Why Seniors Should Buy No-Test Life Insurance

Life insurance is considered an important part of financial planning for millions of adults. For seniors, however, the benefits aren’t always clear. The cost of securing a policy may be disproportionate to the coverage that can be secured.

But this does not mean that life insurance is not available for seniors It’s worth it. This special financial protection can be beneficial in multiple ways – from covering end-of-life expenses to serving as a legacy for loved ones and more. To get the most out of a policy, however, seniors should do their homework to discover the most valuable and cost-effective type.

enter No-Test Life Insurance. This type of insurance can be secured more easily than other common life insurance types – and it doesn’t have to be expensive either. There are multiple benefits of no-test life insurance for seniors which we will explore below.

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Why Seniors Should Buy No-Test Life Insurance

Here are three reasons why seniors should buy no-test life insurance now.

They don’t need to take the exam

The best reason to buy this type of life insurance for seniors is obvious: they don’t need to take one medical examination To secure a policy. While the absence of a medical exam is beneficial on multiple fronts (more on that below), it’s especially helpful for older adults. Because life insurance medical exams are thorough, checking blood, urine, blood pressure and more. You will have to answer a questionnaire online and sit for an exam with a medical professional. This test can reveal problematic health issues that can result in limited coverage and high costs. Depending on the test results, seniors may even risk having their application rejected altogether.

But without a test, all these concerns are removed from the equation, leaving the applicant one big step closer to securing a policy.

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They can get approval faster

It can take days – if not weeks – to schedule a medical exam at a time and place convenient for both you and the insurance provider. Those test results must then be returned to the provider for a closer inspection, at which point they’ll either approve you for the coverage you applied for or the amount they’re comfortable with. They may reject your application altogether. All of this takes some time and, depending on the final result, could put you back to square one.

But without any medical exam, you will significantly speed up the approval process. Some providers will approve you within days while others may sign off on the day an application is submitted.

No one likes to waste their time. For seniors, especially those who enjoy them retirement, a difficult and long process can be discouraging. Fortunately, they can expedite the life insurance application by choosing a no-test policy.

They have options to choose from

No-test life insurance is not tied to a specific type of life insurance. Whole life insuranceFor example, there is an attractive cash reserve that can potentially be used by the policyholder while they are alive. It also lasts for the lifetime of the insured. Term life insurance, meanwhile, only lasts for a certain period of time before expiring. It is generally cheaper than a whole life insurance policy.

However, you can get a no-exam policy with any type of insurance. So, if you prefer whole life insurance, you can apply for it minus a medical exam. You can do the same for term life insurance policy if you feel it is more suitable. A no-test life insurance policy will not restrict you to a particular type, giving you more freedom and options to choose from.

Bottom line

Life insurance can be helpful for adults of all ages – even the elderly. But to get the most value from a plan for older adults, they need to choose the right type. No-exam life insurance, in particular, with its lack of a medical exam and expedited process, is an insurance worth pursuing. It can also be tied to a whole or term life insurance policy, giving seniors the flexibility to secure the best policy for their needs.

Get started by getting a free price quote online today.