If you’re a senior and in a position to need health insurance, you might wonder how you’d pass a medical exam. Whether you aren’t in good health or want to avoid being hassled with getting the exam done, you might wonder if you can get life insurance without an exam.
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Fortunately, the answer is yes!
Several life insurance policies don’t require an exam, but they have some nuances you should understand.
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How Does Life Insurance Without an Exam Work?
The life insurance company takes on a larger risk if you get life insurance without an exam. This is because they don’t know your health conditions or if you’re nearing the end of your life. Because of this, they must charge higher premiums to compensate for the risk, but that’s not all.
Depending on the type of life insurance policy you buy, you’ll likely be subject to a waiting period of at least two years.
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If you die within two years of buying the policy, your beneficiaries won’t receive the full death benefit. Typically, they’ll receive the premiums you paid plus a small percentage, usually around 10%.
It’s something to consider as you think about life insurance with no medical exam.
The Types of Life Insurance Without an Exam
Seniors have two options when considering life insurance without an exam:
Simplified issue life insurance
This insurance policy doesn’t require a medical exam, but you must answer some basic medical questions. They are usually about major illnesses or conditions that could affect your overall health. If you answer the questions right (and honestly), you could have insurance without an exam. Some simplified life policies have a 2-year waiting period.
Guaranteed issue life insurance
This insurance policy is guaranteed with no questions asked. Because of it, you’ll pay much higher premiums and face a 2-year waiting period. But you’ll have coverage without a medical exam, so you can get life insurance even if you have common illnesses or conditions.
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How Much Coverage can you Get?
Since insurance companies take a considerable risk in issuing simplified or guaranteed issue life insurance, they often limit your coverage.
Most insurance companies issue $100,000 or less in simplified issue life insurance and $25,000 or less in guaranteed issue coverage.
You may only need insurance to cover your final expenses if you’re a senior. If you aren’t supporting your kids or family any longer, you may not need the higher insurance amounts. Because guaranteed and simplified issue policies have higher premiums, it’s likely a good thing for most seniors because the premiums would be unaffordable.
There are options for life insurance with no medical exam; if you’re a senior looking for this, a final expense life insurance policy may be the best option.
You’ll get coverage to cover your final expenses and don’t have to worry about passing a medical exam. If you need peace of mind that your loved ones can cover your costs and you aren’t leaving them with any burdens, consider final expense insurance.