(FORTUNE Magazine) – Bob Dole is working hard to make the case that age doesn't count when it comes to the presidency. For the more than 1,800 life insurance companies, however, age does count. Would an insurer take the same risk that Dole is asking the voters to take? In another words: what company would sell life insurance to a 72-year-old World War II veteran and cancer survivor with a shrapnel-shredded right arm?

The answer: plenty of them, and we're not talking about sketchy outfits fronted by celebrity pitchmen on cable TV. Since 1988 the number of extra-risk policyholders has doubled, to almost ten million people. They suffer from cardiovascular-renal disease, weight problems, or other serious concerns. (As a Senator, Dole's already eligible for government insurance.)

The much maligned health care system is a big factor in expanded coverage. A study by the American Council of Life Insurance explains it this way: "Advances in medicine, job safety, and public health have led to more liberal underwriting of policies." (Note to Senator Dole: job safety improvement, regulation--any connection?)

Notably, if Dole didn't want to risk falling within the 4% of the population that is denied coverage, he could turn to the American Association of Retired Persons (AARP) for almost guaranteed $2,500 to $25,000 group term coverage at a bargain $171 for a typical 50-year-old white male. No health examination, either. AARP asks only three yes/no health questions that screen for chronic illness such as diabetes and kidney disease.

But what would someone matching Dole's medical profile pony up in premiums for a more comprehensive policy? FORTUNE asked Stevens & Co., a financial management firm in Stamford, Connecticut, to run the numbers. A block of coverage for Dole was available at Manulife insurance for a $95,518 annual premium for four years for $1 million of whole life, according to Jamie Hunter, a life insurance specialist at Stevens. That would be $12,459 more than a healthier Generic Joe with graying temples and Dole's days would pay for coverage.

How do the other candidates stack up? A standard, or should we say fundamental, Phil Gramm, 53, would pay a less risky $29,554. And a 48-year-old babe like Bill Clinton would pay $22,522, which still leaves plenty for liberal spending and Big Macs.

Neither insurers nor voters know with certainty when the inevitable will finally happen. But a 72-year-old White House aspirant could make book on ten more years. The current occupant would be grateful for four.

- Ani Hadjian