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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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.
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