The thought of having to undergo a medical test in order to be eligible for life insurance is daunting or just not practical for many seniors over the age of 70. Fortunately, there is an easy alternative: no medical exam life insurance. This kind of coverage doesn’t require any intrusive exams, lengthy waits, or difficult paperwork.
This article will explain the process of purchasing no-exam life insurance, go over its advantages and disadvantages, and list the best companies in the United States that sell this type of policy to seniors.
Life Insurance Without a Doctor’s Visit: What Is It?
Skip the doctor’s visit simply said, no-medical-exam life insurance is just that: a policy that does not need a medical examination from the applicant. Rather, eligibility is established by:
* A brief health survey (for problem policy with less complex questions) * For assured issue plans, there are no health questions whatsoever.
For seniors seeking straightforward, fast coverage, these plans are a great fit because of their easy access and rapid approval process.
Important Perks for 65 and Up Individuals
The following benefits are available to those with health issues: * **No examinations or lab work** — avoid tedious tests * **Quick approval** — some policies activate in 24-72 hours * **Accessible to those with health issues** – Solutions available, even for those at high risk * **Relief from anxiety** Safety nets set up to shield family members
Policy Options That Do Not Require a Medical Exam
1. **Life Insurance with a Simplified Process**
* Quicker underwriting (often a few days)* Greater coverage levels than guaranteed issue * Simple health questions (but no test)
2. **Life Insurance with a Satisfaction Guarantee**
* Coverage amounts are lower (often up to around $25,000) * There is a two-year waiting period before the entire death benefit becomes effective * There are no health questions, exams, or denials. Apt for people dealing with severe or many medical issues
Optimal Life Insurance Companies for People Over 70 Who Do Not Require a Medical Exam
1. Living Promise – Mutual of Omaha
* Lifelong simplified issues coverage * Up to $40,000 in coverage * Fast approval for elders in good health without exams
2. AARP (subsidiary of New York Life)
Term and whole life insurance policies are available, and most plans do not require an exam. Accessible just to AARP members
3. Colonial Penn – Lifetime Acceptance Guarantee
* Prepaid rates * No medical history questions or tests * The actual death benefit varies, but coverage begins at around $9.95 per unit per month.
Fourthly, Transamerica – Final Expense for an Instant Fix
* Less complicated problem, up to$50,000
Strong customer service and stability * Acknowledges elderly up to 85 years old
5. Life Insurance from Gerber Life – A Guaranteed Policy
Enjoy lifetime coverage with a cash value, no medical questions asked, and coverage available from 50 to 80 years old.
Things to Be Wary of
Unless it’s an accidental death, the majority of guaranteed issue plans include a two-year waiting period before they pay up in full in the event of a death that happens within that time.
Coverage amounts are typically limited at between $25,000 and $50,000.
* **Price Increases Are Possible:** The option to miss a test may come with a higher price tag.
Do You Need Insurance That Does Not Require a Medical Exam?
There is a chance it would work if:
You have health issues that may prevent you from qualifying for standard plans; you are over the age of 70; and you desire fast, easy coverage.
You need permanent coverage that does not require yearly renewals or increases in premiums, and you simply require a modest policy to pay for burial expenditures.
Last Reflections
Skip the doctor’s visit Life insurance is a great option for anyone over the age of 70 who desire coverage but don’t want to deal with the hassle of medical exams. You may choose a coverage that would give your loved ones financial security and peace of mind regardless of your health status.
Make sure the insurer is financially stable and trustworthy, compare prices, and read the benefits thoroughly before deciding on a plan.