Should Seniors Buy No Exam Life Insurance?

Although seniors do not necessarily need a life insurance policy, they can help their families cover important financial expenses by purchasing a plan. No exam life insurance plans are accessible for seniors as they provide coverage without asking for medical examinations. Since they have a simple application process, these plans are a great choice for seniors.

couple-MedicareHow to purchase life insurance as a senior?

After 65 years, seniors do not have many insurance options. If you have just entered retirement, we suggest you buy a policy as fast as possible. All types of life insurance are available for seniors who are not over 65 years old. However, after that age, their options become very limited.

Seniors may want to purchase a small valued policy: one that doesn’t require medical examinations nor has a complicated application process. Life insurance policies without medical examinations are available for seniors and they can be bought from major insurance providers.

Life insurance plans that do not require medical examinations are: final expense, simplified issue and guaranteed acceptance. In order to qualify for any of them, a senior has to complete a medical questionnaire.

 Should seniors carry life coverage?

Nowadays, it is important, although not mandatory, for a senior to carry life insurance. A simple no exam life insurance policy can only guarantee a small value death benefit; nevertheless, it can provide significant financial relief for family members after the insured passes away.

Since funeral costs are very expensive any financial relief can help your family overcome final expenses. A typical burial ceremony costs over 9,000 and many families have to take loans in order to cover this expense. By having life insurance, a senior can cover his or her own funeral taxes. This can greatly help the family during hard times.

Besides covering burial costs, seniors may need life insurance to secure college education for their grandchildren or even donate the death benefit to a charitable organization. Either way, life insurance provides seniors with the opportunity to help others.

If you want to find cheap life insurance plans for seniors, visit our website to compare free online insurance quotes!