Affordable Senior Life Insurance and Pre Existing Conditions

Lenny Robbins
Sep 4, 2015 1:00:00 AM

pre-existing medical conditions and affordable senior life insurance

Many of us have medical conditions that will be considered pre-existing when we apply for life insurance.  Seniors buying life insurance will generally have more medical issues than younger folks. Clients always want to know how these conditions will affect underwriting.  An underwriter will consider your overall health, medical treatment, and family history before determining your rating category.

Medical Considerations

Before looking at your pre-existing conditions, an underwriter will review your application for the following information:

  • Your age.
  • Your height and weight.
  • Your medications.
  • Your current health and your health history.
  • Your family history.
  • Your lab results from your blood and urine testing.
As a senior you may have more medications and health history than younger applicants! If all of these pass muster then the insurance company will go on to investigate your pre-existing medical conditions. They will likely order your doctor records to learn all they can. If necessary, they will ask additional questions as well.

Pre-Existing Conditions

Senior life insurance may require time to process if you have one or more medical conditions. Underwriters take many things into consideration when evaluating your pre existing conditions. 
  1. Probably most important….can your health condition affect your life span?
  2. Is your health condition in remission or under control?
  3. Do you regularly see a doctor to treat your condition?
  4. Do you follow your doctor's advice?
  5. How long have you had it?
  6. Do you have any associated conditions from the primary health condition? 

Once again, this is where an independent life insurance agent can be very helpful.  The agent should know which companies will underwrite your condition most favorably. Each insurance company has slightly different underwriting guidelines. Each application will have slightly different questions as well. This is where an agent can really help you. They will know which carriers will look on your medical condition(s) in the best light.

We talk to our independent underwriter to give us assistance if you are a complex case!   Additionally, they can directly contact the underwriter evaluating your application if needed. Our underwriter(s) have helped numerous times to improve a rating and save our client money. 

Waiting periods 

Certainly no company is going to insure you if you had a heart attack last month.  After a period of time, with no further incidents and regular medical care, you may qualify, and possibly at standard rates.  (Every case is looked at individually and all factors are taken into account).

if you are diabetic you can usually qualify for life insurance.  Your rating will be directly affected by how well your diabetes is controlled. Your A1c will be the determining factor.  Uncontrolled, diabetes can lead to associated conditions that can affect your life span.

Cancer is another common pre existing condition.   Underwriting will depend on the type of cancer, the stage at diagnosis, the pathology report, when the cancer occurred, your treatment and if there have been repeat occurrences, etc. Even with cancer many people are insurable.

Senior Life Insurance Options

Some policies have easier underwriting than others. Simplified issue policies as some medical questions, but even with pre-existing conditions you may qualify for these policies. They do not require a medical exam and they do not get records. You must answer a number of medical questions. That's it.

Some applicants can qualify for the simplified issue life insurance even if they would be declined for a fully underwritten policy! An independent life insurance agent specializing in the senior market will be able to help you understand all of your choices.

The Bottom Line

Possible pre existing conditions are too numerous to mention.  Suffice it to say, your independent life insurance agent will be able to find out how your pre existing condition(s) will likely affect underwriting. Talk to a specialist in the senior life insurance market.

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