It is easy to see why no medical exam life insurance for seniors is a very appealing option. Life insurance provides the financial security your family needs if something tragic were to happen. Many families are left with debt that they cannot afford to pay. Having life insurance will pay for all the final expenses that families struggle to cover after losing a loved one. The cost of a funeral has risen to $10,000 on average, plus the expenses of any unpaid debts, or medical expenses that could arise at the end of a life.
Many people that have been rejected for life insurance think they are “uninsurable” and cannot purchase a life insurance policy, but this could not be farther from the truth. No medical exam life insurance is an excellent option for many consumers looking to purchase a life insurance policy. The main difference between no medical exam life policies and traditional is that with a no medical exam policy, you do not have to undergo the physical examination. One of the main demographics that can benefit from these no exam life insurance policies is senior citizens.
No Medical Exam Life Insurance for Seniors
No exam life insurance policies are perfect for seniors for several different reasons. The first reason is the acceptance of no exam policies. Regardless of your health, you will more than likely be accepted for insurance coverage. As consumers age, their health typically declines and continues to get worse every year, which can make find adequate life insurance difficult.
The advantage of these policies is that if you are in poor health or have any health complications, you will not have to pay the high monthly premiums of policies that require a health physical.
The other advantage of no exam life policies is the ease of applying for them. In most cases you can apply for these policies in an hour or less. For many seniors, the straightforward application process is important versus the complication forms and medical exam process of a traditional life insurance policy. The application will only require basic information about: family history, age, tobacco usage, height, and weight. Most times these policies can be complete over the phone without having to go into a physical office. These are especially helpful to those who have health issues or are morbidly obese needing life insurance coverage and cannot pass the traditional medically underwritten life insurance policy medical exam.
No Exam Life Insurance for Seniors in Just 24 Hours
With Fidelity Life, you can get approved for life insurance in just 24 hours. Here are some highlights of this no medical exam life insurance:
Approval in 24-48 Hours
- 10 Year Term Issue Ages 18-65 $25,000-$250,000 of coverage
- 15 Year Term Issue Ages 18-60 $25,000-$250,000 of coverage
- 20 Year Term Issue Ages 18-55 $25,000-$250,000 of coverage
- 30 Year Term Issue Ages 18-45 $25,000-$250,000 of coverage
Approval is based on Standard Non-Smoker or Standard Smoker rates. To get approved you have to answer questions about your medical history. Fidelity Life will also verify your medical history with the MIB (Medical Information Bureau), Rx (Prescription records) and Motor Vehicle Report. All of these factors will be considered when calculating rates.
To get approved for Fidelity Life you have to be in generally good health – this insurance would not be a good fit if you have pre-existing conditions and looking for high-risk life insurance.
Pricing for No Exam Life Insurance with Fidelity Life
For this example I’ll use a 50-year-old Male (non-smoker) Applying for $100,000 of Life Insurance:
- A 10 Year Term Policy would be $47.24
- A 15 Year Term Policy would be $56.64
- A 20 Year Term Policy would be $74.56
If you need to get a life insurance policy quickly, we can help you apply and get you approved for Life Insurance within 24 hours. Click here and fill out our Contact Us form.
No Exam Policies with Transamerica
There are dozens of companies that offer no medical exam life insurance policies. Transamerica also offers no medical exam life insurance, and I’ll review options for coverage.
Unlike Fidelity Life where you can have approval within 24 hours, approval with Transamerica will likely take 2-4 weeks. The reason is that Transamerica will order an APS (attending physician statement), which is essentially your doctor’s records. This is part of Transamerica’s underwriting process. The benefit to this is that if you do have a pre-existing medical condition or considered high risk, you can still possibly get approved with Transamerica without a medical exam. Here are highlights Transamerica no medical exam life insurance for seniors:
For Applications between $25,000-$99,999
Non-Medical Term Insurance $25,000-$99,000 Available ages 18-60
Ages 61-70 can apply for Non Medical term insurance from $25,000-$50,000
For Applications between $100,000-$249,999
No Medical Exam Term life insurance coverage for ages 18-60 up to $249,999.
If you have a pre-existing medical condition, Transamerica will consider non-medical underwriting up to a table D rating. This means that you can potentially get life insurance with no medical with some pre-existing conditions, for example diabetes, asthma, or sleep apnea.
Graded Benefit Senior Term and Whole Life
If you have pre-existing health conditions, another option might be a graded death benefits policy. With a graded death benefits policy, there is a waiting period of usually 2-3 years that you have to outlive before 100% of the death benefit goes into effect. If you were to die before the waiting period is over, the insurance company will not pay out the face value of the policy, but some companies will refund your premiums. You just answer a few health questions, and you can get approved for life insurance within 24-48 hours. These policies might have slightly higher monthly premiums that other policies, but they give you another option.
Is No Exam Life Insurance right for you?
Finding the right life insurance policy for you is never easy. There are countless companies offering numerous different types of policies. So do you know if a no exam policy is right for you?
The first thing to consider is your health. If you are an excellent health or, at least, average health, then getting a traditional life insurance policy with a medical exam could save you money, but if you are in poor or below average health, a no exam life policy is the way to go.
How much time are you willing to invest in finding a policy? Finding the right traditional policy can be time-consuming. Many consumers call dozens of insurance companies before they find one with the right fit, and then they have to go through the application and medical exam process, which can take an additional two weeks to a month. If you are not willing to put in that much time into your life insurance policy, then a no exam policy is right for you. No exam policies applications only take an hour, and your can be approved in one or two days, in some cases as little as a few hours.
Coverage is available starting age 50 and goes all the way up until age 85. You can apply for as little as $10,000 in coverage, up to $150,000 in coverage depending on your age. If you are seeking high risk life insurance for a senior, this may be the solution for you.
If you are looking for a no medical exam life insurance policy, fill out the form below for a customized quote specifically for you.
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