No Medical Exam Life Insurance

Life insurance is a product designed for each and every one of us, meant to protect our loved ones against loss and financial insecurity. Nowadays, more and more people have started to seriously take into consideration the possibility of purchasing such a financial safety net, and thus the insurance marketplace has took notice of the increased demand and designed the best term life insurance, meant to fit the budget and meet the needs of all audiences, ranging from toddlers to elderly citizens.

Should-senior-people-buy-a-final-expense-life-insuranceA common misconception surrounding life insurance for seniors is that elders find it difficult to become insured. As the reasoning on which this assumption is based on is justifiable, given the common criteria on which insurance companies select their applicants, a very important fact is omitted: the industry created products for seniors, products which allow them to become insured and benefit from the same protection as any young and healthy adult.

The main options had by seniors consists of term insurance. A term life insurance policy offers protection for a limited amount of time. It doesn’t accumulate cash value and it is, naturally, cheaper than whole life, while it also doesn’t guarantee a pay-out. In other words, if you outlive your policy, you won’t be entitled to receiving any of your money back.

Seniors with minor health conditions might qualify for standard term insurance, and they can buy a contract which could stay in force for  as much as 20 years.

If, however, you feel that your health condition might obstruct your pursuit of the right insurance policy, you can opt for no medical exam life insurance. No exam policies offer the same perks as standard term life, without requiring a medical examination prior to submission.

With no exam policies such as guaranteed acceptance or simplified issue insurance, you can become insured in a matter of days. The downfall is the price – given the high risk you bring about to the carrier, the rates can reach double the amount a standard term policy would require. For this reason, we recommend that you keep no exam insurance is a last resort.

For more information on this topic and for a free insurance quote, visit us! The ideal life annuity might be just around the corner.