Should seniors take life insurance medical exams?

A life insurance medical exam can go a long way toward securing lower monthly premiums.

Getty Images/iStockphoto

Life insurance is often considered advantageous for a wide range of adults both young and old. While some older adults may find the cost of a policy higher than they would have paid in previous years the benefits of life insurance for seniors can still be significant. And, despite conventional wisdom, they don’t always have to be exorbitantly priced either. 

That said, the life insurance application process for older adults may look a little different in terms of the amount applied for and the reasons supporting it. And while many adults would benefit from sitting for the traditional medical exam often required for life insurance approval, for seniors the advantage in doing so isn’t always so clear cut. There are good reasons to take the exam and some other good reasons not to, both of which we will explore further below.

If you’re in the market for life insurance then start by getting a free price quote now.

Should seniors take life insurance medical exams?

The answer to this question really depends on the individual and their health at the time of application. Here’s what to know.

When seniors should take a life insurance medical exam

Seniors in good health, who don’t smoke and don’t have a history of smoking should strongly consider sitting for the life insurance medical exam. These examinations are similar to the annual check-up one experiences with their primary care physician. So expect to have some routine bloodwork completed. Applicants will also have their urine checked and their blood pressure tested and will need to answer a series of detailed questions from a qualified medical professional. 

Seniors in good health can underline their status by pointing to the

Read the rest Continue Reading

How to get no-exam life insurance

Daughter on father's shoulders in front of suburban home
No-exam life insurance policies can be beneficial for a variety of policyholders. 

Getty Images

Life insurance helps you provide for loved ones after your death. With life insurance policies, your beneficiaries get a cash payment when you’re gone, one they can then use toward funeral expenses, unpaid bills or other expenses.

Most insurance companies require a medical exam before they approve you for life insurance coverage. You may be uncomfortable with this, or want to avoid it. Enter no-exam life insurance.

Many kinds of people may find no-exam life insurance appealing. No-exam policies can be smart if you have a pre-existing health condition, terminal illness, are a smoker or have a risky job (like fire fighting or construction). 

Or, you may need life insurance as collateral for a loan or a sudden change in marital status like divorce. Seniors may bump up against age limits for some traditional kinds of policies and find no-medical exam life insurance worthwhile. 

If you think you would benefit from a no-exam life insurance policy then reach out to an insurance pro now. They can help you get started with a free price quote so you know exactly what to expect. 

No medical exam life insurance comes in both whole life and term life policy forms. Though there’s no medical exam, each insurance type may ask for some health information on the application. Premiums are often more expensive than traditional life insurance policies that require medical exams. They can also provide significantly lower coverage. Guaranteed life policies, for instance, are often $25,000 in coverage or less.

Types of no-exam life insurance policies to know

The first step in getting no-medical exam insurance is deciding what kind is right for you. Here are four main types

  • Simplified issue: This insurance is often
Read the rest Continue Reading