No Medical Exam Life Insurance For 50 Year Olds

Written on June 9, 2016 by LJM Life Insurance

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No Medical Exam Life Insurance for 50 Year Olds

No Medical Exam Life Insurance for 50 year olds is same term life insurance that you would get by going through a medical exam, just without the hassle.

This product is designed for healthy people and might not be a fit if you have any chronic health conditions.  If you are in good health, and want an instant quote, enter your information in our quote tool, you will get instant rates and companies.

I do highly recommend that you give us a call at 1-844-528-8688 for us to run your quote, for the most accurate pricing.

Many people just put in preferred plus and see the very low rates only to find out later they should have been looking at standard rates.

This service is at no cost to you, we will explain each companies strong points and help you determine the total amount of coverage you need.

You can see additional information here:  http://ljmlifeinsurance.com/no-medical-exam-life-insurance-over-age-50/

Why bother taking a medical exam for life insurance if you do not have to?  It can be inconvenient,  unpleasant, and time consuming, you do have options if your health is good.

One option is a no medical exam Term Life Insurance (which can be called Non-Med Term Life).  Amounts up to and including $500,000.00 and term lengths out to 30 years.

Prices for a no medical exam term life insurance policy have been going down as more companies offer it, there is no better time to get a policy of this type than right NOW.

If you do get an immediate rate comparison on your own, read this article and look at the rates for the companies that are detailed in below,  (Hint: if you are in good health choose preferred if you have a few issues select regular) 

No Medical Exam Term life insurance for a 50 year old male “Preferred” health class (with minimal or no health issues), monthly rates:

AMOUNT           $10,000       $25,000          $50,000       $100,000       $250,000        $500,000

10 year term        $15.53           $16.61              $17.19           $21.44             $33.28            $58.25

15 year term       $15.53            $19.69              $21.98          $23.08            $43.10              $78.93

20 year term      $15.33            $20.80              $27.43          $28.74           $60.24              $111.46

30 year term      $15.33            $31.07             $45.54            $46.74           $93.35             $172.05

*Rates will vary by health class

No Medical Exam Term life insurance for a 50 year old female “Preferred” health class (with minimal or no health issues), monthly rates:

AMOUNT           $10,000       $25,000          $50,000       $100,000       $250,000        $500,000

10 year term       $15.33           $14.74            $15.27           $16.96          $27.89          $47.49   

15 year term       $15.33           $16.03            $18.88           $19.34           $33.06          $58.72

20 year term      $15.33           $17.97             $22.58           $25.14          $41.40          $75.99

30 year term      $15.33           $27.83            $35.83            $36.97           $68.09         $125.90

*Rates will vary by health class

 No Medical Exam Term Life Insurance Underwriting

No Medical Exam Life Insurance for 50 year oldsThis product uses only  your basic medical history, such as the MIB report, Pharmacy report, DMV and possibly a Physicians report.  

All of this results in  the policy will being issued and done in days, no waiting weeks or months of a fully underwritten Life Insurance Policy.

The biggest bonus is No Medical exam is taken, the insurance company won’t send anyone to your house to draw your bodily fluids or take your vitals, it will all be done from the reports listed above.

This type of policy is for healthy customers, the better your health, the lower the rates and the faster it is approved.  These types of plans are not meant for persons with a bad health record, we do carry products for that type of customer, this just isn’t the right fit.

How No Medical Exam Life Insurance Companies Check Medical History

When you fill out the application, the answers to the health questions will be verified by the medical information board and then your prescriptions will be checked by a pharmacy report.

These two reports are used by health and life insurance companies and contain the information from past applications and from prescriptions ordered.

Your driving record from the DMV will be checked for recent DUI and other offenses.  This is usually looked at for the past 2 to 5 years.

No Medical Exam Life Insurance for 50 Year Olds

No medical exam life insurance is term life, it has the same terms and coverage options as any term life insurance policy and is offered in amounts of up to $500,000.00, term lengths max out at thirty years.

The most common term lengths are 10, 15, 20 and 30 years, although there are very few products for the 10 term length.   Also as you age the longer term lengths will not be offered or at the least be only offered in lower coverage amounts.

Term Life Insurance over 50 years old coverage needs

Term Life Insurance is designed to cover your family from financial ruin in the case of the death of a wage earner or spouse.  You need to calculate several things into the amount of coverage such as income, funeral expenses, debt, and basic household expenses.

Somethings that are often overlooked are the basic expenses of child care or the month to month bills that are associated with running a family or household.

A very basic figure would be to look at 10 x earnings, and a term length of longtime debt such as mortgages.

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Companies that Offer No Medical Exam Life Insurance for 50 year olds

The list of companies that offer term life insurance without taking a medical exam is growing every year.

This product was once only offered by a very few providers.

Now large life insurance companies that offer many types of life insurance products are offering no medical exam term life insurance.

While the underwriting for no medical exam life insurance is mostly the same for each company, there are a few variations.  Each company has certain sweet spots or situations where they are superior to others and we can show which company will best fit your situation.

Term Insurance Lengths

The term length for No Medical Exam Life Insurance  varies by your needs.   Everyone has different requirements and obligations that they tailor the Life Insurance Plan to meet.

The most common lengths are 10, 15, 20, and 30 years, but your policy should be determined by your needs alone.

A very popular term length chosen is one that coincides with retirement.   Some of the things to consider when choosing the term length:

  • Mortgage Length
  • Educational Obligations

Life Insurance Definition

Life insurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premium paid.

 Life Insurance Riders

As with most term life policies the no exam term life insurance policy is convertible to a permanent life insurance without proof of insurability.

Some riders are also offered, some are company specific and some will be offered at higher premium.

  • Critical illness rider
  • Terminal Illness rider
  • Return of premium rider

We can discuss all the riders and any other details of the term life insurance with no medical exam when you call us at 1-844-528-8688.  We will also give you a quote and there is never a fee or charge for our services.

 

About LJM Life Insurance
About LJM Life Insurance

We work with individuals across the nation to secure the best life insurance rates.

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