If this website has served to do anything, hopefully it has taught you that, as a senior looking for an affordable life insurance policy, you have plenty of options available. Our goal is to take the complexity and intimidation out of shopping for a life insurance policy.
Perhaps one of the most intimidating things seniors face when applying for life insurance is the dreaded medical exam. Particularly if you are an applicant with a history of health conditions or a complex medical history. So: what if you are a senior and a high-risk applicant? Should you consider no medical exam life insurance?
Let’s get into some of the pros and cons of no-exam life insurance.
The Pros of No Exam Life Insurance for Seniors
One big up-side to purchasing this kind of insurance is the ease with which you can get coverage. All you need to do is apply for a policy, and you are guaranteed coverage as long as your premiums are paid! The good news is that this type of life insurance policy is also available to those at any age – making it an excellent option for seniors over 75.
The removal of the medical exam portion is an added convenience, as is the fact that you can obtain no-exam policy approval in less than 24 hours and without the help of an agent.
Keep in mind: there are policy options for everyone, and if you choose to forgo the use of an agent, you are limiting your coverage options. We will also say: any coverage is better than no coverage, so if you need coverage quickly, this may be a good option for you.
The Downside to No Exam Insurance
While no-exam insurance has a few benefits, the cons far outweigh the pros, particularly when you take into account how expensive the premiums are for no-exam coverage.
Because no-exam insurance is readily available to any who apply, companies offering this type of coverage need to cover the risks they take on.
They do so by increasing the premium prices – instead of underwriting your medical risk and grouping you accordingly, no-exam insurers rate everyone the same and charge a flat-fee. For seniors, who are often out-of-work and have to budget living expenses, higher premiums may not be feasible.
Additionally, the coverage provided with this type of coverage is often very low, closer to final expense insurance than any other type of coverage. Before applying for this type of insurance, we recommend you take the time to assess your family’s needs and your expenses. As a senior, chances are you have medical bills or more than funeral/final expense costs to cover, and a no-exam benefit may not be enough.
When to Consider No Exam Life Insurance
There are a few instances in which no exam life insurance makes sense for seniors.
- It has been a few years since your last check-up. As a good rule of thumb for maintaining your health, you should be getting regular checkups; however, if it has been a few years and you are in need of coverage, no-exam life insurance could be a good option.
One thing to keep in mind: if you are in relatively good health, you may even qualify for a standard table rating with regular insurers, which could significantly lower your premiums. A standard rating for an 80-year old individual could qualify you for a lower premium and better coverage on a 10-year term life insurance policy.
- You need gap insurance. If your term life policy has ended, or lapsed, and you are looking for interim coverage, this type of coverage may be right for you temporarily. An unfortunate fact of life is that we cannot predict what may happen, and it’s always better to have some protection for your loved ones than no protection. While we don’t recommend this long time, no-exam insurance may be a good, fast option for gap coverage. If this is your sistuation, give us a call to see how we can help.
- You need final expense coverage. In some instances, we see clients who have not been able to save enough to cover their medical bills or final expenses turn to no-exam insurance for coverage. If this is your situation, give us a call so we can compare the premiums of no-exam insurance to your final expense options.
You Should Always Do Your Research
You should always do your research before applying for no-exam life insurance as a senior. All too often, we get clients who are afraid that their age alone will disqualify them for affordable life insurance premiums.
Your age – and even your risk factor – should never be a deterrent to coverage. There is a policy out there to protect you and your loved ones, no matter your situation, and we can help. Doing your research is the hard part. Let us do the leg work for you and to present your case in the best light to underwriters. An independent insurance agent is the fastest way to affordable and adequate coverage. At Noel Insurance: knowledge is power. Let us help you know your options for affordable senior life insurance policies.