As a senior looking for life insurance you 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.
- There are 10 year term life insurance policies as well as 15yr, 20yr, 25yr and 30 year terms.
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
A wonderful aspect of Transamerica’s term life profile is they include some plans that don’t require a paramed exam even for even for those who are considered high-risk. Even if you have diabetes, Hepatitis C, asthma or another pre-existing conditions, Transamerica may still issue you a term life 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 life 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, such as an individual seeking life insurance with cancer, should expect a higher premium. 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. It is possible, with pre-exisisting conditions, that you will still be approved.
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. You can learn more about various companies by taking a look at our company reviews such as our one on Colonial Penn.
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 preferably 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.
How Much Life Insurance Do You Need?
Before you apply for any kind of life insurance coverage, it’s vital that you calculate what your life insurance needs are and how much money your policy should be worth so the family will have complete protection in case something unexpected happened. Many components go into deciding how large of life insurance plan that you’ll need, and buying too little coverage could leave your family with thousands of dollars of debts and no money to pay off any of those expenses.
Number crunching is key when calculating the face value needs of your life insurance policy. You want to make sure any debt and expense can be covered and paid off with the total value. Also calculate any outstanding mortgage and car loan payments so that your loved ones will not have to worry about paying them off. Because you’re an older applicant, there is a chance that you don’t have any major debts, which means that you can buy a much smaller insurance policy and save money on cheaper premiums.
Not only should the life insurance policy protect your family from having to pay down debts and extra expenses but the value of the policy also needs to provide an income stream. Once you’ve passed away your household loses extra cash that income would have provided; it’s important to factor that amount in when choosing your policy value. If you’re at a stage of life as a senior where nobody relies on your salary, then you won’t have to worry about loss of income after your passing.
Another factor to consider is your death expenses or possible medical records that you may leave behind. If you have health complications, there is a chance that you would leave medical bills to your family after you pass away. Those hospital expenses can cost your family hundreds of thousands of dollars.
It would be a shame if you did not go through with correctly calculating your financial situation before purchasing your policy. Forgetting even one of these can cause your family more grief and burden when you die.
We like to think most insurance purchases are vital to protecting our family, however understand that no insurance covers financial mistakes more than life insurance. Leaving behind different mounds of debt and unpaid expenses adds extra stress to an already difficult situation.
Planning for your death is never fun, but not making the proper arrangements could leave you family with additional stress and debts. The perfect life insurance plan does exist but locating and understanding the policy could be confusing. Helping senior applicants choose a great plan to meet their needs is what we do best. Life insurance is the best safety net that you can ever buy, but your plan shouldn’t break your bank every month.
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.
Tomorrow can throw you a curve ball and once that happens you’ll be down in the count. Reach out to our agents soon and we will handle any of your insurance needs.
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.