Can I qualify for term life insurance?

[Anonymous]

I’m 45 and have 5x my salary life insurance through my employer, but that doesn’t feel like enough so I’d like to buy. 20-year term policy. I am average height and weight and have never been hospitalized or had big medical issues. But my father survived a heart attack five years ago and my mother is a breast cancer survivor. I had high cholosterol but have been on a statin for 10 years and have it under control. I am not overweight and exercise regularly. Should I even bother applying, or will I be rejected for health reasons?

[Anonymous]

I really doubt you will have issues. Might be a bit higher due to statins but should be fine. My spouse got term life around that age with high cholesterol and a bit overweight. (Now he’s super fit and on a statin).

[Anonymous]

I agree that you should not have issues.

What are you looking for term to cover?
Is your insurance through work portable and can you increase it to more than 5X salary?

[Anonymous]

You will not have issues. Being on a statin does not affect your rate. Also the health issues your parents have will likely not affect your rate unless they happened at a very early age. The only thing that could potentially impact your rate is your weight. Depending on how overweight you are, you might not be able to get the best rate class. If you are just a little overweight, shop around, because insurers have different standards.

[Anonymous]

Life insurance agent here. You will easily qualify and should even get the #1 rate class with at least a few companies.

The main problem you mentioned here is your family history. However, there are a few companies that only consider cancer/cardiovascular deaths—not simply diagnoses—of parents.

Regarding cholesterol, with or without medication, as long as the total cholesterol is <300 and the cholesterol/HDL ratio is <5, you’ll be fine. Regarding weight, as long as your BMI is under 29, you can get the #1 rate class. (In other words, you can almost be obese—defined as a BMI of 30—and still qualify for the best class.)

Just go to a broker who represents many of the top companies, and you’ll be fine.

[Anonymous]

I have type 1 diabetes and still had no trouble getting term life insurance. It's quite pricey, because apparently to actuaries, having type 1 diabetes is worse for me than smoking multiple packs of cigarettes a day would be, but if you're willing to pay, they'll certainly sell you the policy.

[Anonymous]

do you really need a 20 year policy? can you get a 15 year policy instead? remember you are hopefully saving for retirement each year and you won;t need that money if you die at 65.