Should I Buy Life Insurance Age 70
When youre 70 and already a senior, buying a whole life insurance policy may seem a little absurd. You would get an expensive policy on a higher rate of premiums and that too to build cash value- which wont mature by the time you want to cash it out.
At age 70, you should go for a guaranteed universal life insurance policy if you dont want a medical exam- this is best for seniors who are diagnosed with a medical condition that would make it hard for them to get some other policy.
Moreover, it is still advisable for a person of 70 years of age to get a term life policy which would relatively be cheaper and will get them a death benefit which would help their family with future finances, or even with funeral and burial costs.
Why Getting A No Exam Life Insurance Policy Can Cost More
It’s difficult for an insurance company to fully evaluate your lifestyle and health without health-related information. The higher risk they take on by offering insurance without the insight of a health exam is offset by a higher premium. If you have a medical condition that you manage well, you may still qualify for a typical life insurance policy with a more affordable premium than the no-exam options. Shop around by getting life insurance quotes before deciding to get life insurance with no medical exam.
Don’t want to pay more for no medical exam life insurance? A one-year short-term life insurance policy through Progressive can cost as little as $7 per month.* Just answer some basic health questions during your online application.
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How Much Coverage Can You Get And Whats The Cost
If you qualify for no medical exam life insurance, you can now get coverage up to $2 million. That sounds like a lotand it is. But youll need 1012 times your annual salary in term life insurance to make sure your family can replace your income if something happens to you. So, if you make over $200,000 per year, youll need more coverage than a no medical exam policy can provide.
Life insurance with no medical exam used to be costlier than traditional policies, but not anymore! These policies are now about the same as medically underwritten policies. The exact monthly payment youll get will vary depending on your age, medical history and other factors. Once you fill out your application, the insurance company figures out not only your insurability, but also how much theyll charge you for your policy.
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How We Chose The Best Life Insurance For Seniors Without Medical Exams
When looking for life insurance that doesnt require a health exam, there are several key factors to consider. First, if a provider does not require a medical exam, it doesnt mean that they cannot reject you based on your health status. Many life insurance providers will still ask you health-related questions and your answers could affect your ability to qualify for a policy.
We researched each provider to see whether they offer life insurance to seniors without any health requirements or if they simply offer policies without health exams. In most cases, if there are no health requirements involved, the premiums tend to be much higher. We have narrowed down our list of insurance providers based on whether or not your health status is a factor, the overall cost of plans, the variety of plans with no medical exams, and the preset age limits.
Final Expense Life Insurance
Seniors regularly purchase final expense life insurance .
Additionally, adult children often purchase this form of no medical exam life insurance for parents.
Definition: Whole life insurance designed to cover end-of-life expenses.
Final expense life insurance provides funds for:
- Policy face amounts typically range from $25,000 $100,000
- Polices are issued for applicants up to 90 years old
- Policy often includes a cash value
- Considered permanent life insurance, meaning that your policy will not expire
- Easier to qualify for FE than other types of life insurance
- Approval can be instant, after a brief health questionnaire
Bottom line Final expense can make all the sense in the world for seniors looking for a modest policy to cover end-of-life expenses.
Note if you are unable to successfully answer the few health questions asked for a final expense policy, consider buying a guaranteed issue policy.
Lets compare the 5 types of no exam life insurance for seniors:
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Fast Approval For Life Insurance As A Senior
Its important to keep in mind that different companies have different approval policies. For instance, Transamerica is not one of the companies that offer approval within 24 hours it is more likely to take between two and four weeks because they will order a report from your doctor. It is possible, with pre-exisisting conditions, that you will still be approved.
Other companies may approve people for life insurance who are over 50 but may shy away from a life insurance policy for a 67 year old. It is going to really come down to each individual company and how they view the senior market.
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Best For Instant Decision: John Hancock Life Insurance
- AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards:No
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No-med-exam life insurance with up to $3 million in coverage
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High issue ages for no-med-exam coverage
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Wellness program included
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Critical illness rider that does not reduce coverage
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Most accelerated death benefit riders are not free
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Cant get a quote or apply on the website
John Hancock offers life insurance without a medical exam for up to $3 million in coverage to applicants up to 60 years old. Thats pretty good. Its not Penn-Mutual good, but it stands out because many companies that offer accelerated underwriting for death benefits that high have an age limit of 50. In fact, John Hancocks high age limits landed it on our list of best life insurance companies for seniors. Plus, some applicants are eligible for an instant decision after submitting their application online through an agent, according to the company.
John Hancock also has a wellness program for policyholders, which is uncommon. It gives members perks like discounts on fitness trackers and even on life insurance premiums. The program has two iterations, Vitality GO and Vitality PLUS .
Term Life Whole Life And Guaranteed Acceptance Whole Life Methodology
While researching the best insurance companies with the best deals for seniors over 60, we took a couple of things into consideration.
We examined the financial strength ratings, their rates for older adults with and without health issues, company history, online reviews, customer satisfaction results, and customer complaint records stored with the BBB.
Then, we selected 10 life insurance companies for seniors over 60 that offered a good deal.
Lastly, always remember that it is always better to have life insurance than nothing. If your elderly parents dont want to get a policy, convince them.
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Life Insurance Policy Options Without A Medical Exam
One of the most popular choices for seniors looking for no medical exam life insurance is . It’s a simple life insurance option that doesn’t require a medical exam, and it has guaranteed acceptance.
Senior life Insurance without a medical exam, such as Guaranteed Issue Whole Life Insurance, also doesn’t require you to answer any medical questions and your premium payments stay fixed. This means, for the life of your policy, your premium won’t increase.
Guaranteed Issue Whole Life Insurance is designed for people between the ages of 50 and 80 who want to ensure they can help loved ones pay for outstanding debts, final expenses, or medical bills after they pass. Coverage typically starts at $5,000 and goes up to $25,000.
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Be Truthful On The Application
No matter what type of life insurance youre applying for, be thorough and truthful on the application.
Pay attention to each question carefully and be ready to respond with information around specific medical conditions you have. Giving more detailed information will help streamline the process as well as get a more accurate underwriting decision, says Tavan of Legal & General America.
Intentional misrepresentations can lead to application denials or, worse, denial of a claim after you pass away. Life insurance companies have many ways to verify application information. Technology on the backend allows them to verify data from additional sources.
Whats Involved With An Insurance Medical Exam
So what all is involved with a medical exam, and why might you want to take it or avoid it? A life insurance medical exam is likely to take around 30 minutes. Youll probably be asked to fast for 8-12 hours beforehand, so taking it in the morning before breakfast is likely your best bet.
The exam is looking for long-term health conditions like kidney problems, cholesterol, diabetes, and more. They can also screen for drug and tobacco use. If you do take the medical exam, answer the questions to the best of your knowledge when completing the paperwork. For example, if youre chewing nicotine gum to quit smoking, let them know as youre filling out forms and answering questions. Otherwise, the tests will indicate that youre a smoker, and they wont have reason to believe differently.
Youll probably want to be careful about the foods you eat for a few days beforehand, and drink plenty of water. But while you may want to spend a few days preparing for it, the test itself isnt lengthy or dramatic. Still, if youre concerned about the effect a test might have on your ability to get insurance, there are other options.
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Life Insurance That Is Simplified Issue
While some policies wont make you go get a medical exam, they may perform other kinds of checks before issuing a policy. These include:
- Requesting medical records from your doctor
- Checking with your DMV about your driving record
- Running a pharmaceutical report to learn what medicines youve been prescribed over help the last 5-10 years
- Checking with the Medical Insurance Bureau to see if youve ever applied for life insurance in the past.
Some companies may also check your credit history, but thats not particularly common. Simplified-issue insurance is still easier to get than a fully-underwritten insurance policy where you take a medical exam. However, its more expensive than comparable coverage for a healthy person who just gets the exam done.
What Are The Pros And Cons Of Guaranteed Policies With No Exam
Buying guaranteed life insurance policies with no exam has both pros and cons. Some benefits include quick approvals, no medical history consideration and a non-invasive application process. Some drawbacks of buying life insurance with no medical exam include higher rates, lower coverage amounts and fewer opportunities for customization.
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What Happens If My No
If your application for a no-medical-exam policy isn’t accepted, you can still get life insurance at an affordable rate you’ll just need to take the medical exam. During the application process an insurance agent can guide you through your options. At Policygenius, we have a team of experts who specialize in life insurance who can help you find the right policy for your unique needs so you can get covered with confidence.
Fewest Complaints : Pacific Life Insurance
- AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards:No
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No-med-exam life insurance with up to $5 million in coverage
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High issue ages for no-med-exam coverage
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Outstanding customer satisfaction
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Quotes unavailable on the website
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Cant apply without an agent
Pacific Life leads the pack when it comes to the fewest complaints received relative to company size over a three year period. In fact, of the 91 insurers we reviewed, only two other companies received fewer . Pacific Life also comes in fourth out of 21 companies in J.D. Powers customer satisfaction survey.
The company offers coverage up to $5 million without a medical exam to applicants up to 50 years old, and $3 million to applicants up to 60. Many companies that offer no-med-exam coverage to 60 year olds do not offer as much as $3 million. And aside from Penn Mutuals $7.5 million coverage cap, $5 million is the highest amount weve seen for any age group.
We also like that you can find a wealth of policy-specific information on Pacific Lifes website. Youll see policy names, coverage details, and whether theyre available in your state. This level of transparency is uncommon in the life insurance industry. Pacific Life also has affordable term insurance, especially for applicants in their 40s and younger.
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Sample Rates For Seniors With No Medical Exam
The cost of no medical exam insurance will vary from company to company and even state to state.
In addition, the state of the applicants health as supported by documentation from the doctor will have a bearing on the premiums, such as an individual seeking life insurance with cancer, should expect a higher premium.
The following provides an example of life insurance for a 65 year old male who doesnt smoke and is applying for term insurance:
- $50,000 for a 10 year term insurance policy: $82.21 per month
- $25,000 for a 15 year term insurance policy: $94.46 per month
- $25,000 for a 20 year term insurance policy: $114.98 per month
These figures show that even a 65 year old can obtain affordable life insurance through Transamerica. While this is only representative of one insurance company, it does show the potential for affordable coverage does indeed exist.
Is No Exam Term Life Insurance Right For You
Since the pandemic forced us all to do business without in-person events like a medical exam, there are more options available than ever before. However, without the hard data from your exam, the no medical exam term life insurance companies are taking a greater risk to insure you. Your rate will depend entirely on your health and your answers to their questions.
As with all things insurance, there is no single best term life insurance no medical exam policy for everyone. But here are a few questions to ask to help you pinpoint the right type of coverage:
- Are you relatively healthy? Qualifying for term life insurance, no medical exam, is easier for younger, healthier applicants because theyre considered a lower risk for passing prematurely.
- Do you have a clean financial and driving record? If not, any issues on your financial records or driving violations will jeopardize your eligibility for no exam term life insurance.
- Do you have a deadline for obtaining coverage? As an example, weve helped divorcing applicants comply with a court order to provide income replacement for the child of a former marriage. That’s accomplished in the form of a life insurance death benefit payout. If you need coverage fast, term life insurance with no exam is the way to go.
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