No Exam Life Insurance for Seniors

No exam life insurance for seniors with Andrea Edwards. Answering your questions on YouTube on my channel Have you protected your loved one yet?

What are the different types of no exam life insurance for seniors available?

Whole Life Insurance for Seniors - A whole life policy is a permanent plan that remains in effect for the entirety of a person's life as long as the premiums are paid on time. Is there a cutodff age? Not technically, although in the contract, most will state the coverage is valid thru the age of 121. So what happens if you do live to see 121?  Then the company will write you, or your beneficiary, a check for the face value amount of your policy.  In other words they will cash you out.

Term Life Insurance for Seniors - Term life plans are plans that have set number of years in which you will be eligible and covered. They start at 10 year terms and can go up to a 30 year term depending on the age you start your coverage. So if you are 50 then you would qualify for a thirty year policy with most companies but if you are currently 70 then you most likely would not qualify for a thirty year term plan with any company.

Term life insurance for seniors also has a lower monthly sticker price, which is an attractive feature for many buyers.  The downside is that if you outlive your "term" then you get no return on your investment. You are left without any coverage, you have no option to renew the plan, or convert it to a permanent one, and your loved ones are still left to foot the bill for your final expenses.

So what is a realistic price difference between term and whole (permanent) plans?  As an example, Betty - a 60 year old woman (non-smoker) has a $50,000 whole life policy she just purchased and her checking account will be debited $109 per month when her Social Security deposit hits.  If she had decided on a term policy for 20 years instead of the lifetime coverage then only $49 would come out of her account each month, but on her 81st birthday she will be uninsured.

Are there any companies that will offer life insurance for 80 year olds?  While the list does get shorter, there are some options you have.  I strongly encourage you to reach out to me TODAY at 833-537-7700 if this is your current situation. For many of the limited companies still willing to insure you the cutoff age is indeed 80 years old!

What is final expense insurance?

What is final expense insurance?  Final expense is a simplified issue whole life product.  So, what does that mean? First of all, whole life means the product never goes up in price and the premiums are locked in place for life.  The coverage never cancels due to age or health. You cannot outlive this type of plan. 

If you are eligible you get coverage for natural and accidental death from the first day.  If you are ineligible you get a guaranteed issue (or a modified plan) that gives partial coverage for the first two years.

What does partial coverage for the first two years mean? This will vary slightly from company to company, but in a nutshell, if you passed on during month 1 through the end of month 23 then your beneficiary would not get the full face value of the plan. 

With most companies you would get a return of the premiums you have paid up until that point with interest (ranging from 5% to 10% depending on the company).  But once the plan reaches full maturity, at the two year mark, you are fully ensured and your loved ones are fully protected. 

What is simplified issue whole life insurance?

What is simplified issue whole life insurance? This is permanent protection policy, unlike term insurance that goes up in price, and typically cancels at a future date prior to most people dying.

Is there a medical exam required for this coverage? No there is no medical exam.  There is no underwriting beyond a quick check of the Medical Information Bureau (MIB) and a prescription check.

Do you have enough protection for your loved ones?

What many seniors discover after they turn 65 is that they have to learn a whole new way to tackle their medical and dental care.  Whether you have a traditional Medicare supplement or an Advantage/Medigap plan you may find yourself in the majority of retirees position with no dental.

If that is the boat you find yourself in currently then what can you do?  Are there policies out there that can help you keep your teeth in good shape?  Do any of them cover dentures? Are they worth the premium amounts they will cost you?  Let's break it down.