Why seniors should buy no-exam life insurance
Life insurance is considered to be a vital part of financial planning for millions of adults. But for seniors, the benefits are not always clear. The cost of getting a policy relative to the coverage that can be secured can be inconsistent.
But that doesn't always mean life insurance for seniors isn't worth it. This particular financial protection can be beneficial in multiple ways - from covering end-of-life expenses to serving as an inheritance to loved ones and more. To get the most out of a policy, seniors should do their homework to discover the most valuable and cost-effective type.
Enter no-exam life insurance. This type of insurance can be secured more easily than other common life insurance types - and it doesn't need to be expensive either. There are multiple advantages to no-exam life insurance for seniors that we will explore below.
If you're considering life insurance then start by getting a free price quote now.
Why seniors should buy no-exam life insurance
Here are three reasons why seniors should buy no-exam life insurance now.
They don't need to take an exam
The best reason for seniors to purchase this type of life insurance is obvious: They don't need to take a medical exam to secure a policy. While the absence of a medical examination is beneficial on multiple fronts, it's especially helpful for older adults. That's because life insurance medical exams are thorough, testing blood, urine, blood pressure and more. You'll need to answer a questionnaire online and sit for the exam with a medical professional. This vetting could reveal problematic health issues that could result in limited coverage and higher costs. Depending on the results of the exam, seniors could even risk having their application rejected altogether.
But with no exam, all of these concerns are removed from the equation, leaving the applicant one big step closer to securing a policy.
Get a free price estimate online now to see what it could cost.
They can get approved quickly
It can take days - if not weeks - to schedule a medical exam at a time and place that's convenient for both you and the insurance provider. The results of that exam then need to go back to the provider for closer inspection, at which point they will either approve you for the coverage you applied for or counter with an amount they feel comfortable with. They may also turn down your application in full. All of this takes time and, depending on the ultimate result, could leave you back at square one.
But with no medical exam, you'll significantly expedite the approval process. Some providers will approve you within days while others may sign off on an application the same day it was submitted.
Nobody likes to waste their time. For seniors, especially those enjoying their retirement, an arduous and lengthy process can be discouraging. Fortunately, they can hasten the life insurance application by choosing a no-exam policy.
They have options to choose from
No-exam life insurance isn't tied to one specific type of life insurance. Whole life insurance, for example, has an attractive cash reserve that can potentially be used by the policyholder while they're alive. It also lasts for the duration of the insured's lifetime. Term life insurance lasts only for specific timeframes before expiring. It's also generally cheaper than whole life insurance policies.
You can get a no-exam policy with either type of insurance. If you prefer whole life insurance you can apply for it minus a medical exam. You can do the same for term life insurance policies if you think that's the better fit. No-exam life insurance policies won't limit you to a specific type, giving you more freedom and options to choose from.
The bottom line
Life insurance can be helpful to have for adults of all ages - even seniors. But for older adults to get the most value from a plan they need to choose the right type. No-exam life insurance, in particular, with its lack of a medical exam and expedited process, is an insurance worth pursuing. It can be tied to either a whole or term life insurance policy, too, giving seniors the flexibility to secure the best policy for their needs.
Start by getting a free price quote online today.
