What seniors should know about no-exam life insurance
Life insurance can provide vital financial security for adults of all ages, including seniors. Despite the conventional wisdom that life insurance for older adults is expensive and not valuable, there are actually many instances when having a policy is worth it. To get the most out of life insurance, seniors should carefully research their options to secure the most cost-effective and valuable one possible.
This is where no-exam life insurance comes into play. For older adults concerned about what a life insurance medical exam may reveal, this type of insurance may be particularly helpful. Since no exam is required as part of the application process, seniors and older adults of varying health can generally expect to get approved for a policy.
That said, as with all financial products and services, there are some factors to understand to secure the best possible policy. We will explore three things seniors should know about no-exam life insurance in this article.
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What seniors should know about no-exam life insurance
If you're a senior considering no-exam life insurance, here's what you should know.
It's flexible
Life insurance comes in many shapes and sizes. Many people prefer term life insurance, which comes with more manageable payments but only lasts for a specific period. Others prefer whole life insurance for its duration (it lasts for the whole life of the policyholder) and its cash value (giving the insured access to funds while they're still alive).
Regardless of which type you prefer, you can get a no-exam version of the policy. No-exam term and no-exam whole policies are commonly offered, giving you more flexibility when building a personalized policy. In short: Whether you want a term policy or a whole one, you won't need to take an exam to get it.
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It's guaranteed
Many seniors may hesitate to apply for life insurance because they simply don't think they'll be approved. As you age, you naturally become riskier for insurance companies, and that's reflected in fewer coverage options and higher costs. It can also mean disqualification from coverage altogether. But no-exam life insurance is different. Because you're not taking an exam - and thus not risking any results that could cause a coverage adjustment - you're guaranteed to get coverage.
So seniors who want life insurance but are concerned they may not be approved should strongly consider no-exam life insurance. It offers an expedited approval process (since no exam needs to be completed), and the coverage is locked in.
Prices vary
Because no-exam life insurance skips a crucial part of the traditional life insurance application process, insurers have less insight into the health and well-being of the applicant. This means they could end up insuring someone who's not in great health or who may die soon after the policy is instated. Due to these inherent risks, prices for no-exam life insurance vary and are generally higher than what policyholders would pay if they sat for an exam.
That said, no-exam life insurance doesn't have to be exorbitant. As with all life insurance policies, the price largely depends on your personal factors and how much coverage you're applying for. Life insurance type also plays a role in cost. For example, no-exam term coverage will be more expensive than no-exam whole coverage.
Do your research and comparison shop providers to find the best price and coverage. You can get started here now.
The bottom line
No-exam life insurance can be a welcome option for adults interested in life insurance but concerned about what a medical exam will reveal. This type of life insurance can be particularly favorable for seniors and older adults whose medical exam results may be subpar.
Fortunately, no-exam life insurance is flexible in that it comes in the form of both term and whole policies. Because of the inherent nature of the policy, it also offers guaranteed coverage for those who want it. Prices, however, tend to be higher than life insurance policies secured by completing a medical exam, so it pays to shop around to discover the most cost-effective plan.
