Is No Medical Exam Life Insurance Good for Seniors?

life insurance2For elderly people who are either closing in on or enjoying retirement, life insurance is undoubtedly an important consideration. Of the many options that exist, no exam life insurance for seniors has become a very popular choice in recent years. There are a number of reasons for this trend, but what is true is that it appears to be growing for seniors who are looking at obtaining their life insurance with less hassle even if they have to pay more in premiums.

In short, this is life insurance for seniors with no medical exam policy that offers good benefits and protection for your family in case something should happen to you. A medical exam is generally a requirement of most life insurance policies because it lets the insurance company know your current physical condition. A medical exam helps the insurance company set the proper premium structure for the policy. It has been a tried and true method for many decades in helping to set the proper premium structure.

However, a no exam life insurance for seniors policy means that the insurance company has fewer guidelines to set their policy premiums. So, they generally rely on the age of the person who is applying, a few health related questions and any non-medical factors that may influence the premiums they set based on the benefits.

For the most part, this coverage is part of what is known as term life insurance where it covers a pre-set period of time from one to twenty years or more depending on the type of policy that is chosen. There are certain advantages and disadvantages for seniors who decide to obtain this particular type of life insurance policy.

There are other considerations you will need to make in order to make the best informed decision. One of the most important in the size of the benefit that you want to protect your family in case the worst happens. A relatively small benefit that covers debt and funeral expenses means that the policy itself may be inexpensive enough that not having a medical exam may not make that much of a difference.

Insurance companies have the tendency to price such low benefit plans at a much smaller rate because the benefit payout is simply not that great. In this case, a no medical exam life insurance for seniors may certainly be worth the little bit extra that you have to pay in premiums.

For more information, visit our homepage!