If you’re a senior, it’s not too late to get life insurance. Life insurance has many benefits for older adults, including covering end-of-life expenses, providing an inheritance for loved ones and giving you access to cash you can tap into while you’re alive (if you get a whole life policy).
No-exam life insurance is often best for seniors because they tend to have more health issues than younger people. Policies requiring a medical exam account for everything from your vital signs to pre-existing conditions (like heart problems or diabetes) when determining how risky you are to insure. The riskier you’re considered, the higher your premiums will be and the more likely you are to be denied a policy altogether.
No-exam life insurance is generally more expensive than other policies, but it essentially guarantees you’ll be covered. As an added perk, the approval process is simpler and faster because there are fewer steps. You might even be approved the same day you apply.
Start your search for a life insurance policy by getting a free price quote now or using the map below.
How seniors can find the best no-exam life insurance
To find the best no-exam policy for your needs, take the following steps:
1. Identify your goals
Pinpointing why you’re getting life insurance can help you zero in on the best policy. Your reasons might include:
- Paying off outstanding debt, like a mortgage
- Covering the cost of your funeral
- Leaving an inheritance for your children and grandchildren
Identify what you want life insurance for so you know what type of policy to choose and how much coverage you’ll need. The more accurate your estimate, the likelier you are to ask only for the amount you need, which can increase your chance of approval and keep your premiums down.
To find the right life insurance policy for you, get a free estimate now.
2. Choose a policy type
There are two main types of life insurance policies: term life insurance and whole life insurance. Term life insurance covers you for a certain period, typically one to 30 years. You choose the term that’s best for you. Whole life insurance provides cover for — you guessed it — your whole life. It also builds cash value, which you can access to pay for things like surprise medical bills. Because its coverage is more extensive, whole life is typically pricier than term life.
Term life is often best for seniors because they won’t need coverage for as long as a younger person. They can select the term that best fits their life expectancy and, if they find they need additional coverage when the term expires, they can get a new policy, extend their current term or convert their policy to a whole life policy. Both term and whole policies come in no-exam form, giving you more flexibility to choose the best policy for your needs.
3. Shop around for lenders
Once you know how much coverage you need, it’s time to research lenders and rates. Get quotes from at least three insurance providers for a clear picture of your options. Be sure to get quotes for the same policy type, length and coverage amount so you can accurately compare offers. Start by getting a free quote here or use the table below to compare some top providers on the market.
The bottom line
Life insurance can be valuable no matter your age. And whatever your age or health, you have plenty of options to choose from. No-exam life insurance can provide coverage to seniors who might not otherwise qualify. To get the most out of a policy, identify your goals and the type and amount of coverage you need. Be sure to shop around for providers, too, in order to get the best and most cost-effective policy.
— to www.cbsnews.com