As a person ages, they need to have life insurance to make sure their loved ones a properly taken care of. Life insurance is especially important for seniors. A senior may think that they cannot get life insurance due to their pre-existing health condition.
There are few insurance policies for a senior where no medical exam is required. Life insurance will make sure the loved ones are taken care of and a senior will not have to be examined in order to get their coverage.
Here are the 7 Reasons to Buy No Exam Life Insurance for Seniors
Cover Final Expenses
Final experiences can easily cost tens of thousands of dollars. A funeral and a burial are very expensive and without life insurance, this expense will be passed onto family members. The family will be suffering and emotional toll when their loved one passes on. They should not have to suffer a financial toll at this time as well.
In addition to funeral and burial expenses, there are debts and taxes that will have to pay on behalf of the senior. Life insurance can take care of this as well. If a senior has a spouse that is still alive they can make sure they are provided for and will not have to worry about them being in a bad financial position.
Coverage Begins Quickly
When a senior applies for up no medical life insurance their coverage will begin right away. When the senior pays for their coverage the policy will begin anywhere from 1 to 14 days after the application is accepted. For some seniors, the policy can even begin the same day.
These policies begin immediately and a senior will not have to worry about a long wait for their coverage. Some companies even offer a 30 days money back guarantee if a person is not happy with their coverage options or if they no longer want this insurance as long as a claim is not made on the policy during this time period.
No medical life insurance is very easy to get. All a senior must do is fill out an application and specify the amount of coverage that they need. They can even fill out a form for this life insurance or speak to an insurance representative. They will not have to see a doctor to get life insurance.
They will not have to have a person come to their home and give them a medical exam which can be invasive. This will also reduce the waiting time for the policy to begin. This life insurance is very easy to get and there is no hassle in the process. This also allows the policy to go into effect quickly and coverage will begin right away.
Health Issues Accepted
When a senior applies for no medical life insurance they will not have to answer health questions. When a senior applies for other types of health insurance they may have been rejected due to some moderate health-related issue they already have. If a senior is already experiencing some health issues they will more than likely have trouble getting life insurance.
No medical exam life is available to seniors that may be experiencing some health issues. Even if a senior has a serious health problem they can still get the life insurance coverage that they are looking for. If they have been denied life insurance in the past due to health questions non-medical life insurance is a good option for them.
Insurance Will Not be Cancelled
When a senior decides they want to purchase no medical life insurance they can relax and know that their life insurance policy will not be canceled. If they develop a medical condition after the policy, even a fatal condition they will not have to worry that their life insurance policy will be canceled. The coverage will not be reduced either.
A person will get the amount of life insurance that they pay for. If a person pays their premium they will not have to worry about their life insurance policy being canceled due to their age or due to their health condition. A senior will continue their coverage no matter what happens.
If something were to happen to the senior and they do pass on their loved ones will have peace of mind when it comes to their taxes. When the family or other beneficiary goes to collect on the life insurance policy they will not have to worry about it on their federal income tax. When the policy is paid out to the beneficiary will not need to be reported on their federal income tax.
Different Coverage Options
When a senior is looking to purchase non-medical health insurance they can get the amount of coverage that meets their needs. They can choose from different plans based on how much coverage they are looking for and what the monthly premiums will be. A person will be able to get as little as $5,000 to help with their final expenses.
For this amount, the monthly premium will not be high. Many seniors choose to get between $25,000 and $50,000 worth of life insurance coverage. If a senior has a lot of debt and they want to make sure their loved ones are well taken care of they can get as much as $1,000,000 in life insurance coverage. The premiums will be higher for this higher payout. A person can still get this amount of coverage with no medical exams.
If a person has pre-existing health conditions or if they are older in age they can still get a life insurance coverage without a medical exam. Even if a senior is in fair to poor health they will still get the life insurance coverage that they need.
These are only 7 of the reasons as to why a person should purchase no medical life insurance. This coverage will make sure that loved ones are provided for and a senior will not have to undergo a medical exam in order to get their life insurance coverage.