Life insurance for seniors is often life insurance with no medical exam
It is not a secret that everyone needs some amount of life insurance. Often the hassle of going through a physical exam and giving a blood and urine sample is enough to stop some people from even completing an application. Many seniors believe that they are too old or unhealthy to qualify. But this is not necessarily the case. Life insurance with no medical exam is fast becoming a popular type of life insurance for seniors.
With the advances in technology, including computerized records, an insurance company is often able to complete a phone interview with the applicant. During this interview, the life insurance company is able to access the MIB (Medical Information Bureau) and a data base of prescribed medications. This information, along with a health questionnaire, is often all that is required to get life insurance for seniors put in place. Today, life insurance with no medical exam can be purchased from an agent face-to-face, over the phone and even online.
Life insurance is a necessity given final expense costs
Many people have their life insurance through their employer and watch it either disappear or skyrocket in cost once they retire. Many of us purchase term insurance when we are younger, only to watch it expire when we are closer to needing the benefit.
No matter what your situation, it is wise to have some life insurance to cover your final expenses. The average funeral today is over $6000 and that does not include many of the incidentals that make a funeral complete. Unpaid medical bills and other expenses also contribute to final expense costs.
Insurance for seniors is often more affordable than you would think. Most often a whole life insurance policy is purchased as no-exam life insurance. The life insurance premiums are often reasonable because the amount of insurance purchased is between $2000 and $50,000 in death benefit.
Apply for life insurance with no medical exam today
Although there are companies that promise guaranteed issue life insurance for seniors, the premiums are often much higher than if you can answer a few health questions. Underwriting is often quite liberal, but the younger and healthier you are, the lower the rates.
When you think about it, you really have nothing to lose when you apply for life insurance without a medical exam. There is little hassle and you often won’t pay a premium until you are approved for coverage.