“No exam life insurance takes what could be a six-week process of applying and turns it into a 10-minute one.” Traditionally, life insurance companies have required customers to submit to medical exams in order to assess how much of a risk a person is to insure and to set the price of monthly premiums accordingly. Guaranteed issue life insurance plans offer seniors a way to get insured without having to take any physical examination or answer any questions about the status of their health. You May Not Need Senior Life Insurance. The approval process is quick and fast but the coverage maximum is low (100k) and the pricing is expensive compared to other companies. Yes, in fact, people age 45 to 85 can get life insurance with guaranteed approval. For this reason, it’s difficult to qualify for and the premiums are high, especially if you have a health condition such as diabetes. The payout from this policy can go a long way in helping with your funeral and all of the costs that come with it, as well as finalizing any debts that you leave behind. Faster approval does have its … Life Insurance - Online Insurance Quotes In at the very least one case, an insurance provider which marketed a plan to a purchaser without any insurable interest (who later killed the CQV for the proceeds), was found responsible in court for adding to the wrongful fatality of the sufferer (Liberty National Life v. Assurity life has a great online application process that speeds up the process. While New York Life is one of our favorite providers in its own right — we awarded it “most flexible policies” in our review of the best life insurance companies for seniors — we think that its partnership with the AARP makes it a standout choice for no-medical-exam life insurance. You can get no medical exam term life insurance quotes instantly and then have a policy issued in just a few days. Why we chose it AARP partnership. I get this question often when a client calls our office to request a quote: “Can I buy whole life insurance if I’m over 70?” One alternative option is to apply for a no exam policy. No-medical-exam life insurance eliminates the full medical underwriting process to approve your life insurance policy. Policy Length: It … Start here or talk to a State Farm agent. Guaranteed Issued with No Medical Exam and No Health Questions: Guaranteed issue life insurance policy is usually best for an elderly client who would not be able to qualify for a standard policy. No medical exam life insurance. Universal Life Insurance for Seniors Over 80. 75 years old – 15 year term. While this all may look great at a glance, the truth is that the AARP is a wonderful organization in many aspects, but it falls a bit short as far as term life insurance goes. After considering your circumstances, you may decide you do not have to carry life insurance. No Medical Exam Life Insurance for Seniors Some people feel that because of their age or health they will not be approved for life insurance. Coverage amounts from $50,000 to $300,000 Simple application process — … American National American National also known as ANICO, is another a great option for no exam life insurance for seniors. There are 3 Best Options No Exam Life Insurance Seniors 2019. There are no medical exams required for guaranteed life insurance at all. You pay much higher premiums and have lower coverage amounts, but get a coverage that you otherwise wouldn’t get if you didn’t have a policy with no medical exam life insurance for seniors. “They want it to be fast and easy,” says Gina Birchall, chief operating officer for the life insurance trade group LIMRA. 70 years old – 20 year term. Guaranteed Issue Whole Life Insurance coverage was designed specifically to meet the needs of adults ages 50-85. Age cut-offs do exist for no exam term life insurance. Sometimes burial insurance is called funeral insurance, senior life insurance, final expense life insurance, permanent life insurance and whole life insurance. If you’re doing research on your own, it can be difficult to determine which provider is the best for your specific needs and budget. Their no exam policies are available to people between the ages of 18 to 65, and 10, 15, 20, and 30-year term lengths are available. Top Pick – United of Omaha Many people have a real fear of doctors and anything doctor-ish. Some companies offer UL to adults up to age 89, but a medical exam is required. 3 Best Options No Exam Life Insurance Seniors 2019. Instant Answer Term Insurance® is affordable life insurance with no medical exam required. Simplified issue policies require only a few medical questions and do not require a medical exam in most cases. Term Life Insurance and Whole Life Insurance Plans are both “simplified issue” and the application can be completed in just minutes. Is there life insurance for seniors over 70 no medical exam? There are dozens of life insurance companies that sell policies to seniors. Premiums are very high for life insurance for seniors over 70 and, if there is nothing to pay for after the person is longer around, then the life insurance policy is not … Amount in the Policy: You can receive the amount of insurance ranging from 25,000 – $249,000. This is because taking a medical exam can lead to cheap coverage and premiums. But enhancements in insurance underwriting and the availability of specialty insurers who focus on covering those with higher risks means life insurance is available to almost everyone. And no-exam life insurance appeals to many people. The 5 best life insurance companies for seniors. Age Limit: they issue no exam policies for the age ranges from 18- 80 years old. 65 years old – … These policies don’t require blood work and don’t require a physical, so that’s not taken into account when underwriting your policy. Here are just a … At first glance, this type of insurance may appeal to you. Life insurance for seniors over 75 with no medical exam will likely be your best bet. Established in 1862, John Hancock offers term, final expense, whole, and universal life options.We selected John Hancock as the runner-up because the company has all the key policies needed to provide coverage for seniors’ needs, as well as features like accelerated death benefits, flexible underwriting for health issues, and potential premium refunds based on activity levels. The exact premium increase depends on your age and your answers to the medical questions. Guaranteed issue life insurance doesn’t require a medical exam or questions, and you can’t be turned down—hence the name guaranteed issue. What Is No Medical Exam Life Insurance? No Exam Life Insurance for Seniors No medical exam life insurance also referred to as guaranteed life insurance, does not require you to complete a medical exam during the application process. A life insurance policy is your guaranteed way to make sure that your loved ones aren’t financially burdened by your death. Whole life insurance for seniors over 70 is not only feasible but also very affordable. While each carrier is different, the following are general limits for the term length you are able to purchase: 80 years old – 10 year term. For example, many seniors at this age have diabetes. With guaranteed acceptance, no medical exam, and up to $25,000 in coverage, this senior life insurance policy offers a guaranteed way to help protect their legacy. Wait Time: the time for the approval of the application will take about a week. This type of coverage, available through AIG insurance companies, does not require a medical exam or a coverage waiting period. MetLife No Exam Life Insurance Review. The key aspects of Transamerica’s no medical exam life insurance for seniors are as follows: For coverage between $25,000 and $99,999: Non-medical term insurance for $25,000 to $99,000 is available for people in the age group 18 to 60 years Getting life insurance for seniors over 70 without a medical exam is possible from the best senior life insurance firms. These are no medical exam senior life insurance policies, which may be beneficial to many. Any policy with a medical exam will catch even the smallest health issues and send your premiums soaring. No medical exam policies are exactly what their name implies: You don’t have to take a medical exam when you apply for them, as you do with traditional life insurance policies. Universal life insurance (UL) is a cross between term and whole life insurance. A no exam life insurance for diabetes, though, may leave you with premiums as follows at age 75. An exam involves a medical questionnaire along with blood and urine samples, blood pressure checks, and potentially other tests such as an EKG. This type of insurance is costly, and there is a 24-month waiting period after the policy is initiated before coverage actually begins. Another option to obtain coverage without a medical exam is a “guaranteed approval” product. We did some digging to find the five best life insurance companies for seniors: No exam insurance is a life insurance policy that does not require the insured person to take a medical exam before approval to buy the policy. Yet, they provide the same guaranteed coverage. Assurity also offers simplified term life insurance without a medical exam and most applicants are approved within 72 hours. Quick Summary: Metlife is a well-known name but when it comes to no exam policies, there are much better options. If you have a medical condition, that doesn’t necessarily mean you won’t be accepted for a life insurance policy, but you may pay more for your coverage. You are in the right place; we will guide you to the best life insurance for seniors over 70. Sample No Exam Term Life Insurance Quotes - American Amicable. For example, Fidelity Life offers up to $250,000 of no exam life insurance for those up to age 65, and Sagicor Life offers up to $399,999 of no exam life insurance for those up to 65 as well, and you can get approved within 15 minutes right over the phone. However, insurance experts don’t advise on getting no-exam coverage. Whole Life insurance can protect your family for a lifetime, as long as premiums are paid. Written by Ty Stewart - Last Updated April 22, 2020. 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