Is No Physical Term Life Insurance Advantageous for Senior Citizens?

Most life insurance plans require medical underwriting. If you are afraid that testing will show signs of a new disease, you can apply for a no physical term life insurance policy. These plans do not require medical underwriting, so you do not have to take a blood and urine test.

Many of our customers have asked: “Is no medical exam life insurance a good plan for senior citizens?” To answer this question, we must understand what a life insurance plan with a simplified issue is.

The application process

No physical term life insurance has a simplified application process. However, this has a negative impact on the prices. Since an agency insures someone without requesting medical examinations, the risks involved when selling coverage are higher. To make up for any potential losses, these policies will be sold at a higher price. Besides that, the coverage you can buy is limited to a smaller amount.

Also, in order to qualify for coverage, you have to answer some medical questions. The number of questions can vary depending on what type of coverage you want. In most cases, you will not be accepted if you have medical issues.

Guaranteed acceptability issue

However, there are exceptions. Some life insurance plans will insure you even if you have a pre-existing medical condition. As long as you are not currently suffering of cancer, AIDS and if you have not been declared terminally ill, you can qualify for permanent coverage.

Life insurance plans that offer guaranteed acceptability can be expensive, but is the only option many senior citizens have.

Traditional plans

Traditional plans require medical underwriting. This means that you will have to take a blood and urine test. Most agencies provide coverage to seniors who are not past 65 years old. In order to qualify, you need a decent health situation. If you can find coverage through a term life insurance plan, I recommend that you grab that opportunity.

Traditional plans may have a long and tiring application process, but is your best chance of finding affordable coverage.

We can help you find cheap life insurance online, without taking medical examinations. Visit our website and compare free life insurance quotes.