Life insurance is one of the best purchases that you’ll ever make for your loved ones.
But what about once you’ve reached retirement age. Do you still need a life insurance plan?
Are they affordable options for coverage?
Finding the right life insurance plan can be hard if you are a senior.
It can be an overwhelming process trying to find a plan to meet your needs. Do you want whole life insurance or term life insurance?
Are you going to need a no medical exam whole life policy? Will you be healthy enough to get a fully underwritten life insurance policy?
You can also still get term life insurance, is that a smart move?
As a senior, you can expect to get much higher premiums for your life insurance coverage than a younger applicant is going to pay.
But just because you’re a senior, doesn’t mean that you have to have an insurance plan that’s going to break your bank every month. There are many quality life insurance plans that you can choose from regardless of your age.
Are you a senior adult concerned with the available options for life insurance coverage? Life insurance for seniors is important for both your financial security and your mental well-being. No matter your age, if you have a good life insurance policy in place, you can live with peace of mind.
As a senior, life insurance is one of the best ways to ensure that your family is financially provided for once you pass on. Furthermore, it prevents your family and loved ones from inheriting your debts or from becoming responsible for your final expenses. It is never too late to purchase a senior life insurance policy. While those many seniors might be hesitant to apply due to the rising rates of insurance, it’s still quite possible to find more affordable life insurance plans. We have plans that can cover you if you are 85 years old so don’t rule out purchasing life insurance.
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Why would I need life insurance if I am 75 or older?
No one wants to think about what would happen to their family following their death, in terms of financial security? As a responsible senior, you want to do your part to provide for your family even after your passing. Even if it seems as if it’s too late, it is important to secure a life insurance at 75 or older.
The costs of both funeral and burial expenses are increasing at a rapid rate. Presently, it’s quite difficult to purchase a burial package for less than $10,000. No one wants to be a burden to their family after they have passed on.
Or perhaps you have a monthly mortgage or other costly expenses that you are responsible for. Life insurance over 75 will help to release your family of the burden of paying for your final expenses, as well as debt left after you have passed.
If you don’t do your research, life insurance may seem to be of little or no value. However, for your financial security, it is quite important that you secure a life insurance policy. As the cost of living rises, most American families find themselves paying in excess of $7000 per month on day-to-day expenses.
What Life Insurance is Available for Seniors even if you are Over 75?
Generally speaking, seniors over 75 are searching for life insurance coverage on a more permanent basis in order to pay burial costs and final expenses. Since we have no way of knowing what exactly our future holds, a permanent whole life policy is the best way to go. Once an applicant realizes that their affordable options are more limited as the years pass, the mindset shifts to looking for cheap whole life insurance for seniors.
The amount of time needed for coverage determines whether a whole life or term life insurance plan is appropriate. Term life insurance is great when there’s a short-term need past the age of 75, such as paying off a mortgage in 5 to 10 years. However, whole life insurance is better suited for a more permanent and long-term need.
Oftentimes, due to a fixed income, seniors over 75 will seek term insurance because it is cheaper. The primary benefit of term life insurance is that the premium is substantially less than whole life insurance. However, despite it being more affordable, it’s often not the best option for seniors over 75. If you purchase a 10-year term life insurance policy, it is likely that you will survive the policy. This may just be the best insurance fit for some seniors because it fits their budget, which is always a major selling point when deciding on an insurance plan.
Should you choose a more affordable term life insurance policy and outlive the initial term of the policy, you could find yourself in the position with no life insurance once it expires, as well as spending an exorbitant amount of money to extend your coverage, if extending is even an option. This is the reason why whole life insurance is more often the better choice in insurance for seniors over 75. Seek the advice of a qualified and experienced life insurance agent for a better understanding of your available options.
Term vs Whole Life Insurance for seniors
Both term and whole life insurance at age 75 are available in our current market. The type that you need is best determined by your requirements and circumstances and of course you budget. Whole life could be the better option if you require substantial coverage, but the premium rates will be much higher than term life insurance.
The advantage of whole life insurance is that you will not need to renew it. Most insurance companies will not approve coverage for anyone over 89 years of age. So, if you decide on a 20-year term life insurance policy and you survive it, you most likely will not be eligible to renew it.
When considering an affordable premium rate, term life insurance is better. In fact, you can actually find term life insurance for seniors over teh age of 75 for significantly less than a whole life insurance policy – three times less!
Health Issues and Life Insurance for Seniors
Having health and medical issues as a senior is common, no doubt. However, the state of your health determines your life insurance premium significantly, so your decision then comes down to whether to go for a policy where an exam is required or a policy with no medical exam. Those that do not require life insurance medical exams tend to cost much more. Consequently, if you go with the medical exam life insurance policy, your health conditions could cause your application to be refused by the underwriter.
Evaluate your present state of health thoroughly. If you are able to show that you are in reasonable health, your premium could potentially be 50% less.
SEE FOR YOURSELF WITH AN INSTANT QUOTE
Coverage of $25,000 is obtainable with a no medical exam whole life insurance policy for seniors over 75. Should you need more substantial coverage, you’ll need to undergo a life insurance medical exam. However, there is another choice if you do not want to go through a medical exam, and that coverage is called guaranteed acceptance life insurance. This is a simple purchase complete with no questions, no waiting period, and no harassment. It costs significantly higher, but approval is guaranteed. Those seniors with chronic health conditions generally choose this option. These plans are usually only available for ages 50 to age 80.
More About No Medical Exam Life Insurance Policies
We briefly talked about this already, but why would you buy a no medical exam life insurance policy ?
These plans will allow you to buy insurance coverage without being forced to go through the medical exam before they accept your application. These policies can be a great option for seniors, especially those that have poor health. With these plans, the insurance company will pull your medical records, but you won’t have to go through the physical medical exam.
There are dozens of different insurance companies that offer quality no medical exam term life insurance policies.
You can buy these plans in a variety of different lengths, just like you would with a traditional term plan. The plans range in lengths, anywhere from 10 to 30 years. Some insurance companies will offer plans with even shorter lengths that you can buy to match the length of your life insurance needs.
There are also options for whole life no medical exams plans, make sure that you compare all of the plans available. If you are healthy you can usually get a better rate for your life insurance.
Each insurance company has different requirements and limits on their policies. Most insurance companies will sell no medical exam plans for anyone until there are in their 70s, while other companies will still sell you a plan until you reach 80 or older. Because every insurance company is different, you’ll need to find the best no medical exam based on your specific situation.
Best Life Insurance Companies For No Medical Exam Insurance For Seniors
Because every company has different algorithms for calculating their premium prices and each has different limits on their coverage, it’s impossible to say which companies are the best for no exams, but several companies continue to rise to the top when we’re helping applicants connect with the best policy.
One of those companies is Fidelity Life. Not only do they offer quality and affordable no medical exam life insurance plans, but they also have several unique types of no medical exams that you can pick from. The most notable plan is the Rapid Decision No Medical Exam plan. They have a quick-decision policy that is designed specifically for seniors that are looking to get coverage fast. With one of these plans, you can get insurance coverage as quickly as 24 hours, and you can complete the whole process online.
Another key advantage of buying a plan through Fidelity is that their life insurance coverage continues until you’re 95 years-old, which is older than other companies. If you’re looking to have coverage as long as possible, Fidelity is going to be an excellent option.
Another company that tends to offer the best no medical exam plans for seniors is Sagicor, which offers larger no medical exam plans. Sagicor sells plans that will give you up to $399,999 worth of life insurance without taking the medical exam. Most insurance companies are only going to allow you to buy around $250,000 of life insurance with a no medical exam. The additional almost $150,000 can make a significant difference when you’re looking to protect your family.
Another company to look for when purchasing life insurance as a senior is Assurity Life. Assurity Life has term, whole life and universal life insurance available. You may also qualify for a no medical exam life insurance policy through Assurity life in amounts up to $1,000,000.
If you are a senior of 75 years old, you can still get a 10 year term life insurance policy without a medical exam. You can even add an additional insured rider and include your spouse on the policy.
Some Assurity life riders that you will want do know about:
- Endowment rider or return of premium rider
- Additional insured rider (add your spouse)
- Disability waiver of premium rider
- Critical illness benefit rider (access the death benefit for a heart attack or bypass surgery, cancer, stroke)
Assurity life has a great online application process that speeds up the process. You can get a no medical exam life policy in just a few days.
American National also known as ANICO, is another a great option for no medical exam life insurance for seniors. We use their no lapse guarantee universal life insurance policy that has a return of premium feature most of the time.
Unfortunately, their term issue age stops at age 70. At least you can purchase a 10 year term policy at age 70 that will cover you until you are age 80.
ANICO Signature Guaranteed Universal Life Insurance can be purchased up to age 80. The Signature Plus Indexed Universal Life policy can be purchased up until age 85.
Since the minimum face amount is $25,000, this could be a great alternative to a simplified issue whole life policy, and much cheaper life insurance.
Some of the unique riders to take a look at are:
- Guaranteed Cash-Out Rider (You can get your money back)
- Disability Waiver of Stipulated Premium
- Children’s term rider
- Accelerated Benefits Rider
- Overloan Protection Benefit Rider (Yes, you can borrow from your policy)
- ANICO Signature Term Rider for UL (You can add 10, 15,or 20 year level term)
Transamerica life insurance is great for seniors needing life insurance without a medical exam.
Transamerica has a final expense whole life insurance plan for seniors and it has 3 levels of coverage:
- Immediate Solution
- 10 Pay Solution
- Easy Pay Solution
The immediate solution has a minimum of face amount of $1000 so this makes the plan ideal for those just wanting minimal coverage or they may be on a limited budget. The maximum face amount is $50,000.
Since this is a whole life policy, the product endows at age 121.
Some of our favorite riders are:
- Accelerated Death Benefit Rider
- Accelerated Death Benefit Rider with Nursing Home Option
- Accidental death benefit rider
- Children’s and Grandchildren’s Benefit Rider
The 10 Pay Solution only has premiums for 10 years which makes for a very convenient life insurance policy to have. Once you finish your 10th year , you pay no more premiums. This policy is also available up to age 85.
The 10 pay also has a $1000 minimum face amount and $50,000 maximum face amount limit. It also has the same great riders:
- Accelerated Death Benefit Rider
- Accelerated Death Benefit Rider with Nursing Home Option
- Accidental death benefit rider
- Children’s and Grandchildren’s Benefit Rider
The Easy Solution is very similar to the above mentioned life insurance policies except that there is a limited death benefit for the first two years. The minimum face amount is still$1000 but the maximum is just $25,000.
About the limited death benefit:
For the first 2 years of the policy, the death benefit is only 110% of the premiums paid into the policy. After 2 years, you will be fully covered. If death is an accident, the full face amount is paid to your beneficiary.
This policy is offered to less than healthy applicants. If you have had trouble getting life insurance because of a health issue, this may be a no medical exam life insurance policy to consider.
Also note that there are no policy riders available with the Easy Solution life insurance policy from Transamerica.
The only way to purchase Colonial Penn Life Insurance is through Colonial Penn directly. They are known for their long time spokesman Alex Trebek who claims that you can’be turned down for life insurance.
Calculating Your Life Insurance Needs
Before you buy life insurance with a no medical exam, it’s vital that you calculate your life insurance needs to ensure that your family is going to have the money that they need when you die.
There are a couple of basic calculations that you need to make to find out how much you need. After all, you want your no medical exam policy to be large enough when tragedy strikes.
- The first number is to add up all of your final expenses and debts you want paid off when you pass away.
The primary goal of your life insurance policy is to give your loved ones the money that they would need to pay off all of your major expenses when you die. The vast majority of policyholders that have a life insurance plan are drastically under-insured, which means that when they pass away, their loved ones are going to have additional expenses that they don’t have money to cover. As a senior, you may have reached a stage of life where you don’t currently hold a massive amount of debt, which means that you should be fine with a smaller life insurance policy.
- The next number that you should look at is your annual income.
The second goal of your life insurance policy is to give your family the money that they need to replace your salary, especially if you’re one of the main income-earners in your home. If something tragic were to happen to you, and your family no longer had that stream of income, your family could struggle to pay for any necessary expenses. Your life insurance plan will give your family the money that they need to replace your paycheck without sacrificing their standard of living. As a senior, you may be retired or have nobody that relies on your paycheck, which means that you can exclude this portion for your life insurance needs, which means that you can buy a smaller policy.
These are just two of the categories that you’ll need to calculate when looking to purchase life insurance coverage. This is the case for the majority of seniors, you may have different needs. We can help assistance in calculating your life insurance needs. Our agents can help walk you through the process to ensure that you’re getting enough coverage for your loved ones.
Working With An Independent Insurance Broker
As we mentioned earlier, every insurance company is different, which means that you could get drastically different rates for your no medical exam depending on which company that you get the quote from. Finding the right company could be the difference in getting an affordable plan or buying a plan that breaks your bank every month. It’s easy to see why you should compare dozens of plans to help save money on your insurance coverage.
The best way to ensure that you’re getting the perfect life insurance plan is to work with an independent insurance agent. Unlike a traditional insurance broker, independent agents work with dozens of highly rated companies across the nation, which means that they can bring all of the best rates directly to you.
Our independent insurance agents can help you compare plans from dozens and dozens of companies, and they can walk you through the application process to get the best plan for you. We know that shopping for life insurance can be a difficult and frustrating process, but it doesn’t have to be.
Our agents have years of experience working with senior applicants to connect them to a quality insurance plan. Life insurance is the best safety net that you can invest in for your family. Nobody wants to think about his or her death, but it’s vital that you plan for the worst. Not having life insurance coverage is the worst mistake that you can make for your loved ones. Maybe you have questions about what life insurance is best for you; if so, we can help.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the perfect life insurance plan. If you have any questions about getting a no exam policy as a senior, please contact one of our agents today. It’s our mission to ensure that your family has the money that they need, regardless of what happens to you.
Call us for a personalized quote at 1-800-712-8519 or :