Obtaining life insurance can sometimes be challenging. This is especially the case for those who are seniors and who have certain adverse health conditions. In some cases, depending on the particular health issue, an individual can qualify – however, the premium that is charged will be higher than average. In other instances, an applicant may be denied for coverage altogether.
For those who may not qualify for traditionally underwritten life insurance due to a health condition – or for seniors who simply do not wish to undergo a medical examination as a part of the insurance underwriting process – there is a viable solution in no medical exam life insurance.
What is No Medical Exam Life Insurance and How Does It Work?
A no medical exam life insurance policy is one that is guaranteed to be approved. These types of insurance policies, as the name implies, will not require the applicant to undergo a medical examination as a part of the underwriting process. Therefore, there is no requirement for the proposed insured to submit a blood and urine sample – and, there is also no need to wait for the often long and drawn out process of medical underwriting to be complete before the policy can be approved.
No medical exam life insurance policies can be either term or permanent insurance. With a term life insurance policy, the insured can purchase a plan that stays in force for a certain length of time such as 10 years or 20 years. Once this time has elapsed, the insured will typically need to re-apply for coverage at his or her then-current age and health status. At this time, the new premium will generally be higher due to their older age. Term life insurance policies consist only of pure death benefit protection, without any type of cash value build-up inside of the policy.
Permanent life insurance policies will provide both a death benefit component and a cash value or savings component within the plan. There are no time limits, or lengths, on a permanent life insurance policy. Therefore, as long as the policy holder pays the premium, the policy will stay in force.
Typically, the amount of the premium on permanent life insurance policies such as whole life insurance will remain the same throughout the life of the policy. The cash that is inside of a permanent life insurance policy is allowed to grow on a tax deferred basis meaning that no tax is due on the gain until the time the funds are withdrawn by the policy holder.
How Much Face Amount Can a Senior Policy Holder Obtain with No Medical Exam Coverage?
The face amount that can be obtained on a no medical exam life insurance policy will vary by insurer. Some carriers only offer smaller policies that range from $10,000 to $25,000. Other insurance companies provide much larger policies that can range between $100,000 up to $500,000 or more. In any case, the amount of the premium that is charged will correlate with the policy’s face amount of coverage.
Why Should Seniors Consider a No Medical Exam Policy?
There are a number of reasons why a senior may want to consider applying for a no medical exam life insurance policy. First, these types of insurance policies could be the only way for an individual to obtain much needed life insurance coverage. In many instances, a senior may have already applied for coverage by going through the traditional life insurance channels, only to be denied for coverage for medical reasons. If this is the case, then a no medical exam life insurance plan may be a very viable alternate route.
In other cases, an individual may be fearful of needles and prefer to avoid the paramedical exam that is oftentimes required for traditionally underwritten life insurance policies. If this is the case, a no medical exam plan can also offer a nice alternative. It is important to note, though, that if you are otherwise in good health, a no medical exam policy will likely be much costlier in terms of premium than a comparable plan that can be purchased using the more traditional avenues.
The Advantages of Life Insurance for Seniors with No Medical Exam
There are several advantages for seniors to obtaining life insurance with no medical exam. One such advantage is that no medical exam policies are much more simple in terms of their application process. Typically, there are only just a few health related questions that are required to be answered on the application for coverage. This makes applying for coverage fast and easy.
Likewise, because there is no medical underwriting to be sifted through, the time that it takes to approve these policies is also much faster – oftentimes only taking days as versus weeks (or sometimes even longer) for traditional, medically underwritten life insurance policies. This means that you can have much needed life insurance very quickly once you have applied.
Certainly, no medical exam life insurance policies are also very beneficial to anyone who has a pre-existing health condition and who may not otherwise qualify for life insurance due to health reasons. For those who have recently lost coverage through an employer group – or if you just need some additional coverage to pay anticipated final expenses – this coverage can be a very good supplement.
Even with all of the advantages, however, there are some things to keep in mind with regard to no medical exam life insurance for seniors. First and foremost, even though this type of insurance does provide a way to obtain coverage, the premium that is charged for no medical exam life insurance can be quite a bit more than for other types of comparable plans. This is due in large part to the additional risk that the life insurance company is taking on.
The Best Way to Apply for Life Insurance for Seniors with No Medical Exam
For seniors who are considering the purchase of a no medical exam life insurance policy, the best way to apply is through a company that has access to more than one insurer. This way, you can compare policy benefits, and premium quotes, prior to making a determination regarding which policy will be the best one for you and your coverage needs.
We can help you with your no exam life insurance policy selection and application process. We work with many of the best no exam life insurance companies in the market today, and we can walk you through comparisons of benefits and premium quotes – without you ever having to meet with a life insurance agent. The entire process can be done directly on your home computer – within seconds – easily and quickly. When you are ready to determine which no exam life insurance policy is right for you, just simply use the form on this page.
If you have any questions regarding no exam life insurance, or if you need assistance in comparing life insurance quotes, please feel free to contact us directly, toll-free, at the number on the top of this page. Our experts are here to help you in determining how to set up the best no exam policy for your specific life insurance coverage needs.