3 Ways Seniors Can Get Approved for Life Insurance

For many applicants, life insurance The approval process works seamlessly. They start exploring How much is the coverage? Analyze what they need and then how much they can afford. From there they pick Type of policy They want and start shopping for providers. Depending on a series of factors, approval can take weeks or just a few days (some providers will even approve coverage the same day you apply).

for SeniorHowever, life insurance works a little differently. Because of their advanced age and perceived higher risk, providers may charge older adults more for less coverage. Or they may require additional verification or documentation. This does not mean that life insurance for seniors is still not valuable. It can be important to have – and it doesn’t have to be expensive. Seniors just need to be smart about how they apply. Seniors can better position themselves to get approved for the life insurance they need by using the tips below.

If you’re in the market for life insurance, start by getting a free price estimate so you know exactly what to expect.

3 Ways Seniors Can Get Approved for Life Insurance

There are several ways seniors can improve their chances of getting approved for life insurance. Here are three.

Apply for a lower amount

The more coverage any applicant requests (regardless of age), the more a life insurance provider will charge. They will likely require more supporting documentation before letting you sign on the dotted line. However, by requesting a modest amount you will improve your chances of approval. So, don’t think $1 million. But $100,000? Or even less? It is more likely to be approved.

And remember that you need a policy first. A $20,000 life insurance policy to cover end-of-life expenses, for example, may be enough to meet your goals. And a provider is more likely to approve it.

Start by getting a free price quote so you can see how much you qualify for.

Apply for life insurance without examination

No-Test Life Insurance Exactly what its name suggests: no medical examination Need to secure this type of coverage. So, if you’re a senior whose test may reveal a troubling health condition that dramatically limits your coverage amount, don’t worry—no-test life insurance removes that concern from the equation. Likewise, if you think that a medical test result might disqualify you from coverage altogether, you needn’t worry. Guaranteed life insurance without examination. And since there is no exam, you will also have a faster approval process.

Just keep in mind that due to the lack of testing, these policies may cost you more than going through blood, urine, and traditional tests that include a medical exam. But the added cost may be worth it if the alternative is to reject the application.

Apply quickly

The sooner you apply for life insurance, the more likely you are to secure a lower rate. You’ll have a better chance of getting more comprehensive coverage than waiting. Life insurance favors the young and healthy. As you age and develop medical problems, you become a risk to insure—a risk that is later passed on to you in the form of higher monthly premiums (assuming you’re approved).

What does this mean for seniors? This means that if you are thinking of applying for life insurance don’t wait. A 65-year-old applicant is more likely to receive a quote for a better position than a 70-year-old. And a 70-year-old will have more options than someone older. The longer you wait to get a policy, the more you will have to pay. And coverage options will be limited.

So start the process today and see what kind of coverage and terms you are eligible for. You can get a free price estimate now or you can use the table below to compare some of the top providers on the market

Bottom line

Life insurance is beneficial for adults of all ages. For seniors, however, the application process can be more difficult to navigate. This is why it helps to apply for a lower amount if possible. And if you’re an older adult worried about what a medical exam might reveal, avoid it altogether by going for a medical exam life insurance policy. Finally, regardless of your age, consider applying early to get greater coverage and lower costs.