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3 ways seniors can get approved for life insurance

There are multiple ways seniors can improve their chances of getting approved for life insurance. Getty Images/iStockphoto

For many applicants, the life insurance approval process works seamlessly. They start by exploring how much coverage they need and then analyze how much they can afford. From there they pick the type of policy they want and start shopping around for providers. Depending on a series of factors, approval can take weeks or just days (some providers will even approve coverage the same day you applied).

For seniors, however, life insurance works a little differently. Because of their advanced age and perceived heightened risk, providers may charge older adults more for less coverage. Or they may require additional vetting or paperwork. This doesn't mean, however, that life insurance for seniors isn't still valuable. It can be important to have - and it doesn't need to be expensive, either. Seniors just need to be smart about how they apply. By using the below suggestions seniors can better position themselves to get approved for the life insurance they need.

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

3 ways seniors can get approved for life insurance 

There are multiple ways seniors can improve their chances of getting approved for life insurance. Here are three.

Apply for a low amount

The more any applicant will request coverage (regardless of age), the more a life insurance provider will charge. They'll also likely require more supporting documentation before letting you sign on the dotted line. However, by requesting a modest amount you'll better improve your chances of approval. So, don't think $1 million. But $100,000? Or even less? That's more likely to be approved.

And remember what you need a policy for in the first place. A $20,000 life insurance policy to cover end-of-life expenses, for example, may be more than enough to meet your goal. And a provider is more likely to approve it.

Start by getting a free price quote so you can see how much you're eligible for.

Apply for no-exam life insurance

No-exam life insurance is exactly what its name suggests: no medical exam is required to secure this type of coverage. So, if you're a senior worried that an examination could reveal troubling health ailments that then dramatically hinder your coverage amount don't worry - no-exam life insurance removes that concern from the equation. Similarly, if you thought the results of a medical exam could completely disqualify you from coverage, then you also don't need to worry. No-exam life insurance is guaranteed. And because there's no exam you'll have an expedited approval process, too.

Just note that because of the lack of vetting, these policies may cost you more than if you had gone through with the blood, urine and traditional testing that a medical exam incorporates. But the added cost may be worth it if the alternative is an application rejection.

Apply quickly

The sooner you apply for life insurance the more likely you are to secure a low rate. You'll also have a better chance of getting more comprehensive coverage than if you had waited. Life insurance favors the young and healthy. As you age and medical issues arise you become riskier to insure - a risk that's then passed on to you in the form of higher monthly premiums (assuming you're approved).

What does this mean for seniors? It means that if you're thinking of applying for life insurance don't wait. A 65-year-old applicant is more likely to get quoted for better terms than a 70-year-old would. And the 70-year-old will have more options than someone older. The longer you wait to get a policy the more you'll have to pay. And the coverage options will be limited.

So start the process today and see what kind of coverage and terms you're eligible to receive. You can get a free price estimate now or you can use the table below to compare some top providers on the market.

The bottom line

Life insurance is beneficial for adults of all ages. For seniors, however, the application process can be more difficult to navigate. That's why it helps to apply for lower amounts, if possible. And if you're an older adult worried about what a medical exam may reveal, then skip it altogether by going for a no-exam life insurance policy. Finally, regardless of your age, consider applying quickly in order to get greater coverage and lower costs. 

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