Term Life Insurance for Seniors
Schedule an appointment with the author, a life insurance agent, here: https://www.truebluelifeinsurance.com/roland-rodriguez/
Or you can call/text him directly at: 480-295-2009
There are many life insurance companies and products available for seniors these days. Some of them don’t even require a medical exam or have health questions. We will be reviewing some of the most popular options available depending on your need(s). Some seniors only want burial insurance or to cover final expenses. Other want to cover larger items like their home mortgages, vehicles that are leased or financed, credit card debt, and/or want to leave a legacy to their spouse, children, favorite charity, etc.
Term life insurance for seniors is a great option for those who need $50,000-$250,000 worth of life insurance. Many companies can even do up to $150,000 term life insurance without a need for a medical exam!
Are you taking any prescription medications?
Not to worry! According to bemedwise.org, most older Americans (8 out of 10) are taking at least one medication per day. Most are taking 3 or more medications per day. The good news about this statistic is that life insurance companies have become less alarmed when you are taking 1 or multiple prescriptions per day. We (life insurance agents) are able to directly look at their “underwriting guide” and check before we submit your life insurance application if it’s going to be a problem at all.
These days the actuary data and science is comprehensive enough to give life insurance companies a good idea of what your mortality rate is when you have certain ailments. It looks good when you are seeing your physician regularly and are taking their recommended dosages and medications. Some of the most common ailments like high blood pressure, high cholesterol, diabetes type 1 or 2, hypothyroidism or hyperthyroidism, depression, arthritis, COPD, previous cancer (after 2 years free and clear), and others are acceptable these days with specific life insurance companies that cater to seniors.
Your agent will most likely ask you what medications you’re taking so that he/she can cross reference it with the underwriting guides and database. This way only carriers that are okay with your medication and condition will be recommended. The most common medications prescribed per class are the following:
The most common are the “statin” drugs. The last report I read on these was in 2010, where over a quarter billion prescriptions were filled in just that year. If you have high cholesterol, cardiovascular disease, osteoarthritis, or other ailments your physician may prescribe this to go along with other drugs. The most common of these drugs are the following:
Pfizer’s Lipitor (atorvastatin calcium) is the highest selling of the statin drugs. Pfrizer’s brand has over 20 years of clinical research on this drug. It has proven its efficiency in helping reduce “bad cholesterol” also known as LDL. Depending on your budget, insurance, and body you might prefer the brand name as Pfizer has stringent manufacturing protocols and assurance. The most common dosages are 10, 20, 40, and 80mg daily. It was first approved by the FDA for use in the United States in the year 2001.
Crestor (rosuvastatin calcium) by AstraZeneca is the second most popular of the statin drugs. Every human body is different and so I’m sure your physician closely monitored you when they first prescribed you any medication. Some clients tell me they tried Lipitor but didn’t like the way it made them feel. They then tried Crestor and it was a perfect fit. Other clients tell me it was the other way around. Crestor is commonly prescribed with seniors who have a genetic predisposition to high cholesterol. They are typically more active and take Crestor alongside their healthy diet and exercise. The most common dosages ae 5, 10, 20, and 40mg daily. It was first approved for medical use in the United States in the year 2003.
Other honorable mentions are Mevacor (lovastatin), Pravachol (pravastatin sodium), Zocor (simvastatin), Lescol (fluvastatin sodium), Vytorin (Ezetimibe/Simvastatin), and Pitavastatin.
If you have been on any of these for 6 months or longer, than some life insurance companies will not even surcharge or rate you for “high cholesterol”. The reason is that it’s proven that your mortality rate is not affected as much if you are regulating it with proper medication and supervision from your physician. Therefore, life insurance companies know you will live a long and healthy life, as long as you’re taking your medications and listening to your physician recommendations.
Depression and Antidepressants
This is one of the fastest growing prescribed drugs in the United States. According to a report by IMS in 2010, over 253 million prescriptions were filled in that year alone. One of the main reasons why this is becoming more widespread is that primary care providers are now prescribing antidepressants versus just clinical psychiatry.
From my experience, the most common prescriptions for depressions, panic attacks, obsessive compulsive behavior post-traumatic stress disorder, social anxiety disorder, or even “situational depression” when some event causes it temporarily or permanently are the following:
Sertraline (Zoloft): This brand name is backed by over 25 years of clinical experience. It is a Pfizer drug so you can rely on their assurance and manufacturing standards.