Medicare Plans by Turning 65 Solutions


Life Insurance

Regardless of who you are, life insurance must be a part of your plan. Insurance coverage keeps your loved ones from incurring your debts, should something happen to you. Plus, it can help protect your business, provide for your kids, supplement your retirement, and give you peace of mind.

With so many options available, it can be difficult to choose the right insurance plan. Turning 65 Solutions can help you assess your risks and goals before endorsing a life insurance policy.


How Life Insurance Works

Life insurance is special because it takes a small amount of money, called a premium, and increases it into a large sum of money, called a death benefit or retirement income. Then, it provides that increased value tax-free when a business or family needs it most — upon the passing of a key associate or earner, or as a source of income in retirement.

When you apply for life insurance, whether term or permanent, you will be asked questions about your lifestyle and medical and family history before you’re offered coverage. Qualifying for a policy and the rates you would pay to depend on your designated risk level and health rating (more on this below). These ratings are decided during the underwriting process and medical exam (if required).

Therefore, there two types of life insurance are whole and term life insurance policies. Whole life insurance policies are also known as pernament.


Different Types of Life Insurance Policies

There are different types of whole life insurance policies that you can purchase through us, including:

Final Expense Insurance

Final expense insurance, also known as burial insurance, is a type of insurance policy that is specifically designed to cover the costs associated with end-of-life expenses. These expenses can include things like funeral and burial costs, outstanding medical bills, and other debts that may be left behind after a person passes away.

These policies are often marketed towards seniors because they might be more concerned about leaving a financial burden on their loved ones. However, anyone can purchase a final expense insurance policy, regardless of age.

Also, final expense insurance policies are divided into several types such as:

No Exam Life Insurance

No exam life insurance, also known as “guaranteed issue life insurance” or “simplified issue life insurance,” is a type of life insurance policy that does not require the policyholder to undergo a medical examination before coverage is issued. This means that anyone can qualify for a no-exam life insurance policy, regardless of their health status or medical history.

These policies also typically have lower death benefit limits, meaning that the policy will pay out a smaller amount to the beneficiary in the event of the policyholder’s death.

Despite these drawbacks, no exam life insurance can be a good option for individuals who may have difficulty obtaining traditional life insurance coverage due to health issues or other factors. It can also be a convenient option for those who don’t want to go through the hassle of scheduling a medical examination or providing detailed medical information.

High-Risk Life Insurance

High-risk life insurance is a type of life insurance policy that is designed for individuals who may be considered higher risk by insurance companies due to their health, occupation, or other factors. These individuals may have difficulty obtaining traditional life insurance coverage due to their increased risk of death or may have to pay significantly higher premiums for coverage.

Examples of factors that may make an individual a higher risk for life insurance purposes include:

  • Pre-existing medical conditions, such as diabetes or heart disease
  • Dangerous occupations, such as working in law enforcement or as a professional athlete
  • High-risk hobbies, such as skydiving or extreme sports
  • A history of substance abuse or mental health issues

High risk life insurance policies may have higher premiums and may also have lower death benefit limits compared to traditional life insurance policies. However, they can provide an important source of financial protection for individuals who may not be able to obtain coverage through other means.

Simplified Issue Insurance

Simplified-issue insurance policies are typically offered for life insurance, accidental death and dismemberment insurance, and short-term health insurance. These policies are typically quicker and easier to obtain than traditional insurance policies, as they do not require the policyholder to provide medical underwritting. 

Policies tend to be more expensive than traditional insurance policies because the insurer is taking on more risk by offering coverage to individuals who may have pre-existing health conditions. These policies may also have lower coverage limits or exclusions for certain conditions.

Guaranteed Issue Insurance

This policy is guaranteed to be issued to any applicant, regardless of their health status or medical history. This means that anyone can qualify for a guaranteed issue insurance policy. Guaranteed issue insurance focuses on covering funeral and burial costs without taking from an inheritance or estate.

Final Expense Insurance Cost

The cost of final expense insurance will vary depending on a number of factors, including the policyholder’s age, health status, and the type of policy chosen. In general, final expense insurance policies tend to be more expensive than traditional term life insurance policies, as they are designed to cover the specific costs associated with end-of-life expenses.

Some other factors that may impact the cost of final expense insurance include:

  • The amount of coverage desired: Higher coverage amounts will typically result in higher premiums.
  • The type of policy chosen: Whole life insurance policies tend to be more expensive than term life insurance policies, as they offer coverage for the entirety of the policyholder’s life and also have a cash value component.
  • The policy term: Some final expense insurance policies may have a fixed term, while others may offer coverage for the entirety of the policyholder’s life. Longer-term policies may have higher premiums.

However, Final Expense Insurance policies can be purchased between 5000$ and 25000$.

Get A Free Quote

Life Insurance Rating Categories

Your health determines your rating, which impacts how much you’ll pay for life insurance coverage. Smoking can impact your insurance premiums. Healthy individuals will receive a more favorable rating and more affordable rates. Not all life insurance policies are the same. However, each company uses similar classifications to decide how much you pay for your life insurance premiums:  

  • Preferred select: Nonsmokers who are in excellent health with little to no history of family medical issues. You’ll pay the lowest premium. 
  • Preferred: Outside of a few minor conditions, like high blood pressure or cholesterol, you’re a nonsmoker in good health.
  • Standard plus: Nonsmokers who are not in the ideal height/weight range but are in good health and have a good family history.
  • Standard: Nonsmokers with average health or a family medical condition. You’ll face high premiums but you can still get insured.

Losing weight, lowering your blood pressure, and lowering your cholesterol can all help you obtain a better classification. If your health has improved since the time you purchased your current policy, you could save money over the next several years with a new policy.

Those who don’t fit into these categories may fall into a broad, separate category called Substandard. Here, you’re put in a table rating system graded by letters or numbers. This placement is because you have below-average health or are labeled a high risk to insure.

What If You’re a Smoker?

If you smoke, insurers will usually have two levels to cover you. Since there are added health risks, you’ll pay more.

  • Preferred smoker: Smokers, or ones who have quit or smoke on occasion, who have excellent health, and no family medical history.
  • Standard smoker: Smoker with good health. 

The longer you don’t smoke, the better your chances of paying lower premiums.

What If I Have a Chronic Illness?

Chronic illnesses don’t guarantee a higher rate. If you have diabetes, for example, insurers can work with you to figure out the best policy. As long as you show that you’re handling the disease and taking the proper medication, you’ll be in good hands. 

Contact Us About Life Insurance

We use our experience and expertise to deliver a personal, elite experience for our clients who are looking to buy life insurance. Every client has a different condition, financial situation, and medical history. We help them evaluate all their options and find the best policy for their needs. We want to do the same for you, too! From listening to your concerns to answering questions to recommending policies, Turning 65 Solutions is there for you at every turn.

Call 830-217-6711 to reach our Texas office.