Best No medical Exam Life Insurance for Seniors
No medical life insurance for seniors is a kind of life insurance policy that you can buy without having to undergo a medical examination. Many seniors prefer this kind of life insurance because it’s easier and less time-consuming to get, and because it’s an option if you have a pre-existing condition.
How does no medical life insurance work?
There are two main types of no medical life insurance: simplified issue life insurance and guaranteed issue life insurance.
Simplified issue life insurance doesn’t require a medical examination by a doctor, but may involve a questionnaire about your health. When you apply for simplified issue life insurance, you’ll be asked questions about yourself, including if you’ve been diagnosed with any serious illnesses, if you’ve been hospitalized, and if you’ve been turned down for another life insurance policy. Simplified issue life insurance can be bought as either whole life or term policies.
Guaranteed issue life insurance doesn’t require a medical examination or a medical questionnaire, but you’ll be limited to a much lower level of coverage—often around $25,000 for non-accidental death. For many guaranteed issue policies, if you die within the first two years, your beneficiary will only receive a benefit equal to the payments you’ve made on your policy. Usually when you buy guaranteed issue life insurance, your coverage stays in effect for as long as you continue making payments.
Pros and Cons of No Medical Exam Life Insurance for Seniors
-obtain life insurance coverage FAST. Most applicants are covered in 1-14 days, possibly even the same day as applying!
-easy and convenient application process
-no hassle of seeing your doctor or having someone come to your home to give you a medical exam.
-most companies will only allow you to purchase up to $50,000 of coverage, although companies do vary.
-sometimes these policies can be very competitive with regular policy premiums, but generally, your premium costs will be anywhere from 10-50% more expensive over the life of the policy than fully underwritten policies. This increase in premium is because the life insurance companies have less medical information to evaluate you on, so they are assuming more risk when insuring you.
In short, whether or not to get one type of insurance policy or not really depends on your personal situation. If you have the extra money and you don’t want the hassle of a medical exam (or several exams thereafter), the no medical exam life insurance is a convenience and getting approved is almost instantaneous. Although if you’re looking to stay on a budget, you might be better off going for a traditional life insurance policy in order to keep your minimum payments more affordable.
Shop Around for Best Rates for No Medical Exam Life Insurance for Seniors
It is a good idea to shop around and to explore the rates being offered by companies that specialize in providing life insurance to high-risk individuals. By comparing all of your options, you will increase your chances of finding the type of policy you are looking for at a rate you can afford.
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