3 BEST No Exam Life Insurance for Seniors Smokers
3 BEST No Exam Life Insurance for Seniors Smokers
No Exam Life Insurance for Seniors
No medical exam life insurance also referred to as guaranteed life insurance, does not require you to complete a medical exam during the application process.
An exam involves a medical questionnaire along with blood and urine samples, blood pressure checks, and potentially other tests such as an EKG.
It is important to note, however, that no exam policies are available, and there are three different types of life insurance policies that fall into the “no exam” category.
3 BEST No Exam Life Insurance for Seniors Smokers
There are several types of life insurance that you can get with no medical exam.
Simplified Issue
With simplified issue insurance, you are not subject to a medical exam but do have to complete a medical questionnaire. The insurance company will use the questionnaire to determine eligibility before they issue the policy. Acceptability based on medical conditions will vary based on the company.
Guaranteed Issue
With guaranteed issue life insurance, you do not have to complete a medical exam and you do not need to provide answers to medical questions. Therefore, just as the name implies, you are guaranteed to get coverage when you apply to guaranteed issue life insurance.
Because of the broad acceptability, guaranteed issue life insurance will be more expensive than other types of life insurance. You should work with an agent to determine if this category fits your situation and have them shop a wide variety of company for the best pricing.
Graded Benefit Life Insurance
Graded Benefit is a form of guaranteed issue life but with a twist. Coverage does not begin immediately. Most graded benefit policies require you to be insured for 2 years before full death benefits are available. If you die during that “probationary” period, your beneficiaries either reserve a percentage of the coverage or the premiums you paid into the policy.
Final Expense Insurance for Seniors
Final expense insurance – also called “burial insurance” or “funeral insurance” – is a type of whole life insurance meant to help your loved ones with funeral costs and other end-of-life expenses like unpaid medical bills.
Today, funerals can cost up to $9,000 or more according to the National Funeral Directors Association.
Final expense policies are popular with seniors because you often don’t have to take a medical exam to qualify – coverage is issued based on answers to health questions on the application. Policy rates are typically more affordable than other types of life insurance because the policy amount is usually much smaller, typically $10,000 – $15,000.
No Exam Life Insurance for Smokers
If you’re a smoker with medical complications, you may decide to purchase no exam life insurance for smokers. This will ensure your family is protected while you try to get a better rate with a traditional term policy.
No Exam Life Insurance Cost
Companies that don’t require a medical exam for potential clients are different. They can help eliminate the potential for getting denied coverage. They often won’t deny you based on health conditions, age or other factors.
No medical exam life insurance policies come with beneficial time and convenience factors too.
A life insurance company not requiring a medical exam can get you approved for a policy faster. This is because they’re not waiting on paramedical professionals to connect with potential clients.
They’re also not waiting on medical results that may influence their underwriting experts. As such, no medical exam life insurance policies can be approved in as little as ten to fifteen minutes.
Unlike in the past, the cost of a no exam life insurance policy may not cost more than a fully underwritten policy. Some applicants may even be able to qualify for preferred plus rate class.
Several factors will go into the premium pricing of no exam life insurance. These include:
- Age
- State
- Gender
- Tobacco use
- Health condition
- Insurance carrier
- Prescription medication history
- Type of coverage (i.e., term or permanent)
- Length of protection (for no exam term life policies)
No Exam Life Insurance Online Quote
At Mintco Financial, we work with more than 30 of the top no exam insurance carriers in the industry today.
So, there is no need to spend time and effort sorting through policies and companies when we’ve already done the legwork for you.
As an independent insurance brokerage, we will help you to narrow down the coverage and find the best no exam life insurance companies – as well as the premium – that works the best for you and your specific needs.
Call us 813-964-7100
Get a Free Life Insurance No Exam Online Quote HERE!