Can You Get Life Insurance If You're Over 50?

Most people over 50 who are interested in life insurance seem to express two main concerns. Will they qualify medically and will the rates be affordable. Of these concerns, the one that comes up the most, is health qualification. It is not uncommon for an individual to be quoted good rates and then just be declined for insurance.
If you are in great health
If your are one of the many people over 50 who are in good health or you only have had some very minor health issues such as colds, headaches... Or anything treatable with over the counter medication, then you should be able to get the best possible rates. Also, most plans should be available to you with a possible limit on the term life insurance plans which may offer guarantees for only 15 years. If you need longer coverage, then a whole life or even a lower priced universal life plan should do the job.
The fast answer no exam over 50 life insurance plan
This plan is probably the most popular plan with people over the age of 50. Very often it is the child of a senior that gets the life insurance and this makes it much easier for everybody to secure a policy. Keep in mind that these policies are very limited in the amount of coverage they offer, with most companies offering a maximum of $25,000 in coverage (usually whole life). Keep in mind also that, if you are over 80, and do not wish to do a life insurance exam, whole life insurance may be the only option available.
The slower answer full underwriting life insurance (exam required)
Although it takes longer to underwrite (get a final answer), the full underwriting plan or sometimes called the exam required plan, should yield the most and best life insurance coverage for the least amount of premiums. Before you get all excited about this option, keep in mind that, you cannot be in a hurry to get the coverage as it can take weeks for an answer (you are over 50!) and there is always a chance that the life insurance exam will uncover some health issues you did not know you had. If you are not 100% sure about your health (in other words you have not had a physical in over three months) then, we recommend that you secure coverage with a no exam plan first and then apply for the full underwriting plan. If your full underwriting plan gets approved at good rates, just cancel the more pricey no exam plan.
If you have some minor health issues
For individuals over 50 who have minor health issues, both plan options above may still be available and the process is about the same. Some examples of minor health issues are controlled high blood pressure, non-evasive external cancer (skin), diet or pill controlled diabetes, internal cancer with last treatment more than 5 to 10 years ago, controlled heart health issues and the ability to care for your personal needs (bathing, dressing...). Some insulin dependent diabetics may fall under this category too.
If you have major healthy issues
Having major health issues, as you may know, will limit the number of life insurance plans available to you. In most situation, graded life insurance is the only type of plans a senior over 50 will qualify for. Graded life insurance simply means that for the first two to thee years, the death benefit is limited to the premiums you paid plus some in interest (we have seen interest rates range from 4% to 10%). Although, some people may decide that the plan is worthless since full coverage does not start right away, we fee that, if you cannot qualify for any other life insurance coverage, it is a big mistake not to get a graded lief insurance plan. After all, worst case scenario, you died within the graded period, but you have made 4% to 10% on the money you sent to the insurance company for premiums - where else can you get that kind of return at no risk? Applying for full underwriting life insurance may still be OK but be prepared to be declined fast. In rare cases, you may get approved with very very high rates. One tip most people do not know is that it is easier to get approved for permanent life insurance (whole life, universal life...) than term life.
Note that, in all options above, we have covered the most common health issues. Of course, if you have a health issues not mentioned above, you may fall under any of the above categories. Please ask your advisor about plan availability for your specific health issue(s) and give the advisor as much information as possible. The more information you give your advisor the better the results (in most cases). We hope this article gave you a good head start on getting life insurance if you are over 80 and it made you feel more comfortable about the process. Please feel free to ask us questions too. The answer is fast and clear. Be well.