4 Best Types of Life Insurance for Seniors in 2018

There are 4 main types of life insurance for seniors policies that fall under the “NO MEDICAL/NO EXAM”.

None of them require a medical exam. However, they are very different from each other and each type fills a specific need.

These policy types are:

Simplified Issue

This is the one typically called no exam life insurance. It has strict underwriting, which means you have to be healthy to qualify. 

Guaranteed Issue (also known as Guaranteed Acceptance) 

This is the type of life insurance that has no exam, no questions, and is issued on a guaranteed basis. Meaning anyone(in a certain age bracket) can qualify. 

Graded Death Benefit

This policy provides a graded protection. This means that the full death benefit doesn’t get paid out in the first few years, rather it gradually increases over time. 

Final/Burial Expense 

This is a whole life insurance burial policy. You will pay a set premium for the rest of your life to cover any final expenses. This usually involves a lenient health questionnaire but no exam.


Which Life Insurance for Seniors Should I Get?

That will depend on a few factors. These include:

  1. You Health
  2. Your Budget
  3. Your Need

When should I buy no medical life insurance?

No medical life insurance is best for people who need life insurance but aren’t able to get a standard policy due to health or other reasons:

  • If you’ve been turned down for standard life insurance coverage.
  • If you have a chronic illness such as diabetes, heart disease, cancer, or HIV.
  • You’ve been convicted of impaired driving in the past.
  • You work in a dangerous occupation, such as logging, sea fishing, or roofing.
  • You’re uncomfortable undergoing a medical examination.

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