life insurance policy.
Finding the best life insurance coverage and a good rate at 60 will more than likely require the following:
- Have a complete physical and an EKG
- A complete physical from your current doctor within the past 2 years.
- Provide your medical records to the insurance company.
The rate you will actually pay will depend on factors and some additional steps that might be required, regardless of your age:
- A DMV and criminal background check.
- A view of your prescription database.
- A credit scores check to find out if you have a previous or current bankruptcy.
- Your overall health & history of your health
- Whether you smoke or not
- The history of your family health
- Your driving record
In order to decide if you are eligible for a policy, a life insurance company may look at all these factors.
Best Life Insurance Rates for 61 Year Olds
These tips will give you a pretty good idea what policies you can qualify for if you are 61 years of age.
It might be a little difficult, but if you work with someone who understands life insurance companies, you’ll get a policy that is affordable and give you peace of mind! That’s why its best to work with an independent life insurance agent.
Prices are the same when comparing policies from the same carrier. So there’s no difference in price when looking at the same policy direct from the company or using an independent agent.
The difference is in service.
Shopping the Smart Way
Shopping for life insurance is not like most purchases. You need to make sure you’re shopping rates from a variety of life insurance companies so you can make sure you’re getting the best possible plan. The competition with life insurance companies is significant, so use that to your advantage.
Use an independent agent like Life Insurance Blog who can find out the companies that can get you the best deal.
Life Insurance Application
This is how the typical application process will go:
- Contact us or get an instant life insurance quote
- We’ll shop your case from dozens of companies to make sure you’re getting the best deal.
- We’ll help you apply conveniently online and over the phone.
- If your policy requires a medical exam, we’ll set that up for you.
- We wait for your approval. Times range from “Instant” for certain policies & 4-6 weeks for a typical medical exam policy.
- Once approved, you simply pay for your policy and it is now effective and in force.
Make sure you apply with an independent agent like LIB. Going direct will leave you vulnerable and stuck with that company if your policy is rated up or denied. This is common especially if you aren’t in perfect health. Thanks for reading, Life Insurance for 61 Year Olds. Please let us know if you have any questions.