Over 60 Crowd Beats Life Insurance Company Into Submission

June 11, 2009 - PRLog -- Life insurance rates have always been cloaked in the mystery of mortality assumptions, one of those things that most people kind of get, but do not necessarily understand how it can be accurate enough to fairly determine the life insurance rate for a person.

Life insurance companies use what I refer to as the bucket system. For instance, if you are being treated for high blood pressure and there are not any other issues you are put in a bucket with everyone else that can be described in pretty much the same way, and you will all get approved at the same rate class. There is no way to differentiate between a person that takes a very low dose of a diuretic and whose parents are living and healthy or a person that requires 4 medications to treat the blood pressure and whose father died at age 63 of a stroke and had a history of high blood pressure. They are in the same bucket with most companies out there.

For Type-2 diabetes it has always been kind of a two-bucket system; one for those diagnosed under age 50 and one for those diagnosed at 50 or over. Assuming good control and no complications or other risk factors, those over 50 could get as good as standard rates, perhaps even standard plus in exceptional cases. ING Reliastar Life has now determined, based on mortality studies, that there really is a third bucket that no one hasever really used. If you are over 60 and diagnosed within the past 5 years you go to bucket #3 and are eligible for the same rates as Superman. Possibly even better than Superman since we all know he has that Kryptonite syndrome thing going on. Anyway, ING Reliastar Life is underwriting and approving cases in this bucket at preferred best rates, their very best rest class.

If this were a one-day sale, people would be camping on the doorstep of ING Reliastar Life Insurance Company. The best rate that a 60 year old type 2 diabetic could expect on a $250,000, 15 year term policy until now was $2,050.00 annually. With ING Reliastar’s new stance on 60-plus year diabetics, the new best rate available is $1,067.50 annually. Fortunately, this appears to be a permanent change in thinking and not just a one-day fluke.

For a life insurance company to think outside of the box is pretty rare. For ING Reliastar to create a whole new box is huge and appears to be just the start of good things to come. 50 percent or more savings over even the closest competitor is certainly worth a look.

Hinerman Group, in conjunction with Special Risk Services out of Denver, CO, has been an industry-leading agency in impaired risk underwriting for the past 8 years. They specialize in hard to place cases and in ferreting out the best possible rates for those with less than perfect health.

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There are millions who admit they should have life insurance, but are going without! There are just as many with health challenges paying more for life insurance than they should. Look to the Hinerman Group for a friend and advocate that can help.