5 Star Life offers supplemental and voluntary life insurance benefits to groups and individual life insurance to seniors.
But now even individuals ages 18 to 64 can buy 5 Star Life term life insurance at amounts from $10,000 to $100,000, without a medical exam.
The product available is guaranteed level premium term insurance to age 100 and this product has a couple niche’s that make it a winner for many type 1 and type 2 diabetics, the overweight and for some cardiac issues.
As long as you are actively at work and can answer “NO” to each of the 7 questions below, you can qualify for this coverage.
1) Have you been diagnosed with, treated for or tested positive for HIV, AIDS or AIDS Related Complex?
2) Have you EVER applied for and been rejected for life insurance?
3) Have you been hospitalized in the past 90 days?
In the past 5 years, have you been hospitalized for, been diagnosed or treated by a member of the medical profession or taken prescription medication for:
4) Angina, heart attack, stroke, heart bypass surgery, angioplasty, coronary artery stenting, or coronary artery disease?
5) ANY form of cancer to include leukemia or Hodgkin’s disease (excluding non-invasive, non-melanoma skin cancer?
6) Chronic obstructive pulmonary disease (COPD), emphysema, or any other chronic respiratory disorder, excluding asthma?
7) Alcoholism or drug or alcohol ause, liver cirrhosis, hepatitis, or any other disease of the liver?
How Much Does It Cost
Below are monthly rates at $10,000, $25,000, $50,000, $75,000 and $100,000 amounts at various ages. $50k is max amount available from age 51 to 60 and $25k is max amount available from ages 61 to 64.
Age $10,000 $25,000 $50,000 $75,000 $100,000
18 $16.44 $21.11 $28.88 $36.65 $44.42
30 $16.92 $22.29 $31.25 $40.21 $49.17
40 $20.03 $30.06 $46.79 $63.52 $80.25
50 $26.47 $46.17 $79.00 $111.83 $144.67
60 $38.08 $81.40 $140.46 n/a n/a
64 $48.55 $101.38 n/a n/a n/a
Considering it is an easy policy to qualify for, with no medical exam and no medical records required, the rates are decent.
If your health is good, especially at the older ages, then you’ll probably be better off buying another life insurance product.
But if you like simple and easy to qualify for, then this product may be perfect for you.
Great for Diabetics, Overweight, Non-CAD Heart Issues
If you have type 1 or type 2 diabetes and/or if you are overweight and/or if you have non-coronary artery type of heart disease like cardiomyopathy, arrhythmia, valve disorders or if you have a defibrillator, then this coverage could be a great option for you.
Again, as long as you are actively at work and can answer NO to the 7 questions above, you will qualify for this coverage.
This is also definitely a product you should consider purchasing before applying to any other insurance companies.
The reason is that as soon as any other insurance company declines you, you’ll no longer be able to qualify for this coverage.
Don’t worry, you’ll be under no obligation to keep this policy for any period of time. So if you place this coverage inforce and then find a better rate/value, you can simply cancel this coverage.
What Is Guaranteed Level Premium Term To Age 100?
While no other insurance companies currently offer this, it is exactly what it sounds like.
The rate that you’ll pay for this insurance is guaranteed to remain level until your age 100.
While the rate you pay is guaranteed to remain level until age 100, the amount of life insurance is only guaranteed to remain level for the first 10 policy years. While the amount of insurance can continue to remain level in policy years 11 on based on an enhancement that 5 Star Life expects to pay, it is not guaranteed.
What does that really mean?
5 Star Life doesn’t ever expect to have to decrease your insurance amount, but assume that if they experience high claims or have other financial set backs that they could reduce your amount of your insurance after policy year 10.
If they were to reduce the amount of life insurance, they know that any healthy people who have had the policy for more than 10 years may cancel their coverage. When policyholders cancel their insurance, this hurts the overall financial stability of the company. So it is really not in 5 Star Life’s best interest to ever reduce the amount of insurance.
Bottom Line Regarding 5 Star Life
5 Star Life is an A- (Excellent) AM Best rated company with great rates for type 1 or type 2 diabetics, the overweight or people with cardiac issues other than coronary artery disease.
If you have any of the above issues and need life insurance, it could make sense to apply for a 5 Star Life policy prior to applying to any other insurance company.
The reason is that as soon as you are declined by any other company, 5 Star Life is no longer an option. After you buy the 5 Star policy and it’s placed in force, you could then always try for a better policy.
If you’d like to find out if 5 Star Life may the best option for you or you’d just like to get a quote, please click here and complete the secure form to get an accurate 5 Star Quote.
At the same time, we will look at other insurance options for you and we will help you decide if 5 Star Life or another insurance company may be best for you.
Or you can simply call us at 1-800-380-3533 or click here to email us for quote or more information.