When you are a senior looking for life insurance and don’t want to have to worry about a medical examination, there are several options available. This article will discuss those options as well as some average costs for life insurance that don’t require a medical exam.
Life Insurance for Seniors Without a Medical Exam
There are many options available to seniors through various insurance companies. Transamerica is an excellent choice for this type of coverage if you are seeking a policy under $100,000. The premiums are competitive and coverage starts as low as $25,000. Some of the highlights of a policy with Transamerica include the following:
• Provides coverage for those between the ages of 18-80. Yes, even those who are in their 70s or 80s are able to purchase a term life insurance policy through Transamerica.
• No medical exam is necessary for those from 18-60 who purchase policies from $25,000-$99,000.
• No medical exam is necessary for those 18-60 who purchase policies from $25,000-$50,000.
• The term policies are 10, 15, 20, 25 and 30 years.
For policies without an exam, Transamerica will request your doctor’s records, and they use that information as well as what is available through the Medical Information Bureau (MIB), prescription records and your motor vehicle report to make a decision.
Transamerica for Higher Risk
Unlike other insurance companies, Transamerica also offers policies without the need for a medical exam even for those who are considered high-risk. Even if you have diabetes, Hepatitis C, asthma or another pre-existing conditions, Transamerica may still be approve you for a term life insurance policy. They will base their decision on the information they receive from your doctor on your previous medical history. In addition, Transamerica is one of the few insurance companies to offer no medical exam coverage in the state of New York. The other company is American National Life Insurance Company, also called ANICO.
The cost of no medical exam insurance will vary from company to company and even state to state. In addition, the state of the applicant’s health as supported by documentation from the doctor will have a bearing on the premiums. The following provides an example of life insurance for a 65 year old male who doesn’t smoke and is applying for $50,000 of term insurance:
• $50,000 for a 10 year term insurance policy: $82.21 per month
• $25,000 for a 15 year term insurance policy: $94.46 per month
• $25,000 for a 20 year term insurance policy: $114.98 per month
These figures show that even a 65 year old can obtain affordable life insurance through Transamerica. While this is only representative of one insurance company, it does show the potential for affordable coverage does indeed exist.
It’s important to keep in mind that different companies have different approval policies. For instance, Transamerica is not one of the companies that offer approval within 24 hours; it is more likely to take between two and four weeks because they will order a report from your doctor. This doesn’t mean if you have a pre-existing illness you will not be approved; in fact, quite the opposite is possible.
Other companies may approve people for life insurance who are over 50 but may shy away from a life insurance policy for a 67 year old. It is going to really come down to each individual company and how they view the senior market.
No Exam Life Insurance for Seniors in 24 Hours or Less
There are a couple of life insurance companies that do offer faster approval times than Transamerica. This is because they don’t order your medical records to approve you. For example Fidelity Life offers up to $250,000 of no exam life insurance for those up to age 65, and Sagicor Life offers up to $399,999 of no exam life insurance for those up to 65 as well, and you can get approved within 15 minutes right over the phone. Faster approval does have its pros and cons though. Since they don’t order your medical records, those considered higher risk do not have a chance to get approved with Fidelity or Sagicor, and pricing can be higher than that of Transamerica. The upside is however that if you need a policy quickly these providers can approve you very quickly.
Why you should Consider a Senior Life Insurance Policy
As medical technology and our knowledge of the human body increase people are living longer and longer. While this may seem like a reason to not purchase a policy, the truth is that having some sort of life insurance in place will make it much easier on our children and grandchildren when we do pass away.
The financial obligations of a funeral and burial expenses make it vital that we look out for our offspring by having at least a final expense policy and preferrably a policy that has some sort of long term care insurance attached. Even if you are looking at life insurance at age 62 and are not retired yet these are the options you will want to be aware of.
It can be difficult for senior citizens over 60 to obtain affordable term life insurance, especially when they have pre-existing conditions that puts them into a high-risk category. Fortunately there are some insurance companies that provide no medical exam policies at a price that is affordable to the average senior without the necessity of submitting to a medical exam. All the potential buyer needs to do is answer some medical questions about his health, and the company may send for a medical report from the doctor.
If you would like to get a quote for life insurance, use our quote form on the top of this page, or call us at 888-552-6159.