No Medical Exam Life Insurance Rates for 62 Year Olds

Written on August 19, 2016 by LJM Life Insurance

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No Medical Exam Life Insurance Rates for 62 Year Olds

No Medical Exam Life Insurance Rates for 62 Year Olds are available for you to search on our quote tool, by just entering your information to the side of this article, you will see all the carriers and rates for your age, and location.

If you would rather speak to a Licensed Life Insurance Agent,  just give us a call at 1-844-528-8688.  At no cost to you we will run the quotes for you and discuss all the options that are available for your situation.

Please take a few minutes to read this article to get detailed information on all the details of what a Non-Med Term Life Insurance is.  If you have more questions after reading this article, or are having problems determining if you will qualify for this type of plan, call us, we will guide you through the process.

Life Insurance at or over the age of 62

Getting older, the primary reasons for having Life Insurance protection changes, from covering debt to providing a safety net for retirement income and for living expenses for a spouse.

Nobody likes taking a medical exam and the exam can be hard to schedule or even unpleasant, that is where No Medical Exam Life Insurance fits in.

The no medical exam Term Life Insurance (sometimes called Non-Med Term Life).  This product is exactly as the name states No Medical Exam and can be obtained in amounts up to $500,000.00 depending on the company and the circumstance.

The pricing for No Medical Exam Life Insurance Rates for 62 Year Olds is very competitive and the cost is very close to underwritten plans.  There are more companies offering products than ever before, giving you, the consumer a wide variety of choices to meet your needs.

With age your choices do start to shrink, it is important to get coverage as early as possible which will save on rates and extend the term lengths.

Below are some examples of rates for a person age 62, that is in good health.

No Medical Exam Term life insurance rates for a 62 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        $32.47          $37.04             $44.30          $70.65         $168.48            $328.65

15 year term       $32.47           $46.49            $61.28          $91.41           $225.90           $472.33

20 year term      $32.47           $56.05            $73.34         $113.11          $244.35            $514.93

30 year term      $32.47           $74.67            $145.00       $285.67        *None               *NONE

*Rates will vary by health class and location, these are sample rates for a random zip code with person age 62 at preferred rate class. 

No Medical Exam Term life insurance rates for a 62 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       $32.47          $29.82            $27.59         $45.79          $82.54          $158.78

15 year term       $32.47          $35.49            $38.31         $64.53          $137.60        $268.89

20 year term      $32.47          $43.99            $54.93         $75.42          $173.68        $341.05

30 year term      $32.47          $74.67           $145.00        $285.67        *None          *None

*Rates will vary by health class and location these are sample rates for a random zip code with person age 62 at preferred rate class.

Benefits to No Medical Exam Life Insurance

The benefits of this type of plan are that you will get a decision very fast and this plan completely eliminates the need for a para-med examination.  You will answer health questions on the exam and then they are verified by several sources.

The paramedical examination is eliminated by a simplified underwriting process, that uses reports from various industry wide information.

This process which is a combination of the answers on your application and the reports drastically reduce the time it takes to get your policy issued.

With no exam results to rely on, the insurance company uses the report from the The Medical Information Bureau along with information from your pharmacy report and possible your driving record.

  • Basic Underwriting questions (that can vary between companies but normally consist of):
    1. Basic medical history
    2. Smoking or Non smoking
    3. Driving Record (last 2 years)
    4. Height and Weight
    5. Your Citizenship
    6. Attending Physician Statement (could be ordered)

If you are in good physical health and want coverage fast without the invasive exam or a search of your medical records then, a no exam policy could be the answer.

Is a No Medical Exam Life Insurance Policy Right for Me?

A no medical exam Life Insurance over age 60 is a great option if you are looking to start the coverage now and you have a good health history.  If you don’t like needles or just do not want the hassle of going through the para-med exam and then waiting for results, the no medical exam Life Insurance should be looked at.

No Medical Exam Life Insurance Rates for 62 Year Olds

While you would think that there would be a substantial up charge for this type of plan, that is not the case any longer.  The rates now are very, close and the majority of our qualified applicants decide to go with a No Medical Exam Term Life Insurance Policy over taking the exam and waiting months.

The easiest way to see if you qualify and what the current rates are call 1-844-528-8688, we will go over all your options and help you determine what is the best fit for your budget, lifestyle and financial needs.  If you wish to start by email and have us contact you, just fill out the quote form and submit.

As we age the rates to go up, making it beneficial to obtain a Life Insurance policy as young as you can and  extending the term length.  The term lengths choices and choices of the types of Life Insurance products change.  When you are over the age of  60 some of  your choices are, Term Life (usually 20 year term maximum) and Permanent Life Insurance (whole life).

For some examples of how a few years can impact your pricing, see our article by clicking here.

No Medical Exam Life Insurance if You are Age 62

No Medical Exam Term Life Insurance is just one of your choices for Life Insurance at 62.  What type of plan is best for you is determined by what you want the policy to do for you.  Is it for a period of time to cover income or debts, then Term Life Insurance either a conventional or simplified issue plan would be the answer.

If your needs are more of a Permanent nature, such as to cover funeral expenses or to build cash value then Whole Life might be the choice for you.

We carry all the above mentioned types of life insurance and will find the coverage that fits your needs and budget.

Figuring Your Coverage Needs for 62 years old

No Medical Exam Life Insurance Rates for 62 Year Olds

Household Expenses

Term Life Insurance is designed to cover the loss of income and to help the surviving family to pay down debts.

When looking at a term policy for someone who is 62 you will want to ask yourself what is the specific goals.

As you get into your 60’s the longer term lengths are not available and you will get coverage for a shorter period of time.

Most people turning 62 have paid off their home and are looking forward to the years of retirement, buying new home or moving to what was once a vacation home.

This means that you are looking more at income replacement and retirement protection than debt payment for the life insurance policy to cover.

You can view our company review on our page 5 Best No Medical Exam Term Life Insurance Companies.

We are here to answer all of your life insurance question, calling 1-844-528-8688 will making obtaining life insurance a quick and easy process.  We hope to talk with you soon.

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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