Senior Life Insurance No Medical Exam
When we reach retirement, life coverage is no longer needed as the children have grown up and maybe they have families of their own. However, if you have a spouse and you are still living together, a senior life insurance no medical exam makes sense since it will provide for your partner some financial aid after you pass away.
Life insurance for seniors is a viable option if you have a lot o debt. Mortgage loans and credit card loans can be covered by a death benefit. It is important to make sure that you do not leave uncovered debt after your death as some loans will have to be paid by taking away your properties and valuables.
Funeral expenses are also something to think about. The total cost of a funeral includes: taxes, legal arrangements, the casket, plot of land, tombstone and many others. All these can take 10,000$ out of your family’s pocket. The sum can be easily covered by a simple final expenses policy.
There are several things that make senior life insurance possible. First, the competitiveness of the insurance market has forced some agencies to lower their standards. Secondly, the life expectancy has risen over the past decades so people live longer, which means that insuring someone who is 50 or even 60 is not that risky. In some states, insurance agencies have to insure people up until the age of 65. Term life insurance over 50 policies are affordable if you take the time to compare quotes!
Ordinarily, in order to qualify for insurance, you have to pass an underwriting process. The process uses information gathered from your medical examinations and your own testimonies. It is not uncommon though, for seniors to have medical issues which could prevent them from being eligible for a policy.
If a medical condition stops you from getting a traditional you can but term life insurance without a medical exam. This policy allows you to skip the underwriting process. All you have to do is complete a questionnaire and you will have life coverage in 24 hours! The problem with these policies is that the coverage caps usually at 300,000$ and the premiums are much more expensive.
Life insurance for people over 50 is easy to find and has many advantages! Visit our website and compare quotes for term life insurance over 50 policies. Click here for a free quote!