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Should seniors buy no-exam life insurance?

No-exam life insurance has multiple features that can appeal to older adults. Getty Images

It's not always easy to decide which financial product or service to purchase and which one to skip. What may be worthwhile for one person may not be beneficial for another and vice versa. Similarly, a product that may be beneficial to have at one stage of your life may not be as advantageous at another.

When it comes to life insurance, the timing of purchase - and the type of policy you actually buy - are vital to get right. The wrong policy secured at the wrong time could cost you a lot of money for a negligible benefit. So it pays to do your homework first.

For seniors, in particular, life insurance can be tricky to navigate. Common wisdom dictates that a policy isn't usually worth it when reviewed on a cost-benefit analysis. But for many seniors, life insurance may still be valuable to have, and it can help meet their financial goals. This is especially true for no-exam life insurance, which has features that may appeal to older adults.

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

Should seniors buy no-exam life insurance?

No-exam life insurance has benefits for a wide range of age groups. For seniors considering this form of life insurance, it helps to understand a few primary advantages.

No exam is needed 

The most obvious benefit of this life insurance policy is arguably its most beneficial. Simply put: No medical exam is required to get this type of coverage. No blood work. No urine sample. None of the usual elements that make up a traditional medical exam will be required. So if you're nervous that the results of a medical exam could seriously hamper your coverage options - or if you think the results could disqualify you from coverage altogether - then don't worry. You can secure this form of life insurance without having to take an exam.

Start by getting a free price estimate now so you know exactly what it could cost.

It's a quick process

No one likes to go through an arduous application and vetting process. For older adults who would prefer to spend their time doing other things, no-exam life insurance can be a good alternative insurance protection to pursue. Because there's no exam required the process to apply - and get approved - is expedited significantly. So if you want to get coverage - and you want to get it on paper as soon as possible - then no-exam life insurance could be the way to go.

It covers all types of applicants

Because of the inherent nature of this type of life insurance, all types of applicants can apply and expect to get approved for coverage. For example, if you're someone suffering from pre-existing conditions that otherwise would have limited or totally prevented you from getting a life insurance policy, this type will approve you. And if you have a history of smoking - or continue to smoke currently - then that may have disqualified you from other insurance policies. But a no-exam life insurance plan will still cover you. In short, no-exam life insurance will arguably cover the broadest spectrum of prospective applicants.

So get started and see what you can qualify for. Get a free price quote now!

The bottom line

No-exam life insurance can be beneficial for many different applicants. For seniors in particular, the appeal of not having to go through a medical exam is significant. Add in an expedited approval process and the knowledge that all types of applicants are eligible and this form of insurance may very well be worth pursuing.

You can start by getting a free price estimate.

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