It’s important to keep in mind that different companies have different approval policies. This type of no health exam life insurance is best for people who are in good enough health to pass a medical examination without being rated as high risk. Seniors in good health may also be able to get cheaper life insurance by passing a medical exam. When it comes to life insurance without exams, Phoenix is one of the quickest and easiest life insurance providers to work with. As you’re going through our list of top 13 best no medical exam life insurance companies, it’s important to note that we didn’t put the companies in any special order based on quality or price. They will pull your prescription history for the last five years. No blood test nor urine specimen required. There are no medical exams required for guaranteed life insurance at all. Let’s compare some no medical life insurance rates from companies like American National and Mutual of Omaha, to give you an understanding of how much no medical exam life insurance policies cost. Fidelity Life 2. If you’re under age 50, see below. Look! So, If you died in the first two years after you bought the plan, then your family wouldn’t get paid from the insurance plan. One of the unique advantages of Foresters is the Charity Benefit Provision that is attached to their plans. $50,000 of term life insurance that can be issued from age 16 to 45, with coverage to age 50 or 10 years after the policy is issued (whichever is later). Other potential candidates may be those who feel faint when faced with taking a blood test, dislike needles or simply do not have time. Best Life Quote | Life Insurance Brokerage, over 60 to obtain affordable term life insurance. Like most companies on this list, they offer two main options for a no medical exam insurance plan, a term plan and a whole life insurance policy. So, if you’re about to go on a big trip, your coverage expired or lapsed or need coverage to secure a loan, no exam life insurance is a great fit for your situation and can help you secure affordable term life insurance with no health exams. $25000 or under. I did smoke for years, felt the results in my breathing and recently gave it up as a birthday gift to myself. With that said, many carriers of no exam life insurance ask between 15-20 health questions on the application, while others only ask a few. American National 4. The truth is that your life insurance depends on a few factors. 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. We recognize you have unique life insurance needs and different health characteristics. I know we mentioned them above. For this type of no medical life insurance policy, death benefits are paid out in percentages. Susan received her MBA from St. Louis University and her BA from Michigan State University. In addition, Haven Life has very competitive rates for term life insurance without a medical examination. One of the drawbacks of Assurity is that it’s going to take a lot longer to get through the medical underwriting. However, there is a 3-year waiting period on benefits. Life Insurance for Seniors: Your Options. They later expanded their business, continued to grow, and eventually made the shift to Fidelity Life. Very niche carrier, but can help those between ages 25 and 45 that couldn’t otherwise qualify for coverage. With guaranteed issue whole life insurance, you can avoid having to undergo a medical exam as part of your insurance application process. After age 65, the available term life insurance products are limited. There’s no guarantee you’ll get approved. numerous types of life insurance coverage, Issued for anyone, even people who are uninsurable, Most expensive type of no exam life insurance, $5,000 to $25,000 (more for some companies), Most expensive type of no medical life insurance, More difficult to qualify for than guaranteed issue, Up to $250,000 (can be more for some companies), Higher coverage amounts than guaranteed issue, Takes longer to obtain coverage than guaranteed issue, Death benefit is only available in portions for first 2-3 years of policy, after that 100% of death benefit is paid out upon death, Less expensive than other no medical life insurance options, Asks similar questions and has a background check like simplified issue, Up to $50,000 (sometimes more for certain companies), Cheaper than simplified and guaranteed issue life insurance policies, Does not payout the same as other no medical life insurance policies, Not recommended for people who are terminally ill or in poor health, Same underwriting process as simplified issue, Meant to cover final expenses such as a funeral, outstanding debts, etc…, $5,000 to $50,000 (sometimes more for certain companies), Affordable compared to other types of no medical exam life insurance, Quicker coverage than simplified issue life insurance, Does not specifically cover final expenses, beneficiaries choose how death benefits are used, Paying too much for life insurance coverage, Assuming you only have one or two options. Or, you can skip the questionnaire altogether and get … The first one that we will look at is the Rapid Decision Express policy. And with over 25,000 licensed life insurance advisors across the country that offer our plans, we are here for your life and critical illness insurance needs. No medical exam is necessary for those from 18-60 who purchase policies from $25,000-$99,000. If you’re only looking to get a smaller life insurance plan, a guaranteed life insurance plan is a great option for you. Calculate any outstanding mortgage and car loan payments so that your loved ones will not have to worry about paying them off. Their whole life choice is a bit more limited on the availability. The application can be completed entirely online and accepted in a matter of hours. Your no exam term life insurance policy could be implemented within a couple of days to several weeks. In 2017, the retail life insurance sales were spun off and now sold under the Brigthouse Financial company name. An agent can also send you a paper application if you prefer as well. The LifeVue whole life insurance plan can get you the same coverage if you’re between 50-80. I have a question of types of insurances. As a company, they are one of the most widely-known on our list. The good news is there are many great senior life insurance companies out there. Whether you have a family to protect with a $250,000 policy or a business partner to insure for a $1 million policy, Sagicor Life is a popular choice when seeking a no exam life insurance policy. Also, this is a paper application. One of the most popular choices is their Simple Term life insurance policy, which only requires that you answer a few questions to have life insurance coverage. Thank you .. please email me if you can help .. he’s also in good health non smoker, Iam seeking life insurance I am 63 female in good health what kind is available I cant afford much but do not want to leave Daughter with no way to care for my expense. Depending on your situation, this may be a good whole life insurance policy for you. Assurity Life 3. No medical exam is necessary for those 18-60 who purchase policies from $25,000-$50,000. Through the years, we have seen a lot of life insurance mistakes. Many components go into deciding how large of life insurance plan that you’ll need, and buying too little coverage could leave your family with thousands of dollars of debts and no money to pay off any of those expenses. However, they have a guaranteed issue product for those between the ages of 25-80. Just make sure you’re looking at $150,000 or less or else 5 Star won’t show up in the results. Haven Life hasn’t been around as long other companies on our list, but they have some excellent ratings. Such policies provide a full and immediate death benefit and are still fully underwritten by the issuing insurance company. If you’re at a stage of life as a senior where nobody relies on your salary, then you won’t have to worry about loss of income after your passing. In fact, they have over $13 billion in total assets. However, we don’t talk about their tolerance for higher risks. Compare Life Insurance Quotes from Multiple Companies. Assurity has several unique advantage and disadvantages that other companies won’t be able to offer. For no additional costs, Forester pays 1% of the face value to a registered charity that you will denote when you buy the policy. Or just keep scrolling to learn all you need to know about no exam life insurance policies. According to many independent life insurance agents, Guaranteed Universal Life Insurance (GUL) is the best option for a life insurance policy for seniors over 70 … Their underwriting process is longer but much more lenient. Established in 1886, North American Life is not new to the insurance market. Transamerica offers several different options for life insurance with no physical required. This type of coverage, available through AIG insurance companies, does not require a medical exam or a coverage waiting period. One interesting note about Haven Life is they are backed and owned by MassMutual. This means that in many cases the full amount of death benefit will be paid upon the death of the insured without a waiting period. Visit our Frequently Asked Questions. Have you been diagnosed with a terminal illness (with a prognosis of fewer than 24 months to live)? If you’re between 45 – 85, then you can qualify for one of their plans, but you can only buy $10,000 worth of coverage. Some of the highlights of a policy with Transamerica include the following: For policies without an exam, Transamerica will request your doctor’s records, and they use that information as well as what is available through the Medical Information Bureau (MIB), prescription records and your motor vehicle report to make a decision. Usually, guaranteed issue policies offer anywhere from $5,000 to $25,000 in coverage and rarely go higher than this. Which means there’s a “fair” ability to meet their ongoing insurance obligations. He was frustrated and knew there must be a better way to get life insurance quotes, no medical questions required. North American offers the following life insurance policy riders: North American Life Insurance Company Review. These policies are only recommended for people who have no other options. Also, depending on various factors, including your selected company, you can get life insurance without a medical exam up to $1 million. Here is an overview of life insurance options for seniors, along with each option’s pros and cons. Insurance companies usually offer these senior life insurance policies to people from about 50 to 80 years old. If you have a serious health problem, and the insurance company doesn’t know about it, the insurance company could end up paying out in the first year, which means they are losing money. By not requiring a medical exam, simplified issue life insurance offers a faster application process than traditional life insurance. The most common reasons that they place these restrictions on no exam plans is to keep people from purchasing one of these policies and then committing suicide. Skipping the life insurance medical exam can make sense for several reasons. For easy life insurance coverage, cheap life insurance without medical exams, and life insurance with no health questions, Sagicor definitely makes it one of the best no exam life insurance companies. Note that all of these policies are for someone who is in the regular health rating, seeking $100,000 in no medical exam life insurance coverage. According to many independent life insurance agents, Guaranteed Universal Life Insurance (GUL) is the best option for a life insurance policy for seniors over 70 … They aren’t the quickest, but they are still one of the best companies that you can get a no medical exam through. They have two different options for no medical life insurance coverage, each of them has different advantages. Transamerica is one of the oldest companies on our list of top no medical exam life insurance companies, being founded in 1928, they have years of experience working with all types of customers. Considerations for Life Insurance Without a Medical Exam. Healthy adults who want to … Life Insurance for Seniors Over 80 Helps In Paying Long Term Care: Learn How If you are a senior over the age of 80, considering a life insurance policy should be a priority. We specialize in affordable life insurance quotes for seniors over 60. Foresters offer the following life insurance policy riders: American-Amicable prides itself on being one of the first insurance companies on the market, being founded in 1910. Look! You have to understand that the best-priced companies typically have stricter underwriting guidelines. How We Chose Life Insurance Companies for Seniors . Applying with no exam gives you peace of mind that no matter what, you’re covering your loved ones with life insurance. No Medical Exam Life Insurance for Seniors Over 70. © 2020 BestLifeQuote.comAll logos on this page are used with permission. If you want to purchase a no exam policy, but you don’t want to have to wait two years for your policy to be in full force, there are a few insurance companies that offer life insurance without the exam, but won’t have the waiting period. Haven Life. As medical technology and our knowledge of the human body increase, people are living longer and longer. Do you currently reside in a long-term care facility or hospital? Through their program, anyone between the ages of 18- 60 can get up to $1,000,000 worth of insurance protection. Bestow is 1 of the top life insurance agencies that does not require a medical exam. Because no medical exam insurance is a unique type of coverage, it’s important that you make the best option for your insurance needs. Guaranteed issue life insurance policies are implied in the name, they are guaranteed. Rita, If you have health complications, there is a chance that you would leave medical bills to your family after you pass away. Sagicor life insurance is a company that perhaps you do not recognize their name. As long as you don’t have cancer, leukemia, recent stroke, heart attack, coronary artery disease, heart surgery, COPD, emphysema, HIV/AIDS, hepatitis, cirrhosis, drug problems, or have been hospitalized in the last 90 days – you’ll qualify for coverage. They have one of the fastest underwriting processes in the industry, with some of the most affordable life insurance rates in the marketplace. While a no exam life insurance plan offers you clear advantages, it means higher risk for the insurer. The best way to qualify for no exam life insurance is to speak with an independent life insurance agent. Before the waiting periods were in place, there were a lot of applicants would purchase a life insurance plan right before they committed suicide. With these policies, the first two years are going to have limited benefits, but after those two years, the plan will offer you full coverage. Designed for people between 18 and 65. American National is one of the few carriers that offer life insurance with no waiting period. I’m seeking, if possible, to attain a 20 or 25K term life insurance policy. Coverage amounts from $50,000 to $300,000 Simple application process — no medical exam needed in most cases 3 Most applicants can have a decision within minutes They are going to get as much health information as they can, without requiring you to take the physical. Yes, Transamerica offers the following policy riders that can be added to your plan: Transamerica Life Insurance Company Review. So you might think life insurance for seniors over 70 no medical exam does not exist! Many seniors prefer this kind of life insurance because it’s easier and less time-consuming to get, and because it’s an option if you have a pre-existing condition. Doug Mitchell has been working in the insurance business for over 20 years. The following provides an example of life insurance for a 65 year old male who doesn’t smoke and is applying for term insurance: These figures show that even a 65 year old can obtain affordable life insurance through Transamerica. The financial obligations of a funeral and burial expenses make it vital that we look out for our offspring by having at least a final expense policy and preferably a policy that has some sort of long term care insurance attached. Life Insurance Quotes Top Pick – United of Omaha. With that being said, there are a few options. The more risk that you are (the worse that your health is) then, the more that they are going to charge you for your insurance protection. Life Insurance for Seniors: Your Options. It offers fast and easy life insurance coverage, It does not require medical examinations that could reveal poor health and cause higher rates, Just a few basic health questions are asked, It offers affordable life insurance coverage for people with health conditions, Despite what many may think, you can find affordable no medical exam life insurance rates on the market, The cost of no exam life insurance will always be higher than those with a medical exam, There is usually a maximum coverage amount of $50,000 for guaranteed issue and about $250,000 for simplified issue. If you are an older applicant without any major debts, you can buy a much smaller insurance policy and save money on cheaper premiums. No one enjoys getting poked with a needle, but if you’re like many consumers it can be a deal breaker. No medical exam life insurance also referred to as guaranteed life insurance, does not require you to complete a medical exam during the application process. $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. Filed Under: No Medical Exam Life Insurance, Senior Life Insurance. Other companies dispatch with a formal medical history but still ask a few basic questions, such as any pre-existing major illnesses and relatives with a history of cancer or heart disease. Haven Life was created when their co-founder, Yaron Ben-Zvi, tried to buy a life insurance policy online and it took several weeks to get approved for coverage. If you’re between 45 – 80, then you can get a plan for up to $20,000 of protection. Those plans are riskier for them. The other company is American National Life Insurance Company, also called ANICO. American Amicable 5. 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