What do we need in order to qualify for getting health/life insurance?
What do we need in order to qualify for getting health/life insurance?
I heard that some insruane companies wouldn't allow individuals over 60+ years old for getting an insurance, especially those who are foreigners, is this true? Why they not allow that?
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3 Responses
2.1.2010
This is not true. It is a common misconception that people over age 60 can't get life or health insurance. I work with mostly retired people and have never had a problem getting life insurace coverage provided they are in good health.People over te age of 60 are not considered high risk. Rates Life insurance companies charge are based on mortality tables (likelyhood of death based on current age and life expectancy) Yor current health can have an effect on the cost of the insurance was well as your age. A person who has some health problem in many cases can still quilify for life insurance just at a rated cost (higher premium due to health). Depending on the amount of life insurance you intend to apply for will determine that requirements to quilify. Every company has different requirements based on age and amount of coverage being applied for. With many companies if you applying for over $100,000 they may require a Paramed with blood and urine (at the expense of the insurance company). In some cases they may request to see the medical records (the insurance company orders them direct form the doctor). A resting EKG is also another thing they may want and is done at the same time as the paramed (again the insurance company pays this expense).Health insurance is a little different. They focus on morbidity which is the likelyhood of illness based on your current health and family history (parents, brothers and sisters). It can me more difacult to quilify for this type of coverage if you have exsisting medical issues. If you are working with an agent, ask him or her to submit your current health to the underwritter fo a ruleing. This can help you decide which company is most likely to insure you based on your health and family history. Source(s): Agent 10+ yearswww.taylor-and-assoc.com
2.1.2010
First of all, according to most insurance companies, 60+ people belong to a group called "high risk" group. People in the old age tend to be more demanding medically whether through illness, injury, accident, etc which equals to a lot of money spent by the insurance companies and that is not good for business. Secondly, especially if you are a foreigner, you are present in the country only for short period of time usually and hence won't be paying premiums for long. If something were to happen to that person, comparing the little income generated through premium and the huge expenses that will have to be covered, if something were to happen to that person which is likely as you are not as familiar with the area as the local people do, you can see that the insurance company will lose A LOT of money. Hence, such actions are not considered to be profitable move and bad for the well being of the company.Best advice is to apply for insurance in your home country that also covers you when you are outside of the country.
2.1.2010
That is not true. There are many insurance companies that will insure you regardless of age. The important thing here is what your health status is. For instance if you have a disease it is extremely difficult but not impossible. And of course the older you are the more money it will cost you for life insurance. ( The older you get, the closer we get to death) It is best to get it when we are young and in good health and then hang on to it and don't let it lapse. Good luck!!