When it comes to finding life insurance for seniors over 85, one of the most popular options is choosing the no medical exam version. Let’s find out why this is a better option for the people over 85.
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How Does No Exam Life Policy Work?
Standard life insurance policies require a medical examination as part of qualification and setting premiums. A no exam life insurance policy means that there is no examination to determine the exact state of health for the policy holder. Instead, a few questions are asked about their medical health and history.
A no medical exam life insurance policy is best suited for seniors who face a multitude of medical issues that might drive up the premiums or even disqualify them from getting coverage. However, this type of policy is more costly than one with a medical exam assuming the policy holder has no serious medical issues. Paying 10% or higher premiums will need to be taken under consideration before choosing this type of policy.
No Medical Exam Life Insurance for Seniors over 85:
There are good reasons why having no exam life coverage can work for seniors over the age of 85. For many, this is one of the few policies that can provide the benefits needed in case the unexpected should occur.
Medical Issues: Many seniors over the age of 85 have some medical issues such as type 2 diabetes, heart disease and other serious ailments that would make standard medical examination life insurance either unaffordable or unobtainable. With a no exam medical policy for people over 85, it is now more likely that seniors with such ailments can receive affordable life insurance. However, there are a few medical questions that will be asked.
Convenience: Because there is no medical examination, the process of being accepted for the life insurance policy is much easier. This can be a blessing for seniors who want to have coverage that provides financial protection for their families in case they pass away unexpectedly.
Less Expensive than Guaranteed: Many may not be aware that no exam life insurance is present and less expensive than guaranteed policies that cannot be refused, but are often far more expensive. For seniors in reasonably good health or without a history of truly serious ailments or disease, a no medical exam policy is the less expensive choice when compared to guaranteed life insurance.
Generally speaking, seniors should weigh their options when it comes to finding the best policies that meet their needs and fit their budgets. Starting with their own insurance company and branching out by looking at free quotes from us is a good way to find the right policy for their needs. At 85 and above, it will be important for the family to get involved so that seniors can make the best informed choice.
Finding life insurance for elderly over 85 that is affordable and provides good coverage is not as difficult as you might think if you include the no medical exam policies. They provide an excellent bridge between traditional life insurance which a senior may not be healthy enough to qualify for at affordable rates and the guaranteed life insurance which is quite expensive.