Life Insurance for seniors can be affordable, but if you’re 70 or older and are going to apply for life insurance, you need to be aware that many insurance companies will require that you do cognitive function testing as part of your free insurance exam.
Even if your health is very good otherwise, failing the cognitive function test as defined by the insurance company will ALWAYS result in a decline.
Cognitive Function can be defined as an intellectual process by which one becomes aware of, perceives, or comprehends ideas. It involves all aspects of perception, thinking, reasoning, and remembering.
In addition to your overall health, the best insurance companies for seniors are concerned with cognitive function because there is a direct link between even mild cognitive impairment and early death. There is also evidence that moderate to severe cognitive impairment can greatly reduce your life expectancy.
The testing that is done can be “Delayed Word Recall” for which you’ll be told some words and then asked to repeat as many of those words as possible after a period of time. Could also be the “landmark drawing copy test” for which you’d be shown a picture and asked to copy the picture (usually a picture of a clock with a specific time). Could also be “get up and go” mobility testing for which an examiner would observe you getting up out of a chair and walking across a room.
If you have any cognitive type of issues, like trouble remembering, trouble keeping your balance, or you are unable to accurately draw a picture of a clock with the hour and minute hands in the correct place, then you will definitely want to avoid the life insurance companies listed below:
American General Life
American National (for amounts over $500k only)
Lincoln Benefit Life/Allstate
Midland National Life
North American Company for Life & Health
I suspect more life insurance for senior companies will be adding cognitive function testing as part of their application process in the future, but as of today the following insurance companies do NOT require any type of cognitive function testing:
ING ReliaStar Life
ING Security Life of Denver
National Life of Vermont
New York Life
SBLI of MA
Security Mutual Life of NY (unless applying for Chronic Illness Rider, then they do require cognitive testing)
United of Omaha
Western Reserve Life
Even if you pass any cognitive function testing, all of the competitive life insurance companies for seniors will request medical records for everyone over age 70. If your doctor indicates you have memory issues, concerns about cognitive decline, or indicates even possible mild dementia or Alzheimer’s in your records, this will also almost always result in a decline.
If you’re only interested in final expense insurance at smaller amounts, like $25,000 or less, many of these type policies don’t require a medical exam and no cognitive function testing, and most of these final expense companies won’t order your medical records.
Beware, though, when applying for any no exam coverage, as the best final expense companies that don’t require an exam will do a pharmacy records database search. If you were prescribed any of the Alzheimer’s or dementia drugs like Aricept, Cognex, Donepezil HCL, Exelon, Galantamine, Memantine, Mestinon, Namenda, Razadyne, Reminyl, or Rivastigmine Tartrate, these are all RED FLAG drugs which will result in an automatic decline with all of the best no exam insurance companies.
If you are declined for life insurance because of cognitive dysfunction, you feel you’ve exhausted all of your options, and you’re being told that no company will insure you, there is always guaranteed issue life insurance available to you.
Because I know how frustrating it can be to be declined for life insurance, as there are very few companies that will insure me, and I’ve shopped thousands of tough cases to hundreds of different insurance companies, please feel free to call or email me at [email protected] if I can help you.