Finding affordable life insurance. When you’re over 50 can seem like a daunting task. Serious illness, lower income levels, and age are factors that can make it difficult for seniors to purchase top life insurance plans.
If you’re 50 or older, there are affordable options to get life insurance to protect your finances and other assets and give your family the peace of mind they deserve.
You will be able to find several types of life insurance options for people age 50 and older, including term life, universal life, guaranteed universal life, whole life, and final expenses. Each product offers different levels of coverage at different costs.
Best Life Insurance for Seniors
A key hurdle for seniors in obtaining best life insurance for seniors is the requirement for a medical examination. A person’s medical history helps determine the level of risk for the cheap life insurance company. The premiums tend to be cheaper for healthy non-smokers.
People with serious health problems often end up costing the 401k life insurance company considerable losses. In this case, the premiums are higher to cover any financial risk for the company.
Here are the actual rates for a $10,000 final spending policy for a male and female non-smoker:
| Age | Male Non-Smoker | Female Non-Smoker |
| 60 | $45.80 | $34.67 |
| 65 | $55.94 | $42.81 |
| 70 | $73.31 | $54.79 |
| 75 | $100.15 | $76.20 |
| 80 | $146.80 | $109.16 |
Modified Whole Life Insurance
Whole life insurance is considered one of the oldest types of policies. Although premiums tend to be higher than other types of insurance. The benefits often outweigh the costs. From available cash to monthly fixed rate payments, modified life insurance can be a financial asset.
This type of policy generates cash value over time. Policyholders can borrow against this estate for any reason. If a loan is pending at the time of the policyholder’s death, the modified life insurance company will deduct the amount of the unpaid debt from any death benefit.
Premiums do not fluctuate. They will never increase during the term of your policy. Even if your health and life situation changes due to age-related reasons. Except for late payments. Your best senior life insurance policy will never be canceled regardless of your health.
Universal Life Insurance
Like senior life insurance, universal life insurance generates cash value over time. The policyholder may withdraw cash against this discount for any reason.
Cash withdrawn from the policy does not need to be returned. Any amount owed will reduce death benefits. Aside from late payments, your best senior life insurance will not be canceled. So regardless of your state of health.
The present value is determined by the investment portfolio set up by the insurance company to support the policy. In the original contract, the insurance company sets a minimum interest rate that the policy cannot achieve.
One of the main benefits of universal life insurance is its flexibility. As long as there is enough cash value. Bonus payments can be reduced or skipped entirely. Any death benefit can also be reduced if necessary. As with any investment portfolio, interest rates are key.
Guaranteed Universal Life Insurance
If interest rates fall below the minimum set by the insurance company, you may need to increase your monthly premium payments to avoid loss of insurance coverage.
The primary focus of a indexed guaranteed universal life insurance policy is the death benefit. Also for older people with a fixed income. This type of directive can be the right option. The monthly premium payments remain unchanged without fluctuating over the term of the policy.
Seniors who prefer a larger death benefit and are in good health can qualify for guaranteed universal senior life insurance with affordable tariffs and a large death benefit.
Apart from late payments. Your best senior life insurance policy will never be canceled regardless of your health. Like senior life insurance, universal life insurance generates cash value over time. The policyholder may withdraw cash against this discount for any reason.
How Does No-Medical Exam Life Insurance Work?
No-medical exam life insurance policies don’t require the standard medical exam that most traditional life insurance companies need to make you an offer.
The application process only necessitates the initial phone interview, which will walk through your medical history and financial standing.
If you are eligible for a no-medical exam life insurance policy after the phone interview, you’ll receive a policy offer and won’t have to take any additional steps aside from signing your policy papers to paying your first premium.
Because the medical exam is used to determine an underlying disease. No medical exam policies generally come at a high cost than fully underwritten best life insurance for seniors over 50 to 80 plans.
By being able to skip the medical examination. The insurance company takes a higher risk if they haven’t fully assessed your health.
The additional risk generally also means a generally low coverage amount. Life insurance without an exam ends with a death benefit of approximately $ 300,000.
You don’t have to sacrifice optimal coverage for your safety and health if you don’t want to go out and get a medical exam.
Life Insurance and Corona Virus
During the COVID-19 pandemic. It was understandable if you prefer to get a policy that doesn’t require going out and getting a medical exam.
Life insurance without a medical examination can be more expensive and does not always offer optimal coverage. As an individual there are some policy options that do not require a medical exam.
It is important to note that obtaining a policy that does not require a medical examination still requires recent medical records. It doesn’t necessarily cut down on the best senior life insurance policy. If you want a faster response time after applying.
People will need to get a plan with an expedited subscription. An expedited application also does not require a medical examination. however, not everyone qualifies and applications can be rejected randomly.
Temporary Insurance Coverage
If, after talking to a life insurance broker, you find that a policy that requires a medical examination is your best option.
You simply want to make sure that you are covered. It is waiting for a decision on your no exam life insurance for seniors plans application. So You don’t have to sacrifice optimal coverage for your safety and health if you don’t want to go out and get a medical exam.
You can opt for term life insurance coverage. Which is the coverage you get during the elderly life insurance quotes application process so that if you die, your beneficiaries still receive some death benefit. This would allow you to postpone the medical examination portion of the underwriting process until the coronavirus outbreak subsides.
Affordable Life Insurance Companies
Most cheap life insurance companies still require completion of the medical exam for temporary coverage to take effect. But Policy quote works with three life insurance companies that offer this supplemental coverage without a medical exam:
- Banner
- Peaceful life
- Lincoln Financial
- MOAA
- AARP life
To activate temporary coverage with any of these insurers, you simply need to provide your payment information and sign the broker’s application.
You might see some limitations on your temporary coverage without doing a medical exam. But you would still have some AARP senior life insurance protection to protect your loved ones during the pandemic.
Who Should Get Life Insurance Without Exam?
The price of no exam life insurance can vary enormously: it can be pretty much the same price as a fully underwritten policy.
It can be much more expensive because it’s aimed at unhealthy people who are at higher risk. It all depends on the circumstances of your individual life.
Here are some examples where unexamined life insurance might make sense:
- You are a 30-year-old male smoker who is otherwise healthy. By skipping the exam. You can get a better rate than with a traditional policy.
- You are young and looking for a low amount of coverage.
- He is 55 years old and a moderate risk that does not qualify for traditional life insurance.
- You are a person over the age of 75 with health problems seeking to use the death benefit to cover burial expenses.
- You don’t have time to complete the subscription process and you want to receive coverage quickly. Skipping the exam shortens the approval process. But at the cost of higher premiums. Traditional life insurance with a medical exam is almost always cheaper if you are healthy.
- Who should not get elderly people life insurance without an exam?
- Healthy individuals. If you’re in top physical shape, you’ll end up paying a fine for not going through the entire subscription process. For a healthy applicant. An exam-free policy can be up to 80% more expensive than a fully subscribed normal policy.
- People who need a great financial safety net. A traditional life insurance policy can reach millions. While one without a medical examination will be much smaller.
Senior Whole Life Insurance MOAA Plans
- Acceptance guaranteed Whole life insurance for seniors
- From United of Omaha Life Insurance Company, a Mutual of Omaha Company
- Would you like to be able to add up to $ 25,000 to your family’s financial safety net? Now you can, without a medical exam, GUARANTEED!
Now you can easily add $3,000 … $5,000 … $10,000 … up to $27,000 in senior life insurance to your family’s financial protection.
- No medical exam is needed.
- Available for ages 45 to 85.
- Coverage is guaranteed!
Guaranteed Life Insurance
This coverage offers two important guarantees that offer exceptional value:
- Your benefits NEVER decrease due to age or changes in your health.
- Your rates NEVER go up because you age or develop health problems.
You can request this complete life insurance policy if you are between 45 and 85 years old and its acceptance is guaranteed. Help strengthen your family’s financial safety net today with up to $25,000 in benefits.
For more information or to apply online visit to our website here.