Good News Concerning Senior Life Insurance!

I was playing with my granddaughter over the weekend. There’s probably nothing she likes better than being chased and I forget how clumsy I can be. Anyway, I tripped a bruised a rib and as we all know there isn’t anything you can do about that except try not to sneeze or cough.

I’m not whining about it, but it does kind of bother me that something that would have quit hurting in a week when I was 30 now takes a month or more at double the age. So I’m sitting here in my office and trying to think about the good things that come with “maturity”, so here you go, a little whine with your good news this morning.

Once you become a senior life insurance can become more challenging both from an age and health perspective, with some notable exceptions. Being diagnosed with type 2 diabetes over age 60 can be a real underwriting advantage. Well controlled diabetes that is diagnosed close to or after age 60 is the only time in the industry that a person has a chance, and a good chance at preferred plus rates. In the absence of other risk factors that would bump you out of the best rate class, ING Reliastar will approve a type 2 diabetes case if the applicant is over 60, has been diabetic less than 5 years and has an A1c under 7. Small window to be sure, but an absolute home run if you fit through it.

Another case where senior life insurance will catch more of an underwriting break than our younger counterparts is with successfully treated prostate cancer. The lower grade (Gleason 6 or under) and stage prostate cancer that can bring an approval at any age, can be cut even more slack in your 60’s and 70’s. What underwriters understand is that a low stage and grade prostate cancer, even untreated, is a slow moving cancer that especially in older patients is not likely to be the mortality factor that leads to their death. Before anyone misconstrues that sentence, understand that going without treatment, while medically it might be fine, won’t work for life insurance underwriting. You will not get approved without successful treatment.

Another place us well seasoned folks catch a break with a lot of companies is on their build chart. Several companies have build charts that allow significant slack after age 64 or 65. A weight that might only get you a preferred or worse approval, with companies like Genworth and Prudential could lead to a preferred plus approval. A good example is with Genworth, 5’10” and 229# can still get their best rate at age 65.

Bottom line. All is not downhill when it comes to life insurance for seniors. While we may be losing the battle with our climbing rates with age, at least we can battle back with some underwriting advantages.