No Medical Exam Life Insurance Over Age 60
Posted in No Exam Life Insurance last updated on September 24, 2020
No Medical Exam Life Insurance Over Age 60
Term Life Insurance is now available with no medical examination, coverage amounts up to $500,000.00 and term lengths of 30 years. Enter your information on this page to get an instant rate quote.
The best way to ensure your getting an accurate quote is to contact us direct by calling 1-844-528-8688 and speaking with a licensed Life Insurance Agent. It only takes a few minutes.
The article below goes over several details about the No Medical Exam Life Insurance Over Age 60, and will be a real help in deciding if a no medical exam term life insurance policy will fill your needs.
Life Insurance over the age of 60
Getting a medical exam for life insurance is no fun, who likes going to the doctor? Today if you are in good health there is no reason for you to take a medical exam for a term life insurance policy.
The product that will allow you to get a term life insurance policy without taking an exam is just as the name states No Medical Exam Term Life Insurance. You can get coverage amounts up to $500,000.00. The term limits and all other aspects of the policy are exactly like a conventional Term Life Policy just NO medical exam is needed.
Compared to an ordinary term life policy the pricing is very close, sometimes with in $5.00 per month, (the non med being higher). Where just a short time ago there were only a select few companies offering this type of plan, there are now several and we all know that competition is great for lowering rates.
Why a Medical Exam can be Eliminated
- Questions on the application
- History (Medical)
- They could order a MIB report
- Prescriptions
- Tobacco or No Tobacco
- Driving Infractions (last 2 years)
- Weight and Height
- Country of Citizenship
- APS from primary doctor
- History (Medical)
- Issue:
- Compared to the conventional term life insurance where you need to schedule an exam and then wait for results the no medical exam term life insurance underwriting procedure gets you the answer in days.
- Eliminate the Exam
- The exam that is done for a standard term life insurance is completed by a company of medical professionals that are contracted by the Life Insurance Company and, they will go over your health history, take your vitals (such as blood pressure) and if necessary they will draw samples of bodily fluids.
There is no longer a need for you to take the examination to qualify for term life insurance. If your health is fair to very good, you qualify for a no medical exam term life insurance policy. Call us today for details and to get your coverage started. 1-844-528-8688
Verification Process
While the application process is simplified, they are not going to just take our word for gospel. Your information will be compared against the information compiled in reports from The Medical Information Bureau an industry database.
A report on the prescriptions you are on now and that you have taken in the past will also be looked at.
Your Driving record will be looked at for any recent violations, this is done to look at any type of careless or dangerous behavior.
Price Comparison
There is a minimal up charge with a no medical exam term life insurance policy when compared to a conventional underwritten term policy. The convenience for eliminating the exam is very small and I am sure you will find it well worth it as have many of our customers.
A simple call to us, at LJM Life Insurance 1-844-528-8688, we discuss your situation, needs and budget, only after we go over all of your needs and concerns will we give a quote and a recommendation.
You can always go with a fully underwritten plan and we will present you with those options, but for a few bucks more, why not skip the hassle.
Rates will go up along with our age, which means you want to get your life insurance coverage as young as is feasibly possible. This rule applies to not only a no medical exam term life insurance policy, but to any type of term life insurance or whole life.
While with all of the options other than the no medical exam term life insurance policy, you will be asked to take a para-med examination, but if you are in good health you can skip that process, but the clock is ticking.
Look, our health does not get better as we age, and any health condition can have a negative effect on pricing. Just look at the monthly premium examples below to see the difference 5 years makes, especially at the higher coverage amounts.
59 year old male preferred example
AMOUNT $10,000 $25,000 $50,000 $100,000 $250,000 $500,000
10 year term $27.50 $30.86 $34.78 $21.88 $72.79 $129.93
15 year term $27.50 $36.89 $47.83 $47.93 $109.57 $202.85
20 year term $27.50 $43.69 $59.28 $62.91 $142.50 $277.16
64 year old male preferred example
AMOUNT $10,000 $25,000 $50,000 $100,000 $250,000 $500,000
10 year term $36.35 $42.14 $52.74 $87.81 $203.75 $401.19
15 year term $36.35 $53.31 $71.61 $120.02 $272.47 $570.12
20 year term $36.35 $65.11 $83.82 $125.55 $299.47 $600.88
Sample Rates for No Medical Exam Life Insurance
No Medical Exam Life Insurance Rates For 60 Year Olds
No Medical Exam Life Insurance Rates For 61 Year Olds
No Medical Exam Life Insurance Rates For 62 Year Olds
No Medical Exam Life Insurance Rates For 63 Year Olds
No Medical Exam Life Insurance Rates For 64 Year Olds
No Medical Exam Life Insurance Rates For 65 Year Olds
No Medical Exam Life Insurance Rates For 66 Year Olds
No Medical Exam Life Insurance Rates For 67 Year Olds
No Medical Exam Life Insurance Rates For 68 Year Olds
No Medical Exam Life Insurance Rates For 69 Year Olds
No Medical Exam Life Insurance Over Age 60
While there are other options Life Insurance, at the age of 60 or higher, the pricing and simplicity of the process means you need to look at this product. No other product is going to get you the term coverage this fast and easy at prices this low.
Term Life insurance without taking an exam is the answer if your in good health and are on a minimum of prescriptions. Call 1-844-528-8688 today to find out if this product is the fit you need to protect your family.
Term Life Coverage Needs over 60 years old
While the term lengths might be shorter in your sixties than when you are younger, many of the things that covered by a younger person are still needed by the older person
At 60 years old or older most are in a different financial standing than younger clients and major debt is close to being paid or have already been eliminated., so for the amounts of coverage as well as the length of terms needed will be different than someone younger and just starting a family.
You will need to look at how many years you will still be employed or bringing in a paycheck. This amount of income per year should be covered at a minimum of ten times the yearly amount.
While the 10 x yearly income is a simple calculation, if you prefer to break it down there are several items that need to be included in your calculations.
Mortgage amount, how much per month for how many years you have left or what is the total payoff amount. You will want to add an amount for your funeral expenses.
The income is not just what is your paycheck, you will want to look at loss of retirement payments or pension, loss of a Social Security check or any major incoming cash figure.
A life insurance policy can also be used to leave a legacy or inheritance for family members. The inheritance can be used as an educational fund for grand children to go towards college.
Normal household expenses for the day to day living of your surviving spouse should be added in. While this amount is relatively low, it will go a long way to easing their pain during the difficult time immediately after ones passing.
Length of Terms
What term length you choose, will be determined upon your specific needs. The most common lengths for term life insurance are 10, 15, 20, and 30 years. When you age into your sixties the longer term lengths will not be offered.
Your policy length needs to be determined by your coverage needs alone and there are many ways to get the coverage you need even if a combination of no medical exam term life and a whole life product is needed.
Coverage is often married to a set of years such as the time left until retirement or the time until a mortgage is paid off. While these are good ideas for the term length, you do not want to be left with zero coverage after these events have arrived.
Even tho you are retired or your mortgage is now paid off your family will still have large expenses when you pass. This is the time we migrate to a Final Expense life insurance policy.
Life Insurance Definition
To put it in its most basic explanation, life insurance is a contract where you agree to pay a monthly premium and the insurance company agree’s to pay your beneficiary an amount of money agreed upon in the contract when the covered person passes.
With term insurance like the no medical exam life insurance policy, the length of time that the coverage is in force is set in the contract.
Available Add-on Riders
With some term life policies you can add a critical illness rider, where some of the benefit amount can be paid to the policy holder where there is a diagnosis of certain illnesses. This is normally a certain percentage of the face amount and will differ by each diagnosis.
Along the lines of the critical illness rider some companies offer a terminal illness rider, where there is a terminal diagnosis of the insured persons, there can be an early payout of the benefit. The life expectancy must be in the rage of twelve to eighteen months.
Most life insurance policies will not pay out for suicide within two years, or ever on acts of war and fraud.
No Medical Exam Life Insurance Over Age 60 Companies
This is no a mainstay product for term life insurance, and people love the fact that they can get term life insurance with not having to take an examination. The fact that no medical exam term life insurance was so well received that more companies have decided to offer it.
When companies offer new products the tend to pick their niche to avoid competition and to stake their claim to certain business. This makes looking at the company just as important as all other pieces of the puzzle.
We only deal with top rated carries and look closely at their background and financial stability.
A few of the companies that we carry who have an AM best rating of A are:
- Sagicor – a company that has been around since the 1840’s and has a ranking of “Excellent”
- American Amicable – dating back to 1910 this company carries an “Excellent” rating third out of 15 categories.
- Assurity – A company that has been providing disability and life insurance since 1890 and rate A- “Excellent”
When you run a quote for your no medical exam term life insurance policy, we look at the options available. Not every company will offer a product for every term length and coverage amount option.
LJM Insurance is dedicated to you and your family and as an independent agency we work for you and not some insurance company. A call to us at 1-844-528-8688 will connect you to a licensed life insurance agent who will help you design a plan that will meet both your needs and budget.
When looking for term life insurance be sure to check the rates for a No Medical Expense Term Life Insurance policy. If you qualify it would greatly reduce the time it takes to get the policy issued and you can not beat the prices.
