Senior Life Insurance Without a Medical Exam
Traditionally, many life insurance policies require a medical exam as part of the underwriting process. A quick exam doesn't feel like a deterrent when you're young and healthy. However, for some, including seniors, needing to take a health exam or answer extensive medical questions may give them pause. An exam could turn up an undiscovered illness, a chronic health condition, or overall poor health, which may impact premiums or, even worse, reject them from coverage altogether.
Because of those fears, some seniors forgo getting a life insurance policy, potentially leaving loved ones to pay for outstanding bills or funeral costs after they pass.
For seniors who don't have an existing policy and would like to get coverage to help provide financial security for their loved ones after they pass, it is possible to get life insurance with no health questions and no medical exam.
What to Know About No Exam Life Insurance
Nearly half of Americans said they would be more likely to purchase life insurance if they could get coverage more quickly and without a medical exam. According to a 2019 Insurance Barometer Study by Life Happens, a nonprofit organization that focuses on life insurance and other products, and LIMRA, a life insurance management and research organization. You might be one of them, and you do have options. You can secure a life insurance policy with no exam or health questions and can qualify regardless of your health.
As you explore your options, something to consider about no exam life insurance is it may have higher premiums. Part of the reasoning behind it is because insurance companies don't have your specific health information. That makes it harder to determine a rate based on your specific health and information. For some, that may result in a higher premium compared to getting a policy with a medical exam.
As you're comparing different policies, keep that in mind. It may turn out, for example, that you could pay more for a no exam policy than one that requires an exam if you are in good health.
Life Insurance Policy Options Without a Medical Exam
One of the most popular choices for seniors looking for no medical exam life insurance is Guaranteed Issue Whole Life Insurance. It's a simple life insurance option that doesn't require a medical exam, and it has guaranteed acceptance.
Senior life Insurance without a medical exam, such as Guaranteed Issue Whole Life Insurance, also doesn't require you to answer any medical questions and your premium payments stay fixed. This means, for the life of your policy, your premium won't increase.
Guaranteed Issue Whole Life Insurance is designed for people between the ages of 50 and 80 who want to ensure they can help loved ones pay for outstanding debts, final expenses, or medical bills after they pass. Coverage typically starts at $5,000 and goes up to $25,000.
Guaranteed Issue Whole Life Insurance offers living benefits, included at no extra cost. Life insurance policies that offer living benefits can help cover medical bills, and in some qualifying cases, may even return premiums to you.*
- Chronic Illness: If you are diagnosed with a chronic illness, where you cannot perform at least two of six "activities of daily living" such as eating, bathing, continence, toileting, dressing, and transferring, the benefit will return all of the premiums you've paid. The same is true if diagnosed with Alzheimer's Disease, dementia, or another server cognitive impairment.
- Terminal Illness: A terminal illness is classified as when a physician certifies an illness or physical condition is reasonably expected to result in death within two years from the date of certification. If you're diagnosed with a terminal illness, you may be able to accelerate up to 50% of your death benefit to use before you pass.
*For more information on Accelerated Benefit Riders, click here
How to Find and Choose a Life Insurance Policy
Should you get life insurance with no medical exam? The answer, of course, is you should do what's best for you and your family's needs. Then, after carefully considering the options and learn more about no exam life insurance, make the choice that works for you.
The AGL GIWL policy referenced offers a limited death benefit in the first two years of the policy. Should death occur in the first two years, a death benefit will be equal to 110% of the premiums paid. In the event of suicide, the death benefit is limited to a refund of premiums only.