Life Insurance for Seniors Over 70 (No Medical Exam)

Life Insurance for Seniors Over 70 with No Medical Exam

Life Insurance is important no matter what your age. It’s a good option for those who want to secure their family with financial support after their demise.

With plenty of options available, deciding which policy is right for you can be a little challenging. Everything you need to know about Life Insurance Policy for Seniors is covered here.

Did you know, seniors over 70 can also have a life insurance policy with no medical exam? Yes, several insurance companies provide life insurance to seniors over 70 with no medical exams.

Generally, seniors are restricted to enroll for life insurance due to their age.

However, some companies are providing special life insurance policies to seniors above 70.

What type of senior life insurance should you avail of? What are the benefits of it? How many premiums are to be paid? All of your queries will be resolved today. Keep on reading!

What is Life Insurance for Seniors?

Seniors ages 50 to 80 should cover their life with a reliable life insurance policy. Life insurance for seniors helps seniors to pay several expenses during their final stage of life.

Different life insurance policies cover different things.

What is Life Insurance for Seniors
What is Life Insurance for Seniors

A life insurance policy for a senior can provide financial help to his family once he passed away for a funeral and other expenses such as pending medical bills etc.

Some life insurance policies can provide financial help to families so that they don’t have to rely on other income sources.

Generally, life insurance policies have the same premiums throughout life. As noted above, there are plenty of options available for adults and seniors when it comes to securing their life.

Life Insurance for Seniors Over 70

Seniors with 70 or above age can also get a reliable life insurance policy to cover up the expenses to post their demise. However, they have limited options unlike seniors in their 50s or 60s.

Depending on your financial objectives, you can avail the right policy which can give your family good financial support.

Insurance Policies that last throughout your life are the ideal choice for seniors 70 or above. If you are wondering why should seniors 70 or above have a life insurance policy, then here we have listed down some of the key benefits.

Why should seniors have Life Insurance Policy?

End-of-life Expenses

Your expenses are not over when you die, your loved ones have to follow the final rituals which may require financial support. You can cover up all the end-of-life expenses through a life insurance policy. It can cover up the expenses for your funeral and burial.

Why should seniors have Life Insurance Policy - End of Life Expenses
Why should seniors have Life Insurance Policy – End of Life Expenses

Repaying Medical Bills

Life Insurance Policy can cover up the money for the pending medical bills post your demise. You can repay all the medical expenses without impacting your family.

Why should seniors have Life Insurance Policy - Repaying Medical Bills
Why should seniors have Life Insurance Policy – Repaying Medical Bills

Pension Plan

Some life insurance policies give regular pension to your spouse after your demise. Depending on the policy you avail, you can provide regular financial aid to your spouse to run a family with no extra burden. Your family can maintain the standard of living if you have availed of the life insurance policy.

Besides this, a life insurance policy can also help your family pay estate taxes. Life Insurance is a permanent financial assistant which is there for you throughout your life.

What are the living benefits of Life Insurance for Seniors?

Some life insurance policies include living benefits. Living benefits can be added by the policyholder through a rider. There are many benefits that one can get through the living benefits option in the life insurance policies. The life insurance policy with Living Benefits can give you a list of benefits listed below:

  • Accidental death
  • Dismemberment
  • Waiver on Premium
  • Accelerated Death Benefits

An Accelerated death benefit will be given to the rider if the policyholder is having a life-threatening disease. This can cover up the medical expenses for the expensive treatments and drugs. You need to check for these options while availing of an insurance policy.

What is No Medical Exam Life Insurance for Seniors?

Some seniors believe that they can’t have life insurance due to their age or current health conditions. Well, that’s not the case now.

With enhancements and new plans by life insurers, Seniors over 70 can have their life insurance policy with no medical exam or special requirements.

Life insurance policies are available to almost everyone irrespective of their age and health conditions.

All you have to do is spending more time searching for a reliable life insurer who can cover up your life even if you crossed the 70.

Once you found the right policy provider, you will be asked to fill out the form i.e. the application form. You will also be asked to attach the required documents or the photocopies of the documents.

Based on the application form and the answers given by the applicant, the life insurance company will decide whether to issue a policy or not.

Applicants must have to answer all the questions given in the application form. It is the only way with which the policy can be issued.

Frequently Asked Questions:

Question 1: When does the Senior Life Insurance Policy start?

Since different companies are offering different policies to seniors, the guidelines to start the policy and its coverage may vary. We would suggest you kindly ask about the same to your insurance company.

Question 2: Can I have Life Insurance despite Medical Condition?

Most citizens can be qualified for a life insurance policy even if they have a medical condition. The company will first review your overall health condition and then they will decide then whether to issue a policy or not.

Question 3: Which is good, a term life insurance or whole life insurance?

If you want to cover up expenses of your funeral, medical bills, credit card bills, etc after your demise, then a whole life insurance policy is a good choice. A term life insurance is not ideal for seniors over 70.

Take away

If you are searching for a reliable Life Insurance policy either for your parents or for your grandparents, you should invest some time to research for the same on the web. Seniors with different age groups can avail the life insurance policy under certain circumstances.

The policy guidelines are different and for that reason, you have to clear all your doubts by contacting a concerned person.

Most insurance companies have their websites with all the details that you might want to know along with a separate FAQ page to clear your doubts. Research well before you finalize!

Reference Links:-

https://specialtylife.ca/seniors-life-insurance.php?

https://aginginplace.org/life-insurance-for-seniors-over-70-what-they-dont-tell-you/

https://www.amfam.com/insurance/life/senior-life-insurance

https://www.lhlic.com/consumer-resources/life-insurance-for-seniors/