The Best Over 50 Life Insurance No Medical
Many individuals consider life insurance to be the cornerstone of a sound financial plan. And while no one likes to think about passing on, Life Insurance can relieve you of the financial worry your loved ones may face in the event of your passing.
Your beneficiaries will be able to use your Life Insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage to help ensure that the family home stays in the family.
What Is No Medical Life Insurance ?
No medical life insurance is a type of life insurance policy that you can buy without having to undergo a medical examination.
All that is required is to answer some health-related questions. Many people prefer this kind of life insurance because it is easier and less time-consuming to get.
So if do not want to visit the doctor, do not enjoy needles and tests or if you have a current health condition which you think may affect your chances of being covered, a no medical life insurance plan may be the perfect choice for you.
For Whom?
No medical exam life insurance is particularly suitable for people who were declined life insurance in the past or may have pre-existing health conditions.
2 Types of No Medical Life Insurance
Simplified Issue Life Insurance
Guaranteed Issue Life Insurance
Simplified Issue life insurance does not require a medical examination by a doctor but does require you to answer some health-related questions.
When you apply for simplified issue life insurance, you will be asked questions about yourself, including if you have been diagnosed with any serious illnesses, if you have been hospitalized and/or if you have declined for life insurance in the past. Simplified Issue life insurance can be bought as either whole life or term policies.
Guaranteed Issue life insurance does not require a medical examination and there are no health-related questions, but you may be limited to a lower level of coverage.
It is available to everyone, even if you have been declined life insurance within the last 2 years. However, some payout restrictions may apply during the first two years.
No Medical Life Insurance Cost
Usually these types of policies are more expensive.
That’s because the insurance company is relying on you to provide information about your health and any medical conditions or history, and that entails risk on their part.
Naturally, they’re going to charge higher premiums for life insurance without a medical exam than they do for persons who undergo the physical examination.
What You Should Do
If you don’t have the time for a medical exam, or would prefer not to go through all the trouble – and you understand that your premiums will more than likely be more expensive – carefully research numerous insurance carriers offering a life insurance no medical exam policy.
- Be sure to compare amounts of coverage, rates, and any special offers.
- Check the insurance company’s A.M. Best rating and Better Business Bureau rating.
- Carefully check the terms, conditions and eligibility requirements of the policy offered by the carrier you select – to ensure it’s what you want and/or need.
- Answer all questions honestly and completely – if you provide misleading information that the insurance carrier later discovers, they can deny or cancel your coverage.
How to apply for No Exam Life Insurance
Many life insurers are now aggressively advertising their no-medical life insurance products in the media. These companies invite you to either phone or apply online.
Don’t jump on their bandwagon because their offer sounds tempting. There’s a very good chance you might end up paying too much or end up buying a policy not suitable for your needs.
The best way to apply for no-medical life insurance is to use an “independent agent.” Independent agents such as the ones here at Mintco Financial have access to over 70 of the top rated life insurers in the industry.
Mintco Financial Agents know which companies offer no-medical life insurance for over 50.
We can discuss your circumstances and guide you to the most affordable no-exam life insurance policy to match your particular circumstances.
Get a free Over 50 No Medical Life Insurance quote here!
Call us at 813-964-7100 or 716-565-1300
Email us at info@mintcofinancial.com