Life Insurance for Seniors over 70 No Medical Exam
Life Insurance for Seniors over 70 No Medical Exam
Essentially, guaranteed issue is life insurance that everyone qualifies for, regardless of health, and is guaranteed to be issued.
Not to be confused with simplified issue or no exam life insurance, guaranteed issue does not require you to participate in a health interview (although a few questions are sometimes asked).
Guaranteed Life Insurance can be a great way to get life insurance coverage in the right circumstances.
Just like every other life insurance policy, it might not be the right policy for everyone, but it does serve its purpose.
Generally speaking, Guaranteed Issue Life Insurance policies are of the whole life variety.
This means a number of things, and while each insurance company will have its own fine print, all whole life insurance policies have the following;
- Fixed monthly payments
- Fixed death benefit
- Life-long policy
- Cash value accrual
While a Guaranteed Issue Life Insurance policy is a type of Whole Life Insurance policy, it is not the same. Whole Life Insurance policies typically require medical exams and are generally cheaper.
It is also worth noting that a Guaranteed Issue insurance policy comes with a graded period.
This means that if you pass away during the first two years from when you take out the policy, your beneficiaries will not get the full benefits, but rather the premiums paid to date and accrued interest).
The interest percentage and period will vary from one company to another. You may also find policy exceptions that grant the full benefit if the insured’s death is due to an accident.
Graded Death Benefit Life Insurance for Seniors over 70 No Medical Exam
- Issue Ages: 40-90 years
- Death Benefit Amounts: $2,500 to $25,000
- It is super easy to qualify.
- There’s only 5 knock out questions.
Which States Seniors should live to apply for the Life Insurance for Seniors over 70 Years Old?
AK, AL, AZ, AR, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MA, MD, MI, MN, MS, MO, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
What Is Graded Benefit Whole Life Insurance for Seniors over 70 Years old?
A life insurance policy is a contractual agreement with an insurance company to pay your heirs a sum of money if you die while the policy is active.
Insurance companies take great steps to evaluate the liability presented by applicants and will decline coverage to people who are deemed an unacceptable risk.
Graded benefit whole life policies are specific products made available to people who cannot obtain coverage through traditional means.
What is a Whole Life Insurance for Seniors Age 70 and over
Whole life insurance is a type of permanent policy designed to last forever.
Once issued, your premiums never increase and your benefit never decreases.
These policies accumulate cash value and earn dividends, a form of interest credited to the cash value by the insurance company.
Whole life is the oldest type of life insurance, but often more expensive than other products.
What is a Guaranteed Issue Policy
Some life insurance companies offer guaranteed issue policies to consumers who prefer not to undergo traditional underwriting, which typically includes medical exams and long questionnaires.
Guaranteed issue policies are approved without having to go through a litany of questions, medical exams and medical history reviews.
These policies are more expensive than traditional policies, but are easier to get.
Consumers with significant medical problems that would otherwise be declined coverage are usually attracted to guaranteed issue products.
What are Graded Benefits Life Insurance
A number of guaranteed issue life insurance contracts contain provisions allowing for a graded benefit during the first several years of coverage.
A graded benefit policy is one that pays a lower amount if death occurs during the first few years after the policy is purchased.
Only after coverage has been in effect for several years is the death benefit increased to the actual stated face amount.
This is a technique used by life insurance companies to reduce the cost of policies for less healthy individuals who are already seeking guaranteed issue coverage.
Graded benefits reduce the risk taken on by insurance companies who accept applications from terminally ill consumers.
Graded Death Benefit Issue Ages: 40-90 years
Death Benefit Amounts: $2,500 to $25,000
Death Benefit in year 1 is Premiums Paid plus 5%
Death Benefit in year 2 is 50% of the face amount
Death Benefit in year 3 is 100% of the face amount.
Will pay the full face amount on accidental death in death in year 1 and year 2 under the Temporary Accidental Death Benefit.
Issue Ages: 40 – 90
Benefit amounts are $2,500-$25,000
How to qualify for a Guaranteed Life Insurance for Seniors
There are 5 Yes/No Questions and Any that are answered “YES” would disqualify an applicant.
- Within the last twenty four (24) months, have you been receiving kidney dialysis, require 24 hour continuous oxygen use (excluding CPAP), have an implanted defibrillator or received or been advised by a member of the medical profession to get an organ transplant?
- Within the last twenty four (24) months have you been diagnosed with or treated by a member of the medical profession for Alzheimer’s, dementia or memory loss?
- Currently diagnosed as having, or receiving treatment by a member of the medical profession for invasive cancer (excluding Stage A Prostate Cancer, Carcinoma in Situ, and Squamous Cell/Basal Cell Carcinoma)?
- Are you currently bedridden, confined to a hospital, nursing home, mental care facility, long term care facility, hospice or been diagnosis with a terminal illness?
- Have you been diagnosed by a member of the medical profession as having the Human Immunodeficiency Virus (HIV), ARC or AIDS?
Also the applicant must have a valid social security number and be a U.S. citizen.
If the applicant holds a “green card” (permanent resident of US) they also qualify for coverage.
Should you Buy GUARANTEED ISSUE LIFE INSURANCE ?
If you’ve been declined other forms of life insurance, Guaranteed Issue Life Insurance can help you put your mind at rest that your final expenses will be taken care of.
As the insurance company is assuming more risk since there is no medical exam, the rates are going to be higher.
Because of this, it is important to speak to different companies and ask about eligibility for other types of policies to make sure you can make the best decision for you.