Understanding No Medical Exam Life Insurance For Seniors
No medical exam life insurance does not require you to meet with a nurse or doctor to provide a blood and urine sample as part of the application process. Instead, you generally only need to answer some health questions (sometimes there are none).
To assess risk and determine if you qualify, the insurer utilizes electronic underwriting that is either accelerated, The insurance company taps into databases containing information about your health history, which is all fed into their algorithm. This data, along with your answers to various health and lifestyle questions, allows you to skip the lab tests and physical exam. Ultimately, the insurance company’s algorithm determines if you’re approved and what final price you’ll pay. simplified, Simplified issue underwriting is essentially the same as accelerated underwriting except for A) there are fewer health questions to answer, B) approvals are faster, and C) they often accept more risky applicants. The insurer still gathers health and lifestyle information about you via various databases. That information, along with your answers to the health questions, is fed into an algorithm that determines if you're approved. or guaranteed issue. There are no health questions or a medical exam. The insurer literally knows nothing about your health, and therefore, you cannot be denied for any prior medical issues. Because there is no exam, applications are approved quickly, typically within minutes.
Alternatively, life insurance policies with a medical exam often take 6-8 weeks to render an approval or decline.
Types Of Life Insurance For Seniors With No Medical Exam
There are five types of no medical exam life insurance available for seniors.
1) Final expense insurance
Final expense insurance for seniors is a special type of whole life insurance primarily designed to cover all your end-of-life expenses. Being relatively small in coverage (typically $50,000 or less), the prices are affordable, and the premiums never increase.
Because of the simplified underwriting, applications are often approved in minutes, and will accept seniors with a wide variety of pre-existing conditions. When you die, the policy will usually pay out within 48 hours, allowing your family to promptly pay for your funeral and other final expenses.
2) Guaranteed acceptance
Guaranteed issue life insurance has no medical underwriting of any kind. You don’t have to answer health questions, and you don’t need to complete a medical exam. All companies that offer these policies will institute a two-year waiting period. If you die during this time, the insurance company will only refund your premiums plus approximately 10% interest.
Guaranteed acceptance policies are always a type of whole life insurance, meaning they will last forever, build cash value, and have a fixed price. Most insurers will only offer up to $25,000 in coverage.
3) Term life insurance
Term life insurance lasts for a pre-defined period. It may last for several years, such as 10, 20, or 30. Alternatively, it may last until you reach a specific age, such as 75 or 80. Ultimately, when you reach the endpoint, the policy terminates, and you’re no longer insured.
Generally speaking, term life plans will terminate around age 80. Term life insurance rates may be fixed for the life of the policy, or they may increase every five years. It just depends on the company. For example, AARP term life insurance policies have a five-year price increase, whereas Mutual of Omaha term life insurance for seniors has a fixed rate.
4) Whole life insurance
Whole life insurance is permanent coverage that lasts your entire life. In addition, whole life insurance rates never increase, and the policy builds cash value, which you can borrow from as it accumulates.
5) Universal life insurance
Universal life insurance is a type of permanent coverage because it can last forever. Also, like a whole life policy, it builds cash value, which you can withdraw anytime. Where universal life differs from whole life is that it often allows for flexible payments.
Additionally, the cash value growth heavily influences whether or not A) the premiums remain the same and B) how long the policy stays in force. In short, if the cash value does not grow at the expected rate, the premiums may increase or the policy may prematurely terminate.
Also, if you withdraw too much cash value, it could cause the insurance company to demand money from you, or you might face a premium increase or termination of coverage.
Truthfully, universal life insurance is complicated. Even veteran life insurance agents need help understanding (let alone explaining) these insurance products.
Pros And Cons Of Life Insurance With No Medical Exam
Pros
- Fast approvals– Most applications are approved within minutes or a few days.
- Guaranteed approval options– Some companies don’t ask any health questions because they guarantee your acceptance.
- Convenience– You can apply online, and since there is no exam, the approval process is very quick.
Cons
- Potentially higher rates– Since the insurer doesn’t have your formal medical records, there is a higher level of risk, which can cause the price (per thousand dollars of coverage) to be higher compared to a policy with an exam.
- Lower coverage limits– To limit their exposure, no-exam life insurance products limit the maximum coverage you can buy to be much lower than what you could apply for had you taken an exam.
How Much Does No Medical Exam Life Insurance For Seniors Cost?
Life insurance rates are determined by the type of policy, age, gender, state of residence, health history, and how much coverage you select. That said, the sample quotes below will give you a good sense of how much life insurance for seniors without an exam will cost.
Can Seniors Get Life Insurance With No Medical Exam And No Waiting Period?
Senior citizens can qualify for no waiting period life insurance without having to take a medical exam. However, you must answer health questions and thereafter be approved. If you opt for a policy without health questions, there will always be a 24-month waiting period before you’re insured for natural causes of death.
Below are three such companies that offer immediate coverage to seniors without having to take a medical exam.
- $10K Policy Cost$47.00/month*
- New Applicant Ages50-80
- Death Benefit Options$5,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$41.01/month*
- New Applicant Ages45-85
- Death Benefit Options$2,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$51.10/month*
- New Applicant Ages18-85
- Death Benefit Options$5,000-$100,000
- 2-Year Waiting PeriodNo
Is No Exam Life Insurance Right For You?
For many seniors, a no medical exam policy can be very beneficial, but not always. In general, a no-exam policy can be helpful in the following scenarios:
- High-risk medical issues: If you have dire chronic pre-existing conditions, such as COPD, kidney disease, to name a few, this type of coverage is essentially the only way you can obtain a new life insurance policy.
- Quick coverage: You need coverage quickly to cover a specific need, such as a business loan, mortgage, funeral expenses, or financial debts.
- Healthy and busy: If you’re very healthy and don’t have much free time, accelerated underwriting no-exam products cost about as much as ones with a medical exam. You could essentially get the same low rate without spending hours applying and waiting months for approval.
- Prefer to avoid dealing with agents: Some seniors don’t want to speak with a licensed agent, which is impossible to avoid if you go with a fully underwritten policy (those require medical exams). Many no-exam life insurance options for seniors can be bought entirely online, even through the mail.
What Are The Coverage Limits For No Medical Exam Life Insurance For Seniors?
| Policy Type | Typical Coverage Limits Without An Exam | New Applicant Age Limit Without An Exam |
|---|---|---|
| Final Expense Insurance | $1,000-$50,000 | 90 |
| Guaranteed Acceptance | $2,000-$25,000 | 85 |
| Term Life Insurance | $25,000-$2,000,000* | 75-80 |
| Traditional Whole Life Insurance | $25,000-$2,000,000* | 75-80 |
| Universal Life Insurance | $25,000-$2,000,000* | 75-80 |
| *Your age heavily influences the maximum coverage you can buy. For example, at age 75, the coverage limits with nearly all life insurance companies are much lower compared to age 50. All companies and products have unique limitations based on age and the type of policy. | ||
Frequently Asked Questions
Life insurance without an exam often does cost more (per thousand of coverage) than policies that do require a medical exam. However, it’s not a hard and fast rule. For example, accelerated underwriting products don’t require an exam and have essentially the same cost basis as fully underwritten products that include a medical exam.
No exam life insurance products are possible because the insurance companies obtain (with your authorization) health and lifestyle information about you from the following organizations: Milliman Intelliscript (prescription & health information), Medical Information Bureau (health information), your state’s DMV (driving record), LexisNexus (identity, credit, and other personal info).
Instant life insurance is a term used to describe a life insurance product that is issued very quickly. A medical exam is never required.
Yes, life insurance for seniors over 80 is available without having to take a medical exam. Keep in mind that seniors over 85 are still eligible, but final expense insurance is the only type of policy available.
Our Insurance Review Methodology
Every company we review has an overall score that illustrates how well it stands out in the market relative to its competitors. These scores are not subjective. Instead, we utilize a defined 5-star scoring system that applies a weighted average of particular factors, all of which are outlined below and on our review methodology page.
We measure the price of a company’s most popular they promote relative to its competitors. The closeness of their cost to other companies determines the final score. Read a full breakdown of the price of coverage factor on our review methodology page.
This factor assesses whether a company offers immediate coverage and, if so, how difficult it is to qualify for it. Read a full breakdown of the no waiting period coverage factor on our review methodology page.
A company’s financial strength is based on its rating with A.M. Best. Read a full breakdown of the financial strength factor on our review methodology page.
The National Association of Insurance Commissioners’ complaint index measures an insurer’s frequency of consumer complaints compared to the rest of the market. The score the insurer receives is based on how it stacks up to the median score of other insurers. Read a full breakdown of the NAIC complaint index factor on our review methodology page.
Why trust Choice Mutual?
When we review products, our findings are unbiased and free of any influence from partnerships or methods of compensation. All findings, good or bad, are solely the derivative of our objective analysis of any given product or company.
As noted on our review methodology page, our researchers evaluate the financial stability of the insurer, policy costs, product limitations, state availability, customer satisfaction, waiting periods (if applicable), and other relevant factors. We aggregate all this cumulative data to develop objective overall scores based on pre-defined weighted factors.
In addition, a qualified expert who is well-qualified to speak on the matter will provide opinion-based feedback about the company or product being reviewed.
For over a decade, Choice Mutual has been an insurance agency specializing in final expense life insurance. Our expertise in this type of insurance is well-documented in numerous authoritative publications, some of which are listed below:
Choice Mutual’s mission is to provide consumers with unbiased expert commentary and explanations of the topics being discussed. We want our readers to be armed with information and tools that cannot be found anywhere else on the internet, so they can truly make an informed decision.
All content on this website is written by Anthony Martin, who is a licensed life insurance agent with over a decade of expertise in this industry and has been quoted as an expert source hundreds of times by many reputable news outlets.
Per our editorial guidelines, we have never, and will never, use artificial intelligence to create our content. Every word printed on this website is produced and curated 100% by human beings who have firsthand experience with the subject matter.
- Nationally licensed life insurance agent with over 15 years of experience
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
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Mutual of Omaha quote calculator. https://www3.mutualofomaha.com/mobile-quotes/#/iule/
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Milliman Intelliscript. https://www.rxhistories.com/
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Medical Information Bureau. https://www.mib.com/request_your_record.html
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LexisNexus. https://risk.lexisnexis.com/about-us
