{"id":455276,"date":"2022-12-01T10:15:04","date_gmt":"2022-12-01T10:15:04","guid":{"rendered":"https:\/\/fidelitylife.com\/?p=455276"},"modified":"2022-12-01T10:15:04","modified_gmt":"2022-12-01T10:15:04","slug":"life-insurance-for-seniors-with-no-medical-exam","status":"publish","type":"post","link":"https:\/\/staging03.wordpress.fidelitylife.com\/?p=455276","title":{"rendered":"Life insurance for seniors without a medical exam"},"content":{"rendered":"

As you grow older, you may start to worry about how the people closest to you will manage after you\u2019re gone. Life insurance can ease some of that anxiety, at least when it comes to your financial concerns. With a life insurance policy, you can take solace in knowing that the payout your beneficiaries will receive after you\u2019ve passed away can cover immediate costs or even help them in the future.<\/p>\n

However, the life insurance application process can be daunting, especially if you have health concerns. Many policies require you to complete an examination with a medical technician, which can cause anxiety in its own right. Fortunately, if you\u2019d prefer not to undergo the scrutiny of an exam, some life insurance options for seniors<\/a> offer great coverage without one. Read on to understand the types of coverage available for seniors and see if no-exam life insurance is right for you.<\/p>\n

The pros and cons of no-exam life insurance<\/h2>\n

If you\u2019ve dealt with severe injuries or illnesses, you might think a reasonable life insurance rate is out of reach. Even if you don\u2019t have significant health concerns, you might not want to go through the hassle of scheduling an in-person medical exam or the extra poking and prodding that comes with it.<\/p>\n

You can still get coverage with\u00a0 no-exam life insurance policies<\/a>, you minus the hassle. Because medical exams take time to schedule, undergo, and review, they can extend the wait time for a decision. No-exam applications are quicker and more straightforward; applicants usually receive a response in days. Then, coverage begins immediately, so no-exam policies can help you get covered quickly.<\/p>\n

However, keep in mind that no-exam life insurance may not always be the best option. If you\u2019re in good health, a medical exam can actually help you secure lower premiums or higher death benefits, so it may be worth the extra step. Additionally, no-exam policies tend to cost a little bit more for less coverage because they\u2019re riskier to insurers. Yet, older adults with complicated health histories often find that no-exam life insurance is the best fit for their situations.<\/p>\n

What types of no-exam life insurance are available for seniors?<\/h2>\n

There are several no-exam life insurance plans for seniors. Some policies have a more considerable death benefit, so you can provide for any dependents long after you\u2019re gone. Other policies make more sense for older adults who only need to cover funeral costs.<\/p>\n

Keep in mind that some policies that don\u2019t require medical exams have other qualifications, including age or health restrictions. Therefore,if you opt for a no-exam life insurance policy, it\u2019s essential to identify one that meets your coverage needs and circumstances.<\/p>\n

Term vs. permanent<\/h3>\n

Term life and permanent life<\/a> are two overarching categories of life insurance that can each meet distinct needs. Term life insurance provides coverage through a fixed period you choose when applying. Older adults under age 70 can get 10, 20, or 30-year term coverage through Fidelity Life\u2019s RAPIDecision\u00ae Senior Life Term<\/a> policies. These policies offer up to $150,000 in coverage.<\/p>\n

Term life insurance policies could be a fit if you still have specific future expenses or milestones you\u2019d like to cover. For example, you might want coverage while your kids or grandkids are in school, while you\u2019re still working, or while you\u2019re paying off your mortgage. You can choose the term and coverage level that best fits into your financial timeline.<\/p>\n

Permanent life insurance policies last through the end of your life as long as you continue paying your premiums. Most types of permanent life insurance accumulate cash value over time. Many permanent policies require a medical exam, but Fidelity Life\u2019s RAPIDecision\u00ae Senior Whole Life <\/a>insurance offers between $10,000 and $150,000 without one. With RAPIDecision\u00ae Senior Whole Life, you can borrow from your policy\u2019s cash value during your lifetime.<\/p>\n

Permanent policies could work well for older adults with dependents. If your spouse, child, or other loved ones rely on a portion of your income, the payout they receive from a permanent policy can help them maintain their financial well-being and cover future expenses.<\/p>\n

In addition to whole life policies, final expense insurance is a type of permanent life insurance that does not require a medical exam. However,final expense insurance differs from other permanent policies in a couple of key ways.<\/p>\n