Getting your life insured is becoming quite common these days. People tend to take the idea of getting a life insurance as a sort of an investment. As the insurance industry is making advancements, many different forms of insurance packages are coming into the field. Insurance not only covers the life of a human being, nowadays insurance policies are also used to protect the values of non-living material items.
What is a life insurance?
This common question is asked by many people. Life insurance is a sort of investment which we make in order to protect the future of our loved and dear ones, in case something happens to us. For a moment visualise the scenario where you keep some money at the side for your bad days. Here you are keeping some money at the side for the bad days of your wife and kids, in case you are not there to help them.
Requirements of life insurance:
Getting a life insurance for yourself is a time-consuming task. First of all, you have to get information regarding the life insurance products that your concerned insurance company is offering. Check out the premium and policy amounts and durations. Discuss all the terms and conditions that you have to fulfil in order to purchase the policy and then in order to keep the policy active. Then there is also the issue of your medical fitness. Most of the companies nowadays demand a medical examination of the person interested in getting his life insured. Although most of the people pass through this procedure easily but there is also a big range of those who are interested in getting a no medical exam life insurance rather than following the hectic procedure of getting a medical examination.
The invasion of privacy:
Most of the people think that getting a complete medical examination only for the common purpose of getting a life insurance policy is a complete wastage of time and money and a great invasion into their privacy by the insurance companies. Because after your medical examination, the complete details of your health bio-data would be saved in insurance companies computers which could easily be accessed by any stranger. So, in order to elude this invasion of privacy, many people opt for no exam life insurance.
Why is medical examination necessary?
In most of the cases, an insurance company doesn’t feel that it’s necessary to get a medical examination. But there are certain conditions in which you can’t avoid the importance of a medical exam.
- The first ever situation in which a company demands its client to pass through the process of a medical examination is the advancement of client’s age. For example, if a person approaches an insurance company to purchase its whole life or term life insurance plan and has crossed the age of 45years then the company would demand for a medical examination in order to make sure that person is of sound health.
- Secondly if a person agrees on purchasing a life insurance policy and while filling his proposal form he declares about a certain disease or physical disability then he has to undergo the medical examination, according to the company policy.
Life insurance with no exam:
Although a few years back getting a no medical exam life insurance was almost impossible if you have passed the certain age or had any disease but now this is not the case. Now you can easily get a life insurance without fulfilling the hectic demand of a medical examination.
- If you hate the idea of a medical examination then go for a simplified issue policy or you could also purchase guaranteed issue policy.
- If you are in dire need for a quick no exam life insurance then all you have to do is to apply for a simplified issue policy and at the same time also apply for the traditional policy. Getting a simplified policy is a quick and easy task. So as a next step you could cancel the simplified policy once you get hold of traditional policy as traditional ones are cheaper.
- If you could bear higher premium costs then you could also avoid medical examination by purchasing a life insurance policy that is very expensive in comparison to the one that demands medical examination.
Below are mentioned the premium rates that will give you an idea about the cost difference between no medical exam insurance policy and a policy with medical exam.
(Image reference = https://www.jrcinsurancegroup.com/life-insurance-without-medical-exam/)
Life insurance for the elderly:
A few years back, most of the insurance companies were not ready to take the risk of selling life insurance policies to elderly people. But now after the recent advancements in the insurance industry, many new and different products have been launched for the benefits of elderly people. Included in these plans are the policies that include no medical exam life insurance for seniors. Sometime back the insurance companies were not willing to sell the life insurance policies to all those people who have crossed the age of 60. And if they do sell you an insurance policy then it would have been mandatory for you to pass through the medical examination plus the premium rates would have been very high. But now this is not the case, there are many life insurance companies that are willing to sell life insurance policies to the people above the age of 60 and 65. And the greatest news is that these companies don’t even demand any sort of medical examination.
Types of life insurance for seniors:
There are various sorts of life insurance plans available in the market for the seniors and almost all of them fall under the category of no medical exam life insurance for seniors. If you are senior, leading a retired life and are looking for an insurance plan that would take care of your wife in case something happens to you then there are various plans from which you could make your choice and in case you find any of them suitable then you could also get an online quote for the insurance plan you are interested in. Life insurance plans with no medical examinations for the seniors include:
- Life insurance plan for 60+
- Life insurance plan for 75+
- Life insurance plan for 80+
- Life insurance plan for 85+
- Life insurance plan for 88 to 90
Some of the other plans included in this category are:
- Life insurance for aging parents
- Life insurance on retirement
- Online life insurance for seniors
Where can you find best plans for no medical exam life insurance for seniors?
Below mentioned are the USA based life insurance companies that offer best plans and coverage for life insurance for seniors especially if you want a no medical exam policy.
- American General Life companies
- Genworth Financial
- Colonial Life
- Gerber life
- New York life
Whether you are searching for a no medical exam life insurance plan for yourself or your parents, now all you have to do is to contact the concerned insurance company and ask for the best available plans to suit your needs and budget.