The Insurance Industry Definition of Senior Market

When you shop for health and life insurance coverage at Stonewall Grace Insurance, you might not realize that you qualify for senior market options. The insurance industry defines the senior market as applying to those 45 years of age or older. It targets senior market products at those aged 45 to 85 years old and requires no health check to acquire a life insurance policy.

Senior Means so Many Things

The insurance industry tries to make it easier for individuals in Buena Vista, VA and other locations to obtain the health and life insurance they need. One way it does this is senior market insurance sometimes misses part of its target audience because those individuals don’t yet consider themselves seniors.

Business defines a senior citizen as those who’ve entirely retired from working unless referring to a senior executive, which means an individual in a C-level or top management position. Healthcare terms it as those 65 years of age or older. Social Security Administration (SSA) once considered 65 the retirement age but now determines it to occur at 70. That’s a senior citizen to the SSA. The American Association of Retired Persons targets those aged 50 and older.

Senior Market Insurance

You probably understand that every industry defines the “senior market” differently. In the insurance industry, those aged 45 and older qualify for senior products. The industry doesn’t mean that it considers those ages of people as senior citizens. It addresses an issue of ageism in healthcare that assumes a person’s health declines beginning about the age of 45.

This assumption, tied to long-term data, makes it more challenging for individuals aged 45 and older to obtain health and life insurance. To solve this problem, the insurance industry developed the senior market, which only includes insurance products that don’t require a medical exam to obtain.

Shopping this market lets a 45-year-old who beat cancer, for example, obtain health and life insurance. Since the individual doesn’t have to undergo a medical exam, they can more easily qualify for the policy. Although their premiums cost more, Stonewall Grace Insurance does its best to offer the most affordable options to Buena Vista, VA residents.