BEST Seniors Life Insurance Quote in < 1 minute!
BEST Seniors Life Insurance Quote in < 1 minute!
There are basically two different types of Seniors Life Insurance policies.
Medically Underwritten Seniors Life Insurance
This coverage is only suitable for consumers who are in good health.
So if you are elderly with a whole host of medical issues this is probably NOT the best route for you.
Typical coverage is usually $10,000 and up and depending on the product.
Generally speaking, medically underwritten policies are more desirable because the underwriting is based on a blood and urine test (The Gold Standard) and such they come with better options and guarantees.
If however, you’re looking for a smaller face amount (ie. $5000) to cover a cremation, you may find the next type of seniors life insurance a better option.
No Medical Exam Seniors Life Insurance
Typically when seniors start thinking about buying a life insurance burial policy, they are in their 60’s and 70’s.
Many seniors have developed health or medical issues which will result in a rating or decline of coverage should they go the traditional route.
These issues may include high blood pressure, high cholesterol, diabetes, a history of heart problems and stroke, etc.
No medical coverage is a great option to cover the cost of a funeral for the following reasons:
- Coverage can be put in place quickly
- Coverage amounts from as low as $5000
- No physical or medical exams are required as part of the application
- Rates are very affordable even when compared to standard-issue policies
- No medical products are guaranteed
- No one can be denied coverage
What is the Difference Between Exam and No-Exam Policies?
Exam policies, as the name would imply, are policies that require full medical underwriting. The underwriting process includes your application and a physical health exam.
No-exam life insurance is also referred to as “no physical,” “no health exam,” and “no medical” policies. As aforementioned, these policies have no full physical health exam required.
Do Pre-Existing Conditions Affect Coverage?
Pre-existing conditions do affect coverage. Unless you opt for a guaranteed issue policy, you will still have to answer a variety of questions related to your health history and that of your relatives. If you have a family history of a certain disease or a pre-existing condition such as a chronic illness, you will pose a larger financial threat to the insurance company, so your premium will likely be more expensive.
Guaranteed Issue Life Insurance
If you want a “no questions asked” policy, guaranteed issue is the way to go. You cannot be turned down for coverage because of your health. That being said, these policies are usually purchased by people with medical problems or advanced age. Death benefits tend to be available in the $5,000 to $25,000 range. Because of these factors, coverage is usually quite expensive because the life insurance company has little to no idea what your health is like or what kind of risk you pose.
BEST Seniors Life Insurance Quote
Take action now: You’re not getting any younger!
A life insurance policy will be easier to obtain and will cost you less the younger you are, so find a policy as soon as you can.
Be sure to weigh all the factors before deciding on a no-exam policy. In the long run, it may be worth having that exam.
To find the best policy for you, compare top life insurance companies today.
Call us at 813-964-7100 or 716-565-1300
Email us at info@mintcofinancial.com