Seniors have a number of no exam life insurance choices. The application process is much simpler and the costs are generally cheaper than most individuals realize. Below, you’ll detail what seniors must know regarding buying no exam life insurance. This way, they’ll be able to make an informed decision with ease.
If you are a senior, there are several no exam life insurance for seniors that you can consider. They include: guaranteed issue, guaranteed universal final expense, and guaranteed renewable issue. All of these options are unique and offer different features. Here, you will learn about each type and why they are ideal for seniors.
Guaranteed Issue – This option provides no medical exam or Health Reimbursement Arrangement (HRA) coverage. Most people fear this choice because they fear that medical exams may not be covered. However, this is not true. It actually means that the insurance company will pay a percentage of your final expense, whether it’s due to a hospital stay or a doctor’s bill. Therefore, seniors who want this type of insurance should invest in a plan that offers guaranteed issue. In addition, it is important that the policy has a lower premium because it is likely to have higher premiums if the person doesn’t have good health.
Guaranteed Issue – Unlike traditional health insurance policies, this one does not require a medical exam. It offers 100% coverage up until the policy holder reaches the age of 65. Because of this, many seniors decide to go with this type of plan because they believe they will not need to obtain a medical examination.
However, there are still some medical exam life insurance companies that require a medical exam in order to obtain coverage. As a result, you may end up paying for more premiums than you expected. Therefore, when looking for this type of coverage, you should ensure that it does not require a medical exam.
Unlisted Medical Exam – This is one of the most popular no medical exam life insurance policies for seniors. These types of plans typically only cover accident or injury. They do not include medical exams like a regular health insurance policy would. This can make these policies perfect for seniors who rarely suffer from problems related to old age.
Although there are no medical exams required with these types of policies, it is important to note that some companies do offer different levels of coverage. There are policies available that offer limited coverage and others that cover everything. Therefore, you should ensure that you are comparing apples-to-apples. If one company offers limited coverage for seniors who are at ages 80 and above, but another company offers coverage for those who are at ages 65 and below, you should compare the prices.
Choosing No Medical Exam Life Insurance For Seniors – One of the most important aspects of finding no medical exam life insurance quotes for seniors is to ensure that you get enough coverage. It is important to note that many of these policies will only cover accidents or injuries. Therefore, it is crucial that you ensure that your family has enough coverage to cover the normal course of events. As you get older, accidents can happen. Therefore, you need a reliable insurance product that will protect your loved ones even if you are unable to provide monetary assistance.
Most of the no medical exam life insurance coverage products available for seniors will provide coverage for your final expenses upon your death. Some products will include your funeral expenses and other monthly payments such as mortgage, taxes and credit card payments. However, these products will typically not cover any loss of income or cash value resulting from your death. In addition, these products will typically not provide coverage for any outstanding debts you may have upon your death. These include but are not limited to, student loans, mortgages, car payments and other payments.
When comparing the different products available for no medical exam life insurance for seniors, you will want to make sure that the product you select will provide for at least the minimum level of coverage. The best choice for this purpose would be a term life policy. These are generally inexpensive and provide you with the most basic protection for your death benefits. Another consideration when comparing these products is the option to add a guaranteed renewable term to the endowment. This option will require that the insurance company provide an additional premium in the event you decide to Terminate your policy early.
Term life insurance for seniors is usually less expensive than the more expensive universal policies. Term policies do offer some flexibility in the event you decide to Terminate your coverage early. If you do not pay the premium for the full term of your policy, the insurance company will return a portion of your initial premiums to you. These policies also offer the benefit of allowing you to convert them to universal policies at a later date should you desire to do so.