There are many reasons why people would want to get life insurance for seniors with no medical exam and no waiting period. When you do decide to shop around for a life insurance policy, it is very important to get a good handle on your own personal situation first. You will need to have a good picture of your own health, not to mention you need to assess your financial situation and future needs to determine how much coverage you actually need. Once you have a good handle on these things, you will then be able to shop for insurance much more intelligently. To get an expert agent on your side right from the very beginning of this process, take just a few moments to fill out our form here on the site and we can connect you to the best agent to handle your case and together you will have a much easier time finding the right policy quickly.
Why You Might Want Life Insurance With No Exam for a Senior
There are several reasons why you may want to get life insurance for senior citizens without a medical exam. First off, medical exams are a huge inconvenience to people, and many people feel uncomfortable going to the doctors, let alone subjecting themselves to a number of different tests and questions. Some companies for certain policies may even require things like blood, saliva and urine tests. It's not a surprise many people don't want to go through this if they don't have to. Another common reason is that they are afraid their poor health may increase the premiums on their desired policy so much that they can't afford it, or even that they may be outright denied coverage. All of these are very valid concerns.
Advantages and Disadvantages to No Medical Exam Life Insurance
You might be asking yourself, if it is an option to get life insurance without a medical exam, why does anyone bother going through an exam? Not surprisingly, whether or not you get an exam and how underwritten the policy is can have a big impact on the premium price you end up paying. Insurance companies want to know for sure that you are in good health before they give you the most favorable policy terms. For some people who unfortunately know that they won't qualify for a policy after a medical exam may have no other choice but to opt for this policy, but you should never assume what your options really are until you've spoken to an expert life insurance agent.
Pros and Cons of No Exam Life Insurance
|Usually will not be denied for health reasons||Generally more expensive if not fully underwritten|
|No doctor visits, intrusive tests or needles||Often a graded benefit if you die in the waiting period|
What Is No Waiting Period for Life Insurance?
On some types of insurance policies there is what is known as a waiting period. This time frame, usually around two to four years, is at the beginning of a new policy and basically says that should the policy holder die in the waiting period, the full death benefit will not be paid out, and instead you will usually either get a percentage of it back or just the premiums you have already paid on the policy. Many companies do offer policies that don't have this type of graded benefit, but as you might expect, the premiums will generally be more expensive if you want to bypass the waiting period.
Reasons Why Life Insurance for Seniors With No Waiting Period Might Be Best
- You have an immediate need for coverage, such as life insurance for seniors over 80 years old
- You can afford the higher up front cost