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Where Can Seniors Get Life Insurance with No Medical Exam and Waiting Period?

by Olufisayo
Life Insurance with No Medical Exam

Many traditional policies have medical exams, which add several weeks to the process. These exams can be inconvenient for seniors, and some may find them invasive. Yet certain no-exam policies make you go through a waiting period before coverage kicks in.

Fortunately, some types of policies require neither a medical exam nor a waiting period. These help you get coverage immediately without waiting for your death benefit to become active. This article will explain how to get life insurance with no medical exam and no waiting period.

How life insurance with no medical exam and no waiting period works

A medical exam involves visiting a medical examiner or having them come to your home to gather medical information and run several tests. They may take your vitals, measure your height and weight, ask medical history questions, and take blood and other samples.

A waiting period is a one to two-year period during which your beneficiaries are ineligible to receive the full death benefit. If you pass away during this period, they may only only receive a refund of your premiums.

Life insurance with no medical exam or waiting period has neither of these. It has a fast and easy application process, and you’re covered the moment you pay your first premium. This means there’s no need to worry about invasive medical exams or risky waiting periods.

These days, plenty of insurance companies offer no-exam, no-waiting period policies. When talking with an insurer, discuss your concerns about getting a policy with no exam or waiting period. They will be happy to help if they offer it. If not, you can always contact other insurers to see if they offer one of these policies.

How seniors can get a life policy with no medical exam and no waiting period

Here’s how seniors can get the best no-exam life insurance with no waiting period:

1. Determine how much coverage you need

First, decide how much coverage you need. Many experts recommend getting a death benefit equal to 10 times your yearly salary. But since many seniors are retired, it’s smart to look at your family size, expenses, and debts to figure out a coverage amount that’s right for you. If you have a more expensive lifestyle, several debts, and a large family, you may want to get more coverage.

2. Pick a policy type

There are plenty of life insurance policy types with no medical exam seniors can choose from, including:

  • Term life insurance with no exam: This policy lasts for 10 to 30 years, meaning you have to get new coverage if it expires. However, premiums are inexpensive. This can work well for seniors who need a lot of coverage on a budget.
  • Whole life insurance with no exam: This policy costs more than term life insurance, but offers lifelong coverage and a cash value growth component. Part of your premiums will go into this component, growing tax-deferred at a fixed interest rate. When the cash value grows large enough, you can withdraw or borrow from it. If you surrender the policy, you get the cash value minus surrender charges. This policy can work well if you need maximum lifelong coverage and have more complex financial needs.
  • Simplified issue life insurance: This is a small whole life insurance policy with a small death benefit, low premiums, and cash value. It typically has a short application with some basic medical questions and a high approval rate. This policy may benefit seniors who need lifelong coverage on a budget.
  • Final expense insurance: These are small, no-exam, whole life policies that help loved ones cover funeral expenses, medical bills, and other end-of-life costs. They have low premiums, small death benefits, and cash value. This can work well if your loved ones are mostly financially stable but need help covering your end-of-life costs.

3. Shop around for multiple quotes

Every life insurer may offer different levels of coverage for the same cost. Shopping around is vital because you can compare and contrast several quotes to see who offers the best value. These days, you can use a quote search engine to get quotes from several insurers fast. You’ll just input some basic information. Then, the search engine aggregates quotes from online insurers across the web for easy comparison.

4. Apply with your chosen insurer

After reviewing quotes, it’s time to apply with the insurer offering the best rates on the coverage you need. In your application, you’ll fill out basic information about yourself and your lifestyle. You’ll also provide some medical information, then designate one or more beneficiaries for the policy.

5. Sign the policy documents and pay your first premium

No-exam, no-waiting-period policies offer seniors a much quicker underwriting and turnaround process. The insurer will get back to you within a few days, if not 24 hours. This is great for those that need coverage fast for their children and grandchildren.

Once the insurer reaches out, review your policy terms and ask any final questions or concerns you have. Sign the document when you’re ready, then pay your first premium to start your coverage.

Get a life insurance policy without the exam

Life insurance with no medical exam and no waiting period is a great option for seniors who need coverage fast and want to skip the exam. To choose the right no-exam policy, evaluate your financial and family situation to determine how much coverage you need.

After settling on a policy type, get quotes from multiple insurers and apply for the one best suited to your needs. Give the insurer up to a few days to get back to you, then review and sign the policy documents before paying your first premium. Complete the process with this information in mind, and you’ll have an excellent policy at a rate you can comfortably afford without taking a medical exam or waiting through a waiting period.

Photo by Christian Bowen on Unsplash

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