Best No Medical Exam Term Life Insurance for 59 Year Olds
Posted in No Exam Life Insurance last updated on September 1, 2020
No Medical Exam Life Insurance Rates for 59 Year Olds
No Medical Exam Life Insurance rates for 59 year olds is a Term Life insurance option where you answer a few questions and it is issued based on mostly that information. That’s right NO Medical Exam. These types of policies aren’t a fit for everyone but if you would like to know if it will work for you, stay right on this page.
If you give us a call we will do all the quote work for you, we do not work for an insurance company, WE WORK FOR YOU!
If you would like to look at some quotes on your own, just enter your information in the quote engine on the side of this page and look for the companies that are offering No Medical Exam Term Life Insurance.
Look over the rates and companies, then please take some time to read this article which will give you valuable information on exactly what a Non-Med Term Life Insurance is. See if this type of term life insurance is the answer you are looking for. If you do not see your question answered, we are always available, you can reach us by calling 1-844-528-8688 or fill out the quote form and we will contact you as soon as possible.
You will always talk to a live person, so call 1-844-528-8688 and we will run a free life insurance quote for you and discuss what product and company fits your needs. This service is always free to you, and we will explain the policies that are available and how much Life Insurance coverage you should be carrying to protect your family.
Having to get a medical exam for life insurance can be time consuming and unpleasant, but taking that exam is not your only option. No Medical Exam Life Insurance can be purchased in coverage amounts of up to $500,000.00 and carries all the same benefits of the old standard term life insurance policy. Term lengths are the same, payout is the same but no hassles with having to fit a medical exam into your busy schedule.
The pricing for No Medical Exam Life Insurance for someone age 59 is more competitive now than ever, and the number of companies offering this type of is growing every month, giving you, a wide variety of choices to meet your needs.
To get a quote right now, enter your information in the area to the side of this article and click submit, it is that easy.
No Medical Exam Term life insurance rates for a 59 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 $27.50 $30.16 $34.78 $40.62 $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
30 year term $27.50 $62.25 $120.17 $236.00 *None *NONE
*Rates will vary by health class and location
No Medical Exam Term life insurance rates for a 59 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 $27.50 $24.03 $23.63 $32.43 $52.10 $89.16
15 year term $27.50 $16.03 $18.88 $19.34 $66.49 $119.18
20 year term $27.50 $34.15 $42.17 $42.26 $88.87 $170.07
30 year term $27.50 $62.25 $120.17 $236.00 *None *None
*Rates will vary by health class and location
If you look at the rates and amount of coverage, you will notice that some rates are actually better for more coverage, this is because more companies are offering those coverage amounts and the competition means better rates. It might be beneficial to get more coverage for the very small price increase.
Why Choose a No Medical Exam Policy
The most obvious benefit to term life insurance with no examination is the fact that you do not have to take the medical examination if you are in good health. Your answers on the application regarding, tobacco usage, driving record, and prescriptions do the major part of underwriting.
Your answers will be verified by the Medical Insurance Bureau and a pharmacy report, but that is much faster than scheduling an exam and then waiting for lab results. Certain things like your height and weight are easily verified.
This means that your policy decision is issued very fast sometimes in less than a week, I have personally seen term life insurance applications take 6 or 7 months to go through the process.
If your physical health is good and you need or want coverage fast while avoiding the invasive exam, a no exam policy is the answer to your Life Insurance needs. No Medical Exam Life Insurance rates for 59-year-olds have been dropping as more companies offer the product. This competition is great for you the consumer.
How They Eliminate the Exam
The way the companies that offer no medical exam term life insurance policies eliminate the exam happens with who it is offered to and how it is underwritten.
First, the plan is only offered or approved for those with good health, which makes it so they can drastically cut down on the underwriting process. Instead of doing an exam and then having to sit and wait for the results.
All the underwriting is done with information that has already been gathered from past insurance applications and physicians’ reports. Your prescription or pharmacy report will also be evaluated.
This type of underwriting process cuts the time waiting for a policy decision down to a fraction of what it was.
This type of policy works very well for someone that is in good health and has no major issues in their history. The prices are extremely competitive and with more companies entering this market every year you need to get a quote.
As little as five years of difference in age can make a huge difference in premium, we have more information for you here: https://ljmlifeinsurance.com/no-medical-exam-life-insurance-over-age-50/
Term Life Insurance Coverage Thoughts
Buying Term Life Insurance when you are over 59 will be used to cover some of the same needs as it does with someone just starting a family.
Some of the reasons for coverage are the same across all generations, but as we and our family ages the needs not only change but sometimes increase.
One of the most important parts of buying an insurance policy is the calculation of how much coverage to get. While only you can determine the needs of your family but there are some things that should be included that you do not want to leave out.
Some families that have children later in life might still have kids in school or in college and these education costs should be figured in.
The loss of income when children or young adults are still in school could make the force them to make a decision of finding a way to finance their education or to drop out.
Just about everyone figures in the amount of the mortgage and other major debts but many forge
t about the other month to month expenses of running the household such as:
- Property taxes
- Heat and Power
- Homeowners Insurance
- Auto payments
- Retirement Contributions
Keep in mind, that adding a small amount of $10,000.00 to $20,000.00 to your coverage amount will have a very minimal impact on your premium costs.
You can see just how little of a difference it makes by looking at the sample amounts posted earlier in the article.
Getting the Best No Medical Exam Term Life Insurance for 59-Year-Olds
Our top companies for no medical exam term life insurance are listed in this article: https://ljmlifeinsurance.com/5-best-no-medical-exam-term-life-insurance-companies/
When quoting your no medical exam term life policy, we will discuss all parts of the process, the application, underwriting, coverage needs, and term length.
Call us at 1-844-528-8688 for your free consultation and get the coverage you and your family need, started today.
