Seniors today are no different from any other age group. They are active and full of life with no time to be wasted. That explains the reason for the rising number of no exam life insurance 
requests. Well, the good news is that there are no exam life insurance options for seniors like yourself. However, eligibility and pricing will vary based on your age and health. Here is a quick summary:
- If you consider yourself in good health you may have many options to choose from such as term life, whole life, universal life, variable universal life, and index universal life insurance.
- If you are under 65 and you don’t consider yourself in good health then chances are that you have poor health. Not everybody will have good health but there are still options available for you. If you have more than one of more major medical conditions which require ongoing treatment you may be uninsurable for the simplified issue plans. You can get approved for some high-risk life insurance policies such as graded life insurance or guaranteed issue life insurance.
- As an individual applying for life insurance coverage over the age of 65, you still have some options when it comes to getting life insurance coverage but you need to think carefully about what you’re going to get out of a policy versus what you’ll need to pay for it.
- If your mind is set on a no medical exam policy then again your options are the same as a 65- year-old and that is a guaranteed issue policy with a cap of $25,000 or a final expense policy with a cap of $50,000. Either way, you will be able to get coverage with no medical exam.
- Whether you decide to still purchase a no medical exam policy or not you should read our article about the best life insurance companies for seniors.
Life Insurance for Seniors Under 65 and Have Good Health
If you have good health this means you have minor to none medical conditions. You can get up to $500,000 for 10, 15, or 20-year term life insurance or up to $250,000 for a permanent life insurance policy. These plans are known as a simplified issue which is just like a traditional plan but doesn’t require a medical exam. The cost of these plans is very reasonable when shopping for a no exam option because the company will check your medical records, driving records, and pharmacy report to verify there are no serious ailments. Based on the company you decide to work with it will take between 1 to 30-days to get approved for life insurance. There is no waiting period so coverage will go into effect upon approval. Remember you can still qualify with certain medical conditions especially if there are under good control just expect to pay a little more every month.
Life Insurance for Seniors Under 65 with Bad Health
If you are under 65 and you don’t consider yourself in good health then chances are that you have poor health. Not everybody will have good health but there are still options available for you. If you have more than one of more major medical conditions which require ongoing treatment you may be uninsurable for the simplified issue plans. You can get approved for some high-risk life insurance policies such as graded life insurance or guaranteed issue life insurance. Guaranteed issue plans have no questions or exams but you have to wait for full two years before benefits are paid out. With a graded policy there are few questions and no exam but the coverage benefits kick in gradually usually within 3 years.
Life Insurance for Seniors Over 65
There are a lot of options for fully underwritten plans all the way to age 80 but you are limited when looking for a no exam policy though. Typically you can get a permanent whole life insurance policy known as a final expense. You may have seen final expense before or maybe you saw a commercial about burial insurance and now are wondering what the difference is. Well, a final expense policy is designed to cover anything associated with funeral and final medical bills. You can get a final expense policy with coverage up to $50,000. Most final expenses policies have 3 sections on the application with different health questions. Your answers will determine the type of coverage, monthly payment, and the amount of life insurance you qualify for. Basically, there is a level coverage which goes into effect right away, has lower monthly premiums and the highest benefit amount available. Then there is the guaranteed issue which as mentioned before go into effect after 3 or 4 years and has lower coverage amount available. You will get coverage with this kind of policy because there are no health questions asked and if you are looking for more than $25,000 in coverage you can stack up a couple of policies to add up to the benefit amount you are looking for.
Life Insurance for Seniors Over 80
If your mind is set on a no medical exam policy then again your options are the same as a 65- year-old and that is a guaranteed issue policy with a cap of $25,000 or a final expense policy with a cap of $50,000. Either way, you will be able to get coverage with no medical exam. However, you may be better off with a medical exam because you may get denied with a no medical exam policy since they look at your prescription records.
Life Insurance Quotes for Seniors
I hope you found this information helpful and don’t hesitate to start a discussion below if there is anything that we missed. Whether you decide to still purchase a no medical exam policy or not you should read our article about the best life insurance companies for seniors. If you are ready to get life insurance it is in your best interest to work with one of our specialists. There are simply too many variables for the use of a quote engine so let us help you by using more than 60 companies to find you the best plan. You can contact us by email or simply call 888-492-1967.
