No Exam Life Insurance

Buying life insurance should represent a priority for most individuals. If you provide for your family in any way, making such an acquisition might prove to be a lifesaver. As not everyone needs a life annuity, most of us (who do) should take the time and do some research on term life insurance for seniors, no exam life insurance, whole life insurance and universal annuities.

insurance-over-65Knowing your insurance ABC will help you stay protected against insurance fraud and understand your status better, as a soon-to-be policyholder. Nonetheless, there are various misconceptions surrounding insurance for seniors.

Most people believe that buying insurance once you’ve reached a certain age is hard and expensive. As the grounds on which this assumption is based on is quite reasonable, a very important fact is omitted: the insurance marketplace took notice of the increased demand of senior insurance and designed policy for this specific target group. As a direct result, seniors can enjoy the perks of a standard or no-exam term insurance policy.

Term insurance is meant to offer protection for a limited amount of time, ranging from 1 to 30 years. It is normally cheap and efficient, while not guaranteeing a pay-out. In other words, if you outlive your policy, you won’t be entitled to receiving any of your money back. Seniors may qualify for normal term insurance.

If not, they can opt for no-exam policies such as guaranteed acceptance or simplified issue life insurance. As these contracts do not require a prior medical examination, you can become insured within a week just by filling in a few forms and making a payment. No-exam insurance is, however, significantly more expensive than standard term life, thus we advise you to think of it as a last resort.

A good way of figuring out what your choice should be is by booking an appointment with a licensed insurance agent. S/he will explain terms and claims of the insurance industry and guide you through the entire shopping process.

For more information about insurance for seniors and for a free online quote, visit our website! And don’t forget, the ideal annuity might be just around the next virtual corner!