Is No Medical Exam Life Insurance A Good Policy for Seniors?

We know that seniors are likely to be skeptical when it comes to long term investments, especially life insurance and bank loans.  Spending money when they are not that much is never a smart choice. Still, any responsible citizen must protect its estate, wealth and family. And this is why life insurance becomes very important and a vital part for every estate planning.

senior image1Unfortunately, many people realize that when they are too old to qualify under standard policies. The only solution for them is no medical exam life insurance which is a good policy for seniors.

It may not be the best, but it is still valuable and has numerous advantages.  The first advantage is really obvious: you can qualify for it. No exam life insurance was specially designed to be accessed by people that pose a greater risk for traditional insurers. Sick individuals and seniors, who are usually rejected, can now successfully apply.

Sure, there are some limitations, but there are fewer and less strict. You will be rejected even by no medical exam insurers if you have less than 1 year to live (you have been declared terminally ill) or you have more than 90 years old. Both cases signal that you are not expected to live longer and providing coverage will make it a bad investment for the insurer.

There are plenty of options to choose from. You can get permanent or term life protection, plus, you can apply for final expense insurance if you are worried only about paying the funeral costs.  Those with major medical problems or too old will be included under general issue no exam life insurance plans.

The premiums are higher and the amounts of coverage are limited. Those that are healthier will be included in simplified issue plans, which have higher amounts of coverage and cheaper premiums.

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