How to Get Life Insurance for seniors without Medical Test
by Arina Smith Insurance 07 November 2017
The demand of life insurance for seniors is increasing as the life expectancy is higher than before. It is a big difficulty for seniors to pass the medical test for buying a life insurance that’s why the demand of no exam life insurance is very high. In financial term the policy is also called as guaranteed acceptance life insurance.
Why Seniors Buy No Medical Exam Life Insurance?
This policy is the easiest plan a senior citizen can get. Most of the seniors, suffer from several health issues and this is the main reason why they don’t want to go for medical exam. If the medical report is too bad in that case the change of getting a policy is low. So, it’s good for the seniors to simply buy guaranteed life insurance that is medical test free.
Another reason is fast approval and quick purchasing facility. As the policy doesn’t need any medical exam, the approval process is like instant. You don’t have to wait a long to get the policy. Just apply for the policy and you get instant approval from the underwriter.
What are the Disadvantages?
Price! In one word, the price is the main problem with this policy. The cost of this policy is quite high and sometimes it becomes not affordable.
Another bad side of the policy is the coverage amount. With the no medical policy you can’t cover above $25,000 which is quite small amount.
Besides of these two, you may also have to wait for 2 years before getting any death benefit. The rule is the policyholder must survive for at least 2 years otherwise no death benefit will be provided.
However, you should not be afraid of buying this policy. It may cost you a little more but you will get benefit from the insurance that you can’t image. It is always recommended to get this expensive policy only if you have the genuine reason. Few diseases are overlooked as well by most of the insurers so you should try that as well.
Who Need No Medical Exam Life Insurance?
Guaranteed life insurance is purchased most of the times by seniors above 70 years. You may wonder but both term and whole life is available. However, seniors over 70 need life insurance to cover burial expenses. With no exam policy you can effortlessly cover the final expenses.
No Medical Exam but What Else?
The insurer will not ask you for any medical tests. But, they may ask you simple health questions. This is very common and you should be honest to answer those questions. Hardly the insurer may ask you to show your previous medical reports.
These health questions don’t hamper you policy much. So, it’s good to be honest. If you give wrong information and the insurer finds that, it will end with policy cancellation.
How to Get Affordable Deal?
It’s not a difficult thing to do.
You may wonder why!
You must consider that there are many insurance providers available in the United States. They are always in competition with each other offering the best policies. Here you can take the advantage. You can compare rates from all the companies and choose the one that is affordable and covers your needs. It is very common that you compare rates from every company before taking a plan.
So, it’s time for you to compare and get your deal. It is not mandatory that you buy a policy from the company you ask for a quote. You have the opportunity to compare the rates from different companies, and then find which one is good for you.
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