No Exam Life Insurance for Seniors

no exam life insurance for seniorsIf you are a senior looking for life coverage, you’ve come to the right place! Despite what you may have heard, several companies offer no exam life insurance for seniors. This article will review the best life insurance for seniors that do not require a medical exam to assist you as you research your options.

Life insurance for seniors with no physical are plans that make the process much easier to apply. They will also eliminate certain factors that can increase the price or result in a denial of coverage.  Anytime you add an exam or medical record to the process; the insurance company will have more information to review.

Whether you are looking for life insurance for parents or yourself, keep in mind some plans may require cognitive and mobility screenings. Which I have heard is not a pleasant experience and can feel like a third-degree type of questionnaire. No exam insurance companies are looking for signs of Alzheimer’s or dementia. No exam life insurance for seniors will not require these types of screenings.

Top 3 Types of No Exam Life Insurance for Seniors

  1. Express issue plans that do not require an exam or medical records. Usually available up to age 50, 65 or 80 depending on the carrier. Coverage limits vary by company and age.
  2. Limited underwriting policies. Carriers will sometimes only require an attending physician’s statement when purchasing lower coverage. Usually $25,000 or $50,000.
  3. Guaranteed issue plans. These have no health questions, have a waiting period and maximum coverage of $20,000-$25,000.

Express Issue No Exam Life Insurance for Seniors

Pros: The best life insurance for seniors is certainly the express issue options. It’s likely that at this stage of your life you have some health issues. The express issue plans are set up to provide you the least hassle while applying for term life insurance coverage. They are ideal for people who have mild, controlled health issues. Once you are approved, there is no waiting period.

Cons: Policy availability is limited. Not all companies offer these plans and when they do there is a set age bracket. Most commonly you can find express issue life insurance for seniors up to ages 50, 65 or even 80. Another con would be getting approved. Not all health conditions are fit for the express issue. To speak with a licensed agent, please call us at 888-407-0714.

Limited Underwriting No Exam Life Insurance for Seniors

Pros: If you only need a $25,000-$50,000 policy, then this can open up a lot of companies for you. You will have the opportunity to apply for a Guaranteed Universal Life policy which is a low priced permanent plan. It’s my favorite life insurance for elderly option. You’ll need to speak with an experienced broker to guide you on what companies can offer you this type of application.

Cons: There’s no guarantee an exam won’t be required by the carrier. It will depend on your overall health profile once the company gets a chance to review your application. This process may likely take longer as well. Expect that the company will request an attending physician’s statement from your doctor which can take up to 4-6 weeks.

Guaranteed No Exam Life Insurance for Seniors

Pros: This type of senior life insurance policy with no physical is guaranteed to be approved! There are no health questions whatsoever. If you want it, it’s yours. Coverage is through a whole life plan which means it usually lasts until the age of 121. Premium payments stay level the entire time.

Cons: Due to the fact there are no health screening questions, the plan has a waiting period. The waiting period can vary from 2-3 years. If the insured passes away within this time, the policy benefit is not payable. The premiums paid in, plus a small buffer will be paid to the listed beneficiary. Only choose this option if you have a health issue that is uninsurable with the other no exam life insurance for elderly options.

Read more about guaranteed issue here.

These three plans are the most common no exam life insurance for seniors. If you are wondering which policy option is best for your situation, you can visit noexam.com/apply-now. We help people of all ages get coverage fast and with no hassle.

Melissa Schreur

Melissa Schreur is an agent with noexam.com. She is passionate about helping her clients secure life insurance to protect their loved ones from financial catastrophe. Please see our guide to no exam life insurance companies and rates and the best life insurance companies of 2018.


No Exam Life Insurance for Seniors by
Posted on