Ideal No Exam Life Insurance Plans for Older People

If you are a bit old, getting adequate life insurance policy can be time consuming and frustrating. Still, if you want to have coverage really fast, you should apply for no medical exam life insurance. We present you best no exam life insurance plans for older people:

1) Simplified Issue no exam life insurance. This is the best insurance option for persons that want to get immediate approval. Simplified issue life insurance is coverage that does not require medical exams, no matter if you are applying for term life or whole life insurance. Most of the companies that sell if offer guaranteed level premiums for the life of the policy. Your only requirement for keeping the policy in force is to pay the premiums on time.

If you are approved as client, you will be eligible to coverage of up to maximum $500.000 for term life and maximum $100.000-$150.000 for whole life. You will have to complete an application form that is typically made up by simple yes or no medical questions. The form will be reviewed, along with medical history and prescription records. If you get approved, the coverage starts immediately.

2) Guaranteed Issue no exam life insurance. It is the optimum option for people that have a pre-existing medical condition and they would be otherwise refused. Some companies do not even ask medical questions upon application and any individual can get it. However, the policy is more limited than simplified issue. Death benefit is usually paid gradually. You can include an accelerated death benefit rider. Furthermore, you can get some life benefits, if you become terminally ill.

3) Final expense insurance. It is also named burial life insurance and its only purpose is to provide financial support to the remaining family members, immediately after the policyholder has passed away. This policy is very cheap and affordable, with premiums starting for as low as $10/month. A typical funeral costs several thousands of dollars and this policy will alleviate the economic burden from the shoulder of the family.

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