Should Seniors Look for Life Insurance with No Medical Exam?

Family life insurance

It’s no secret that health plays a factor in eligibility for life insurance. And for older adults facing health issues, it may feel like taking out a new life insurance policy is out of the question.

The good news is, many life insurance companies now offer life insurance plans with no medical exam requirement. Here’s what seniors need to know about these no-medical exam plans and if they’re worth it.

Why do Seniors Need Life Insurance?

Once you reach retirement age, many of your financial obligations have been fulfilled. For example, you may have paid off the mortgage, gotten the kids through college, and set aside funds for funeral and burial expenses. So, do seniors need life insurance at all?

Older adults may need to consider life insurance for several reasons, including:

  • Covering remaining debt: Just because you’ve paid off the mortgage doesn’t mean there aren’t other debts you’ll leave behind, like joint credit cards or a co-signed student loan for the kids. A properly sized life insurance policy can make sure your partner or children aren’t left with the burden of debt after you’re gone.
  • Leaving an inheritance: You may have enough assets to take care of your spouse if you pass, but a life insurance policy may provide a small inheritance for kids or grandkids, too.
  • Taking care of medical expenses: A life insurance policy may help your family pay for medical bills that could accumulate at the end of your life.

Is no Medical Exam Life Insurance a Good Idea for Seniors?

life insurance types

Life insurance without a medical exam has benefits and drawbacks, and it’s important for seniors to assess all information before choosing this type of policy.

The benefits of a no medical exam policy are:

  • No medical exam! Of course, not having to go through the medical exam process is the number one benefit of this type of policy. But if you’re an older adult still in excellent health, opting to take a medical exam could end up qualifying you for a better rate.
  • Quick approval: Many insurers offering no medical exam policies can offer approval much more quickly than if they had to wait for exam results. Some insurers can process approval in as little as 24 hours, but it may take up to two weeks.

There are also a few negatives to a no medical exam policy, such as:

  • Price: Life insurance without a medical exam is typically more expensive than a policy with an exam because the insurer takes on more risk. If you’re healthy, opting for the medical exam could be a smart move financially.
  • Fewer options and smaller coverage amounts: Insurers may offer a few policies that don’t require a medical exam, but options may be more limited than those available for a traditional policy. Plus, due to the increased risk of insuring someone without the results of an exam, insurers may offer lower coverage limits too.

Bottom line

No medical exam policies may be preferred by seniors with health issues who may not qualify for a traditional policy. But healthy individuals may want to undergo the medical exam in favor of the better rates it can provide. Either way, it’s best to take the time to research policies, compare life insurance quotes, and work with a reputable insurance company before signing up for any life insurance policy.

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