There are different types of life insurance policies from which you can choose that includes life insurance for people over 50 without a medical exam.
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What is No Exam Life Insurance?
Traditional life insurance policies require a medical examination for the insurance company to determine the risk involved. The exam will reveal all sorts of relevant information about your health which will be used as the basis for setting the rates for your policy.
However, a no exam policy means that only a few questions about your health are asked in the course of writing the policy. Based on the answers, the life insurance company will set the rates for your policy as well as your age, gender, and the benefit level you choose. A no exam life insurance policy should not be confused with guaranteed life insurance in which no health questions are asked.
Pros & Cons:
There are many benefits as well as disadvantages in choosing a life insurance over 50 no medical exam policy. Understanding the pros and cons will help you make the best-informed decision about whether this policy is right for you.
Pros: The main advantage of this form of life insurance coverage is for those who suffer from a particular medical condition that would make the difficult to insure under normal circumstances will be covered by this policy. Since you only have to answer the health questions asked by the company, it is possible that they may not cover your particular condition.
It’s true that there is less hassle in getting this type of policy since you only have to answer a few health questions. Also, this type of policy is less expensive than guaranteed life insurance and is a more practical solution for those who may have certain medical conditions that would not deny them standard life insurance.
Cons: The main disadvantage is the cost of this type of insurance. Because there is no medical exam, the rates are much higher as compared to insurance for a healthy individual. So, the only people who should consider purchasing this type of policy are those who would pay an even higher rate with a traditional plan that included a medical examination.
Another issue is that many people who may get lower rates from taking the medical exam often pass because they feel the no exam policy is better.
Why Choose No Exam Life Insurance at 50?
For those who would have to pay more if they were subject to a medical exam to get a life insurance policy, then one with no exam would be right for you. If you are over 50 and have had medical issues in the past, then this is good policy to consider.
Besides, it takes less time to get the policy and you don’t have to be subject to a medical examination. You can get life insurance quotes over 50 no exam policies from us to discover which one offers the best rates.