For seniors who are looking for life insurance, there are several different options that are available. However, it is true that the older a person gets, the more limited the options may become. So, it is little surprise that one of the more popular types of senior life insurance is one that requires no examination.
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What is No Exam Life Insurance?
This is a type of life insurance that does not require a medical examination. Standard life insurance policies do require a medical exam in order to verify the health of the policy holder. By foregoing a medical exam, it becomes easier to qualify for life insurance. However, this type of policy still has medical questions that need to be answered truthfully before it can be purchased.
Nevertheless, this particular type of policy is very popular with seniors for a number of reasons, especially older seniors who might have difficulty qualifying for standard life insurance policies.
The Pros and Cons of No Medical Exam Insurance:
No Medical Examination: The most obvious benefit is that you do not have to undergo the hassle of having a medical examination. You can obtain this type of insurance in a quicker fashion and do so only by having to answer a few medical questions.
Easier to Qualify: If you suffer from certain health conditions, then this is arguably the best choice for you. It is simply easier to qualify for the type of life insurance policy that you want.
However, despite these advantages, there are some disadvantages in obtaining this type of policy. This is especially true for seniors who are in generally good health.
More Expensive: This type of no medical exam policy can be 15% – 30% or more expensive than standard life insurance that does include a medical exam.
Lack of Guarantee: Depending on the answers to the health questions, you may not qualify for this type of life insurance. You may have to go with a guaranteed life insurance policy instead.
There are essentially two alternatives to no medical exam which includes guaranteed life and standard life insurance policy. Guaranteed life means that there are no medical examinations or questions asked about your health. You will automatically qualify for the policy, but it is the most expensive type available, there is usually a limit to the benefits placed on the policy, and your beneficiaries will not receive the full death benefits for a preselected period of time after it is put into effect.
Standard life insurance is considerably less expensive although you will have to undergo a medical examination. However, for seniors who are in good physical condition and reasonable health, this is arguably the best option for their needs.
In the end, no medical exam life insurance is best suited for seniors who have certain health issues and do not want to undergo a medical examination in order to get a good policy. However, seniors who are in reasonably good health may want to undergo the examination in order to get a lower price on their life insurance.