If you’re retired, it’s not too late to get life insurance. Life insurance has many benefits for seniorsincluding covering end-of-life expenses, providing an inheritance for loved ones and providing access to cash you can draw on while you live (if you get a whole life policy).
Life insurance without exam is often best for seniors because they tend to have more health problems than younger people. Policies requiring a medical exam take into account everything from your vital signs to preexisting conditions (such as heart problems or diabetes) when determining how risky you are to insure. The riskier you are considered, the higher your premiums will be and the more likely you will be denied a policy entirely.
No-exam life insurance is usually more expensive than other policies, but it essentially guarantees that you’ll be covered. As an added benefit, the approval process is simpler and faster because there are fewer steps involved. You may even be approved the same day you apply.
Start your life insurance policy search by getting a free quote now or using the map below.
How seniors can find the best life insurance with no exam
To find the best no-exam policy for your needs, take the following steps:
1. Define your goals
Determining exactly why you are getting life insurance can help you navigate the best policy. Your reasons may include:
- Paying off outstanding debt, such as a mortgage
- Covering your funeral expenses
- Leaving a legacy to his children and grandchildren
Determine what you want life insurance for so you know what policy type and choose how much coverage you’ll need. The more accurate your estimate is, the more likely you are to ask for only the amount you need, which can increase your chance of approval and keep your premiums low.
To find the right life insurance policy for you, get a free estimate now.
2. Select a policy type
There are two main types of life insurance policies: term life insurance and whole life insurance. Term life insurance covers you for a set period, usually one to 30 years. You choose the most suitable term for you. Whole life insurance provides coverage for—you guessed it—your entire life. It also builds cash value that you can access to pay for things like surprise medical bills. Because its coverage is more extensive, whole life is usually more expensive than long-term.
Conditional living is often best for seniors because they won’t need coverage for as long as a younger person. They can choose the term that best suits their life expectancy, and if they find they need additional coverage when the term expires, they can get a new policy, extend their current term, or make their policy a policy for life. Both term and whole policies are available in no-exam form, giving you more flexibility to choose the best policy for your needs.
3. Search for lenders
Once you know what coverage you need, it’s time to research lenders and rates. Get quotes from at least three insurance companies to get a clear picture of your options. Make sure you get quotes for the same policy type, length and coverage amount so you can accurately compare quotes. Get started by getting a free quote here or use the table below to compare some of the best providers on the market.
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Life insurance can be valuable regardless of your age. And regardless of your age or health, you have plenty of options to choose from. No-exam life insurance can provide coverage to seniors who otherwise wouldn’t qualify. To get the most out of a policy, determine your goals and the type and amount of coverage you need. Be sure to shop around for providers as well to get the best and most cost-effective policy.