Senior Citizens No Exam Life Insurance
If you are a senior citizen and need no exam life insurance, you have come to the right place.
Senior citizens No Exam life insurance is a plan specifically set up by top rated insurance companies to make it easy and simple for seniors to get the life insurance they need. Of course, with more limited income, one concern is cost. That is why we have made it one of our priorities to locate top rated companies with multiple, low rate offers to seniors.
No Exam Term Life Insurance for Senior Citizens
Term Life Insurance with no exam is available up to $500,000 to age 65 and up to $25,000 from age 66 to age 75. You can also select the, very easy process, no exam whole life insurance plan which is available for seniors to age 85. Up $75,000 is available without an exam for whole life insurance (maximum amount varies by age). More may be available by combining life insurance companies (this is often called stacking).
These no exam life Insurance policies are very popular with seniors, and of course, they can provide very valuable protection at a low cost. One thing to keep in mind is that, if you select the no exam term life insurance plan, it may expire just when you, as the insured, may find it harder to get coverage, after ten, fifteen or twenty years. No exam term life Insurance is OK, if by that time the insured senior looses the coverage, he/she will have less obligations, and will have enough money saved to self insure.
No Exam Final Expense or No Exam Whole Life Insurance
In many cases, it has been found that many senior citizens and retired people have not had the good fortune to be free of obligations, and have sufficient savings to cover their debts, final expenses, and other obligations. As if an advanced age were not enough, health problems may make very tough or expensive to insure you!
In light of that, life insurance companies have developed No Exam senior whole life insurance programs to meet these needs. With Senior No Exam Whole life insurance, the policy will stay in force as long as the premiums are paid or when it reaches "paid up" status. In the case of a paid up policy, this paid up option, allows you to pay for ten to twenty years or to a certain age and then stop all payments and have a whole life insurance guaranteed for life. In this case, the insured senior can relax, knowing he/she will have life insurance for their whole lives, and not just for a period of years (as with no exam term life insurance).
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Most senior whole life insurance are Simple issue whole life insurance policies. These provide immediate death benefits and a fast and extremely simplified underwriting process. They do have health questions on the applications, but the great majority of seniors can qualify. They usually only declined applicants who have a terminal disease, or are in a nursing home. So, smaller health issues will not prevent an applicant from obtaining coverage. Since the coverage is immediate, as soon as the insured person is notified that their policy has been issued, they will be covered (please note that most policies include standard state required exclusions such as suicided and fraud).
No Exam Graded Life Insurance
For seniors who cannot qualify for any insurance, No Exam Graded life insurance policies do not ask many health questions at all! Instead they underwrite by delaying full coverage for a period of months, from 24 to 36, or 2 to 3 years. If the insured person passes away during this qualification period, the insurance company will usually refund all premiums plus a specified interest rate. For an older individual with serious health issues, this is still a no-lose deal. The interest on the money alone may be worth it.
Senior Life Insurance or Using Other Assets, which is best?
If you are an older person, or if you need life insurance for a parent or life insurance for grandparents in their senior years and are concerned about covering final expenses, a senior life insurance tends to be the best solution. It will be much easier to pay an affordable monthly premiums than to come up with several thousand dollars for a burial and other expenses after the person dies.
It may or may not be a good idea to consider using all or some of the liquid and not liquid asset. Due to the intricate nature of this decision, if a senior has a more complicated estate, we strongly recommend that you speak with an estate planner. Be very careful with non-liquid assets. You would not want to have to run a fire sale on a house, or liquidate mutual fund holdings to pay for final expense and other needs. The cost of doing that could be huge!
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