Finding affordable life insurance, when you’re over 50 can seem like a daunting task. Serious medical conditions, lower income levels, and age are factors that can make it difficult to buy top senior 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.
There are 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 degrees of cost.
- 1 Best Life Insurance for Seniors
- 1.1 Modified Whole life insurance
- 1.2 Universal life insurance
- 1.3 Guaranteed universal life insurance
- 1.4 How does no-medical exam life insurance work?
- 1.5 Life insurance and corona virus
- 1.6 Temporary insurance coverage
- 1.7 Affordable Life Insurance Companies
- 1.8 Who should get life insurance without exam?
- 1.9 Senior Whole Life Insurance MOAA Plans
- 1.10 Guaranteed Life Insurance
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. For healthy nonsmokers, premiums tend to be less expensive.
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|
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 whole 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 change due to age-related reasons. Apart from late payments, your best life insurance for seniors will not be canceled, regardless of your health condition.
Universal life insurance
Like senior life insurance, over time, universal life insurance generates cash value. The policyholder may withdraw cash against this estate for any reason. Cash withdrawn from the policy does not have to be returned. Any amount owed will reduce death benefits. Apart from late payments, your best life insurance for seniors will not be canceled, regardless of your health condition.
The cash value is determined by the investment portfolio established by the insurance company to support the policy. In the initial contract, the insurance company establishes a minimum interest rate that the policy cannot reach below.
One of the main benefits of universal life insurance is its flexibility. As long as there is enough cash value, premium payments can be reduced or skipped entirely. Any death benefit can also be decreased as needed. Like any investment portfolio, interest rates are the key.
If interest rates fall below the minimum set by the insurance company, you may need to increase your monthly premium payments to avoid losing insurance coverage.
Guaranteed universal life insurance
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 policy may be the right option. Monthly premium payments remain the same without fluctuating over the life of the policy.
Seniors who prefer a major death benefit and are in good health may qualify for Guaranteed Universal Senior Life Insurance with affordable rates and a major death benefit. Apart from late payments, your best life insurance for seniors will not be canceled, regardless of your health condition. ‘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.
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 and paying your first premium.
Because the medical exam is used to determine any underlying disease, no medical exam policies usually come at a higher cost than fully underwritten best life insurance for seniors over 50 to 80 plans.
By allowing you to skip the medical exam, the insurance company is taking on more risk when they haven’t fully assessed your health. The added risk usually also means a generally low coverage amount — no-exam life insurance caps out at a death benefit of around $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 current COVID-19 pandemic, it’s understandable if you prefer to get a policy that doesn’t require going out and getting a medical exam.
While a life insurance policy without a medical exam may be more expensive and does not always offer optimal coverage, you do have 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 and does not necessarily shorten the best life insurance for senior citizens application process. If you want a faster response time after applying.
You will need to get a plan with an expedited subscription. An expedited application also does not require a medical examination, but 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 while waiting for a decision on your no exam life insurance for seniors plans application. So don’t ‘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 Policygenius works with three life insurance companies that offer this supplemental coverage without a medical exam:
- Peaceful life
- Lincoln Financial
- 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, or 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.