Life insurance rates by age can vary significantly, even from the top life insurance carriers. The type of policy you’re seeking will also effect the premium. If you are looking for a life insurance policy that doesn’t require a medical exam, this article will cover a few different options that are available to you.
We’ll provide you with examples and pricing so that you get an idea about no medical exam life insurance for seniors.
No Medical Exam Life Insurance For Seniors
Skipping the life insurance medical exam is desirable no matter what your age. However, as you get older your life insurance choices get to be fewer. The good news is that no medical exam life insurance isn’t only for the young.
In fact life insurance for seniors over 60 is readily available.
There are even several options to secure life insurance for seniors over 80! Depending on your age, you’ll be able to possibly secure coverage with a few types of life insurance. Term life or permanent life policies like Final Expense is available to you.
Let’s look into some of your options now.
Fidelity No Exam Life Insurance for Seniors
I like Fidelity Life for their ability to approve life insurance applications within 24 hours. If you need a policy quick, then take a look at Fidelity. They provide one of the fastest life insurance approvals in the market.
Here are the coverage options available through Fidelity Life:
- 10 year term is available for those 18 to 65 years old – coverage $25,000–$250,000
- 15 year term is available for those 18 to 60 years old– coverage $25,000-$250,000
- 20 year term available for those 18 to 55 years old – coverage $25,000-$250,000
- 30 year term is available for those 18 to 45 years old – coverage $25,000-$250,000
Approval is based on your answers to health related questions. In addition Fidelity Life checks with the MIB (medical information bureau), your motor vehicle report, and an electronic database of any prescription medication you take.
Based on your application and those 3 reports, a decision is made within 24 hours. In addition if you are over 60, a Fidelity Life underwriter will typically call you to review your health history and application
Fidelity Life No Medical Exam Life Insurance Pricing
If you are in good health you would most likely get approved for coverage with Fidelity, however if you have any pre-existing health conditions – for example diabetes, you will not get approved with Fidelity.
There are however other no exam life insurance companies that will approve with a pre-existing condition such as diabetes – for example, American National offers no exam life insurance and will insure diabetics who have their diabetes under control.
Here is an example of pricing with Fidelity Life:
A 55 year old male non smoker applying for $50,000 of life insurance:
Transamerica’s No Medical Exam Life Insurance for Seniors
No medical exam life insurance is also offered by Transamerica. While Fidelity Life approves within a 24 hour period, Transamerica orders your medical records from your doctor, which means approval will take around 3-4 weeks.
Not always, but Transamerica may have better pricing when compared to Fidelity Life. Since they are able to review your medical records you can get approved even with some pre-existing health conditions, such as sleep apnea, or diabetes.
The key aspects of Transamerica’s no medical exam life insurance for seniors are as follows:
For coverage between $25,000 and $99,999:
- Non-medical term insurance for $25,000 to $99,000 is available for people in the age group 18 to 60 years
- Non-medical term insurance for $25,000 to $50,000 is available for people in the age group 61 to 70 years.
For coverage between $100,000 and $249,999:
No medical exam term life insurance coverage of up to $249,999 is available to people in the age group 18 to 60 years.
Senior Graded Death Benefit Insurance Policy – Term and Whole Life
If you have a pre-existing health condition that precludes you from getting approved for a traditional policy, we may have to consider a graded death benefit life insurance plan. These are guaranteed issue life insurance policies that have a graded benefit. With graded benefits you’ll have an initial waiting period before the coverage takes effect.
Depending on the insurance company this could be the first two or three years of the policy. Coverage is available for persons starting from 50 years of age and up to 85 years.
You can apply for a life insurance cover of $10,000 to $150,000 depending on your age. If you are looking for a no exam life insurance policy, compare rates below, or simply contact us.