Any type of exam can fill a person with fear or annoyance. Since all of us took test in school I think we have this built in aversion to anything that resembles an examination. This holds true for life insurance and many people opt to not go through the medical exam process by getting a policy that does not require it. This has become especially true for seniors. If you came looking to get help with picking a life insurance plan then use the form on this page or give us a call. Otherwise keep reading as we look at no medical exam life insurance for seniors.
Who needs a No Medical Exam Policy for Seniors?
Getting a senior life insurance policy with having the hassle of a medical exam seems like a great idea. The problem lies in the extra premiums you will have to pay in order to have this feature in your life insurance. There are certain instances where a no exam policy makes a lot of sense. The three most common instances where we see people get a no exam life insurance policy are:
- When You Need it Fast – A no exam policy can be completed in a very short period of time. Once an underwriter can get through reading your application a decision can easily be made on how much your premiums should be. If you want to get a policy before you go on a trip overseas or you have some other reason to get life insurance right now then no medical exam will speed this process up tremendously.
- Getting a Policy on Someone Else – sometimes you need to purchase a life insurance policy to protect you from the expense of a loved one dying. Funeral costs and just handling the estate can be time consuming and expensive. We see many people get a no exam policy on their parents (learn more about life insurance for parents HERE) just to make sure all these expenses are taken care of.
- When You Want Things to be Simple – we run into many individuals who just do not want the hassle of a medical exam. Because of the simplicity of a no exam life insurance policy it can be very appealing for this type of person
No matter what reason you are looking into life insurance for seniors you should know what type of life insurance fits you best. While our team specializes in senior life insurance options it is always best for you to have some knowledge about your options going in. With this in mind we put together this short guide to some of the common types of life insurance without a medical exam.
Types of No Exam Life insurance
You can get a no exam policy on just about any type of life insurance. The three most common types of no medical exam policies we see are:
Term and Whole life insurance can be purchased without a medical exam. The policies are structured exactly the same way with term policies having a set number of years and whole policies being permanent. When you get one of these policies without an exam you will typically pay more than you would of if you went through the examination process.
Burial insurance, funeral insurance, final expense insurance; it’s all the same thing. The quick of it is these policies are for lower amounts and they only require you to fill out a medical questionnaire. They are highly focused on paying for funeral and burial bills. Since some funerals are more expensive than others they do have some flexibility on how much coverage you can get but do not expect a large coverage value.
Guaranteed issue life insurance is quite simply life insurance that you will not be turned down for. It is relatively expensive compared to the two about but that is because not only is there no medical exam but there is also no medical questionnaire. Other than price there are some down sides to these policies like long waiting periods. So check out our page that details the pros and cons of guaranteed issue life insurance HERE.
No matter what type of policy you choose our team is here to help you get the absolute best rates on that policy. You can get started on your no medical exam life insurance policy by filling out the form on the side of this page or giving us a call. A senior life insurance specialist will contact you to get a little more information and help you find the best policy at the best rates. If at any time you have a question or do not feel comfortable with the policy you are looking at let us know and we will be happy to explain and make you feel completely comfortable with your decision.