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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 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). 

How We Can Help

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.

Different Types of Life Insurance Policies

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

Final Expense Insurance

Protect your family with a plan to cover your medical bills and funeral costs. 

No Exam Life Insurance

Get approved for the coverage you need within just a day or two after applying. 

High-Risk Life Insurance

Obtain coverage for health issues that consider you to be “high risk”. Protect dependents in the event of your passing. 

Simplified Issue Insurance

Answer a few questions about your health to get quick coverage. Perfect for young adults.

Guaranteed Issue Insurance

Have peace of mind with a permanent policy that has no health criterion. Intended for older people.

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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

Shopping around for life insurance policies can be tiresome and confusing. If you need help finding a policy or you’re unhappy with your current coverage, Turning 65 Solutions is on your side. We have the knowledge to help you find the ideal fit for your lifestyle and budget.

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

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