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Life insurers not taking applications from older people

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  • #1

    Life insurers not taking applications from older people

    Sorry I know one of you works in insurance but I can't remember who right now.

    I saw in the business news today that some insurance companies have suspended taking new applications from older people. 70 and up for Mutual of Omaha and Securian. Some are also suspending for people in their 60s with common health problems like diabetes or asthma.

    So the COVID effect has begun.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
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  • #2
    I didnt even realize you could get life insurance for that age. It has to cost 10s of thousands a year I would image at that age.

    I dont really blame them tbh. Too much risk for them.

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    • #3
      Originally posted by rennigade View Post
      I didnt even realize you could get life insurance for that age. It has to cost 10s of thousands a year I would image at that age.

      I dont really blame them tbh. Too much risk for them.
      Agree. What would you need to insure at that age in regards to life insurance?

      My current policy ends when I'm 60. I doubt I would re-up at that point in my life since the house will be paid off and retirement well funded...I wouldn't need a policy for income loss or mortgage or final expenses.
      Gunga galunga...gunga -- gunga galunga.

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      • #4
        Originally posted by rennigade View Post
        I didnt even realize you could get life insurance for that age.
        I think a lot of people do it as a way to leave an inheritance to their families or charity. Even with what it costs at that point, it allows you to leave way more money behind than you otherwise could.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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        • #5
          Originally posted by greenskeeper View Post

          Agree. What would you need to insure at that age in regards to life insurance?

          My current policy ends when I'm 60. I doubt I would re-up at that point in my life since the house will be paid off and retirement well funded...I wouldn't need a policy for income loss or mortgage or final expenses.
          Suppose you own a family farm or a business that is worth a lot, but does not have a lot of liquidity. Your heirs may be forced to sell some of the land (or the business) in order to raise enough money to pay inheritance taxes and/or settle the estate. The business could be particularly tricky if you have a partner.

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