What seniors should know about no-exam life insurance

Life insurance can provide vital financial security for adults of all ages, including seniors. Despite the conventional wisdom that life insurance for older adults is expensive and not valuable, there are actually many instances when having a policy is worth it. For seniors to get the most out of life insurance they should first carefully research their options in order to secure the most cost-effective and valuable option possible.

This is where no-exam life insurance comes into play. For older adults concerned about what a life insurance medical exam may reveal this type of insurance may be particularly helpful. Since no exam is required as part of the application process seniors and older adults of varying health can generally expect to get approved for a policy.

That said, as with all financial products and services, there are some factors to understand in order to secure the best possible policy. We will explore three things seniors should know about no-exam life insurance in this article.

If you’re in the market for life insurance, then start by getting a free price estimate so you know what to expect. 

What seniors should know about no-exam life insurance

It’s flexible

Life insurance comes in many shapes and sizes. Many people prefer term life insurance, which comes with more manageable payments but will only last for a specific time frame. Others prefer whole life insurance for its duration (it lasts for the whole life of the policyholder) and its cash reserve (giving the insured access to funds for use while they’re still alive). Regardless of which type you prefer, you’ll be able to get a no-exam version of the policy. No-exam term and no-exam whole policies are commonly offered, giving you more flexibility when trying to build a personalized policy. In short: Whether you want a term policy or a whole one, either way, you won’t need to take an exam to get it.

Get a free life insurance quote now and learn more.

It’s guaranteed

Many seniors may be hesitant to apply for life insurance because they simply don’t think they’ll be approved. As you age you naturally become riskier for insurance companies and that’s reflected in fewer coverage options and higher costs. It can also mean disqualification from coverage altogether. But no-exam life insurance is different. Because you’re not taking an exam – and thus not risking any results that could cause a coverage adjustment – you’re guaranteed to get coverage. 

So seniors who want life insurance but are concerned that they may not be approved should strongly consider no-exam life insurance, instead. It offers an expedited approval process (since no exam needs to be completed) and the coverage is locked in.

Prices vary

Because no-exam life insurance skips a crucial part of the traditional life insurance application process insurers have less insight into the health and well-being of the applicant. This means they could wind up insuring someone who’s not in great health or who may potentially die soon after the policy is instated. Due to these inherent risks prices for no-exam life insurance vary and are generally higher than what policyholders would pay if they had sat for the exam. 

That said, no-exam life insurance doesn’t have to be exorbitant either. As with all life insurance policies, the price is largely dependent on your personal factors and how much coverage you’re applying for. Life insurance type will also play a role in cost (for example, no-exam term coverage will be more expensive than no-exam whole coverage).

Do your research and comparison shop providers to find the best price and coverage. You can get started here now or use the table below to compare some top providers on the market.

The bottom line

No-exam life insurance can be a welcome option for adults interested in life insurance but concerned about what a medical exam will reveal. This type of life insurance can be particularly favorable for seniors and older adults whose medical exam results may be subpar. 

Fortunately, no-exam life insurance is flexible in that it can be used with both term and whole policies. Because of the inherent nature of the policy, it also offers guaranteed coverage for those who want it. Prices, however, tend to be higher than life insurance policies that were secured by completing a medical exam, so it pays to shop around to discover the most cost-effective plan.