Haven Life was created when their co-founder, Yaron Ben-Zvi, tried to buy a life insurance policy online and it took several weeks to get approved for coverage. How We Chose Life Insurance Companies for Seniors . Generally speaking, there are 4 main types: All of these policies, depending on the provider, are offered in both whole life insurance and term life insurance policies. Number crunching is key when calculating the face value needs of your life insurance policy. Also, depending on various factors, including your selected company, you can get life insurance without a medical exam up to $1 million. If you’re in very bad health, there’s guaranteed issue life insurance carriers with no questions asked. It simply means there is no medical exam required. From the highly respected A.M. Best life insurance ratings company, they proudly have an A++ rating. Yes, even those who are in their 70s or 80s are able to purchase a term policy through Transamerica. However, they have a guaranteed issue product for those between the ages of 25-80. The application process is quick and easy over the phone. And with over 25,000 licensed life insurance advisors across the country that offer our plans, we are here for your life and critical illness insurance needs. Depending on the type and the amount of coverage being applied for, as well as the age of the applicant, a medical insurance exam may be required for policy underwriting purposes. Also, they’re available in New York when most no-exam carriers aren’t approved there. The other company is American National Life Insurance Company, also called ANICO. This site provides life insurance information and quotes. She has worked in several areas but excels in writing material for both finances and insurance. They offer life insurance coverage protection ranging from $25,000 to $1,000,000 depending on your health and age. Both whole and term life insurance no medical exam policies are available on the market today. Leaving behind different mounds of debt and unpaid expenses adds extra stress to an already difficult situation. They will pull your prescription history for the last five years. However, that isn't the case, a true no physical exam policy does just that, it doesn't require a physical, but it does require the same underwriting requirements of a normal life insurance policy: We suggest you use our easy form below to give you a quick quote. As a company, they are one of the most widely-known on our list. Someone Purchasing An RV The average price of an RV in the United States is around $100,000. These life insurance policies are often also referred to as no physical life insurance, no health exam life insurance, and no medical life insurance policies. Compare Life Insurance Quotes from Multiple Companies. Usually, this type of policy is offered by most companies as whole life insurance without medical exams. All the potential buyer needs to do is answer some medical questions about his health, and the company may send for a medical report from the doctor. This type of life coverage can cover expenses such as outstanding debts and funeral expenses and … As long as your risk is under control, there’s a good chance Phoenix will accept you. Another factor to consider is your death expenses or possible medical records that you may leave behind. Your no exam term life insurance policy could be implemented within a couple of days to several weeks. An exam involves a medical questionnaire along with blood and urine samples, blood pressure checks, and … They offer both a Rapid Decision Express No Medical Exam Life Insurance and Rapid Decision Senior Term Life Insurance. The cost of no exam life insurance will always be higher than those with a medical exam. Underwriting is extremely quick, and coverage can be obtained within 24-48 hours sometimes. Other companies may approve people for life insurance who are over 50 but may shy away from a life insurance policy for a 67 year old. Aside from the phone interview, and the barrage of questions, the insurance company is also going to look at some of your records to give an idea of how much they should charge you for your coverage. Guaranteed Issue Whole Life Insurance coverage was designed specifically to meet the needs of adults ages 50-85. If you’ve recently been considering life insurance for seniors over 60, we can help. She has written countless articles for a variety of websites. With guaranteed issue whole life insurance, you can avoid having to undergo a medical exam as part of your insurance application process. Bookmark the permalink. They hold excellent ratings from all of the third-party systems including an A from the highly regarded A.M. Best ratings company. Premiums payable remain consistent all throughout the entire period. Unfortunately, the vast majority of whole life and term life insurance companies require medical exams for seniors who are 65 years old or older. If you’re between 45 – 85, then you can qualify for one of their plans, but you can only buy $10,000 worth of coverage. Whole Life insurance can protect your family for a lifetime, as long as premiums are paid. Guaranteed life insurance is unique in that it is life insurance for seniors with no health questions. Fidelity strictly offers no exam term life insurance. In addition, Transamerica is one of the few life insurance companies to offer no medical exam coverage in the state of New York. The professionals at Haven Life recognize how busy you are and they want to make the process as fast and smooth as possible. Do you take any prescription medications? Yes, Phoenix Life Insurance offers the following policy riders: Quick Tip: You can get instant quotes for American National by filling out the instant quote form on the side. Depending on your situation, this may be a good whole life insurance policy for you. In addition, Haven Life has very competitive rates for term life insurance without a medical examination. If you want to purchase a no exam policy, but you don’t want to have to wait two years for your policy to be in full force, there are a few insurance companies that offer life insurance without the exam, but won’t have the waiting period. The insurance company is going to ask you dozens and dozens of different questions about your current health and your family history. Doug Mitchell has been working in the insurance business for over 20 years. AIG offers guaranteed life insurance with no medical exam and no health questions. Insurance companies usually offer these senior life insurance policies to people from about 50 to 80 years old. No medical exam and no medical questions. Coverage amounts from $50,000 to $300,000; Simple application process — no medical exam needed in most cases 3; Most applicants can have a decision within minutes; Builds cash value Typically,  for a policy that has coverage for $50,000 life insurance, no exam policies can be very affordable with graded benefits. They are going to get as much health information as they can, without requiring you to take the physical. Their underwriting process is longer but much more lenient. Many seniors prefer this kind of life insurance because it’s easier and less time-consuming to get, and because it’s an option if you have a pre-existing condition. However, there is a 3-year waiting period on benefits. It’s a reliable and stable company. However, there are still a lot of options that you can take advantage of if … Each company is going to have different underwriting guidelines and accept or reject your application based on those guidelines. There are no medical exams required for guaranteed life insurance at all. For example, Fidelity Life offers up to $250,000 of no exam life insurance for those up to age 65, and Sagicor Life offers up to $399,999 of no exam life insurance for those up to 65 as well, and you can get approved within 15 minutes right over the phone. Visit our Frequently Asked Questions. Assurity Life Insurance. Not many agents or consumers have heard of Columbian Life. With some guaranteed acceptance life insurance policies, no waiting period is necessary. Phoenix isn’t the cheapest, but it’s certainly not the most expensive either…which makes them a great choice for those with some controlled health complications. The following provides an example of life insurance for a 65 year old male who doesn’t smoke and is applying for term insurance: These figures show that even a 65 year old can obtain affordable life insurance through Transamerica. Faster approval does … You cannot be turned down. The whole life guaranteed issue final expense policy has no medical exam and is available up to age 80 with a maximum death benefit of $20,000. With these policies, the first two years are going to have limited benefits, but after those two years, the plan will offer you full coverage. No exam life insurance is a great option if you don’t enjoy intrusive physical exams! The first one that we will look at is the Rapid Decision Express policy. Sagicor has a well-earned reputation for underwriting professionalism, competitive pricing and numerous no medical exam policy options for both term life and universal life insurance. With guaranteed acceptance, no medical exam, and up to $25,000 in coverage, this senior life insurance policy offers a guaranteed way to help protect their legacy. Not only are they a stable company, but have employed financial research to craft a no medical exam option that could be perfect for you and your family. This would mean that all of the premiums you paid into the policy would be returned to you in 15 years. This is because they don’t order your medical records to approve you. We mention them above with Gerber, AIG, and Columbian. Haven Life offers term insurance to applicants up to 65. They have several options for life insurance coverage that you should compare to ensure that you’re getting the best plan. Rates start as low as $8.80 per month. For each year into your policy, your beneficiaries will receive a higher portion of your death benefit. Final expense insurance is a type of no medical exam life insurance that needs to be qualified for, similar to simplified life insurance. I did smoke for years, felt the results in my breathing and recently gave it up as a birthday gift to myself. Compare more than 20 of the top companies and policies. Above age 45 you can get $25,000 of coverage. Meaning you can access up to 95% of your entire death benefit if you have any of the following: These critical illness benefits provide families peace of mind and that’s why Phoenix Life is a very popular choice to consider when comparing no exam and guaranteed issue life insurance carriers. What Is No Medical Exam Life Insurance? No medical exam is necessary for those 18-60 who purchase policies from $25,000-$50,000. It would cover any initial expenses needed to cover your burial and keep your family financially sound until they figure out their next moves.
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