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How no-exam life insurance benefits seniors

If you're an older adult considering life insurance then a no-exam policy may be your best option. WHL

Life insurance is often considered to be a valuable and integral part of sound financial planning. The advantages of having a policy often outweigh the minimal monthly costs of maintaining it. Whether you're a parent to children who depend on you economically, a husband or wife who splits the bills with their partner or a small business owner, the financial security of a robust life insurance policy is vital to have.

For older adults, life insurance is frequently dismissed as not being valuable. But life insurance policies can be advantageous for seniors to have, too. They just need to choose the coverage amount and policy type carefully. While the coverage amount varies based on personal circumstances and goals, there is a life insurance policy that many seniors would benefit from purchasing: no-exam life insurance.

This type of life insurance can be helpful for a wide swath of adults, but seniors are arguably the most applicable demographic.

If you're in the market for life insurance then start by getting a free price quote so you know exactly what to expect.

How no-exam life insurance benefits seniors

There are multiple ways this particular life insurance can benefit older adults. Here are three.

You don't need to take an exam

The most substantial benefit of this type of life insurance is in the name: There's no exam. For seniors who don't want to endure the process of scheduling and going through a medical exam that tests blood, blood pressure, urine and more, then this insurance is the way to go. If you were worried that the results of an exam could severely limit - or totally eliminate - your chances of getting covered, then you can rest easy with this insurance. Since you don't need to take an exam to secure this type of policy you won't have to concern yourself about any potentially discouraging results.

Get a free price estimate now so you know exactly what it would cost.

You can get it quickly

Because the traditional medical exam has been removed from the application process, it's much quicker to get approved and covered with a no-exam life insurance policy than it is for other types of life insurance. With other insurances, it may take days if not weeks just to have the exam scheduled. And then you'd have to take the exam and wait around again for the insurer to review the results and make a determination. But by removing the exam from the equation, you're that much closer to the point of the final decision. This could be the difference between getting approved in weeks for one form of life insurance versus just days (or hours) with a no-exam policy.

There are multiple types to choose from

The two most popular forms of life insurance are whole and term. Whole comes with a desirable cash reserve that can be accessed while alive. It will also cover the insured for their whole life. Term, however, doesn't have the cash element and will only last for a pre-determined time frame. Both policy types have their pros and cons. Fortunately, you can get a no-exam version of either kind. The process of getting either will remain the same (you don't need to take the exam) but the cost will be different depending on which one you ultimately choose.

The bottom line

No-exam life insurance has advantages for prospective policyholders of all ages. For seniors in particular, many of whom may be worried about what any medical vetting could reveal, this is an especially attractive option. Because you don't need to take the exam interested parties will experience an expedited approval process. And they don't need to be tied to a specific insurance type: Both whole and term policies offer this feature.

Have more questions? Get started with a free price quote and learn more. 

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