No Medical Exam Term Life Insurance [Over age 50]
Posted in No Exam Life Insurance last updated on October 21, 2020
No Medical Exam Term Life Insurance for applicants over age 50
Fifty years old and looking for life insurance can be overwhelming with all of the types of insurance and different products. If your health is good there is a quick and easy way to get term life insurance quotes no medical exam. You can get a free quote on the side of this page, and look at how affordable the rates are for No Medical Exam Term Life Insurance.
You can enter your basic information in our quote tool, for a quick quote for term life insurance no medical exam now! We are here for you if you would like to discuss all your options and see if a simplified issue, no medical exam policy is the right fit for you. Call us at 1-844-528-8688 and we will run the quotes for you and discuss which company fits your needs. This service is at no cost to you.
With a standard term life insurance policy you will need to have someone come into your home to take vitals and body fluids, this process can be eliminated if you are in reasonably good health.
A No medical exam Term Life Insurance (sometimes called Non-Med Term Life). Is a term life insurance policy that is underwritten by looking at your medical history and you answers to the questions on the application. Because of this type of underwriting this product is designed primarily for healthy people.
If you have some health conditions, or issues in your past just call and we will discuss all your options.
What makes term life insurance with no medical exam such an attractive option?
- You answer Basic Underwriting questions
- Basic medical history will be verified by:
- Medical Information Bureau)
- Pharmacy Report
- Rates for tobacco and non-tobacco are available
- Recent Driving Record
- Weight and Height
- Citizenship
- A statement from your Physician could be ordered.
- Basic medical history will be verified by:
- Decision and issued very fast:
- You will get an answer on your policy within days.
- No Paramedical exam is needed
- No needles and nobody coming into your home.
The rates are so close, you would be doing yourself a disservice by not looking at the details of this type of Life Insurance. It is quick, easy, and very affordable.
Is a No Medical Exam Term Life Insurance Policy a Good Option?
While this type of policy is not designed for everyone, you should call 1-844-528-8688, to find out. Term limits out to 30 years and coverage amounts up to and including $500,000.00, this product could be what you need to protect your family far into the future.
Term Life Insurance Quotes No Medical Exam if Over Age 50
The pricing for a non-med life insurance policy is higher than other term life insurance plans but only slightly, and when you factor in that you are eliminating the need for a medical exam, I think you will see what a great value No Medical Exam Term Life insurance is.
When you look at the tables below, you can see that rates go up as we age making it very beneficial to obtain your coverage as early in life as possible. As you age your health can deteriorate and even some minor health issues and affect your rates along with your age.
The examples below show the difference only 5 years makes in rates.
51-year-old male preferred example
| Policy Term | $50,000 | $100,000 | $250,000 |
|---|---|---|---|
| 10 Year Term | $13.79 | $16.36 | $27.16 |
| 15 Year Term | $16.50 | $19.29 | $33.61 |
| 20 Year Term | $19.60 | $23.78 | $45.49 |
| 25 Year Term | $28.07 | $37.40 | $64.95 |
| 30 Year Term | $31.41 | $41.30 | $81.59 |
56-year-old male preferred example
| Policy Term | $50,000 | $100,000 | $250,000 |
|---|---|---|---|
| 10 Year Term | $18.53 | $23.45 | $45.15 |
| 15 Year Term | $23.27 | $27.52 | $54.74 |
| 20 Year Term | $29.41 | $35.26 | $68.11 |
| 25 Year Term | $49.99 | $58.36 | $125.27 |
Term Life Insurance Quotes No Medical Exam for Specific Ages
No Exam Life Insurance For 50-Year-Olds
No Exam Life Insurance For 51-Year-Olds
No Exam Life Insurance For 52-Year-Olds
No Exam Life Insurance For 53-Year-Olds
No Exam Life Insurance For 54-Year-Olds
No Exam Life Insurance For 55-Year-Olds
No Exam Life Insurance For 56-Year-Olds
No Exam Life Insurance For 57-Year-Olds
No Exam Life Insurance For 58-Year-Olds
No Exam Life Insurance For 59-Year-Olds
No Medical Exam Life Insurance Over Age 50
There are several options for someone over the age of 50 who is looking for Life Insurance, depending on the person’s needs and budget.
- Term Life Insurance
- Fully Underwritten
- No Medical Exam (Simplified Issue)
- Whole Life Insurance
- Large Amount (Investment)
- Final Expense (Smaller amount to cover burial expense)
Term Life Insurance Quotes No Medical Exam Coverage Ideas
There are as many different reasons for Life Insurance Coverage as there are people buying Life Insurance.
When it comes down to the basic needs for coverage it usually boils down to the desire to not burden loved ones or family with debt or a drastic loss of income.
Below are some ideas on how to determine the basic minimum amount of coverage you need. Of course, it is not one size fits all and you will want to tailor the plan for your specific needs.
Many do not put enough thought into this process and leave their family with not enough cash flow. Being underinsured will make a bad situation much worse adding to the strain on the surviving family members.
You can get some general ideas on what to include in the coverage amount in our graphic on the side of this article.
No Medical Exam Life Insurance Companies
There are several companies that offer No Medical Exam Life Insurance and no medical exam term life insurance for seniors. What used to be a fringe product is now a mainstay and even the largest and oldest Life Insurance Companies are launching No Medical Exam Life Insurance products.
There are three companies that continuously are at the top of the list for affordable term life insurance no medical exam.
The Top 3 Companies for No Medical Exam Life Insurance Over the Age of 50
American Amicable
The company has roots dating back to 1910 and labels itself as a “Progressive Special Market Insurer”. On February 2, 1909, Amicable Life Insurance Company was chartered and began business on April 2, 1910.
A.M. Best Rating: A Excellent
A (Excellent), the third-highest rating out of 15 categories, was assigned by A.M. Best to American-Amicable Life insurance Company of Texas on February 13, 2015.
With more than 100 years of insurance experience, the American-Amicable group of companies consists of:
- American-Amicable Life Insurance Company of Texas
- IA American Life Insurance Company
- Occidental Life Insurance Company of North Carolina
- Pioneer American Insurance Company
- Pioneer Security Life Insurance Company
Assurity
Assurity’s heritage dates back to 1890, providing life insurance, disability, and critical illness insurance. Assurity is a Mutual organization, meaning that they have no shareholders or publicly traded stock.
In 2015, Assurity became the world’s largest insurance company to be named a certified B Corporation. To qualify, a firm must have an explicit social or environmental mission, and a responsibility to take into account the interests of workers, the community and the environment, as well as its policyholders.
That means the policyholders share in the ownership of the company and puts them in the business to serve the interests of the policyholder.
A.M. Best Rating A- Excellent
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to:
- Assurity Life Insurance Company
- Assurity Life Insurance Company of New York.
Sagicor
Established in 1840 as “The Mutual” Sagicor Life, today offers a wide range of financial services, including life insurance annuities as well as investment services.
A.M. Best Rating A- Excellent
In April 2016, Celent, a global research and advisory firm for the financial services industry, announced the winners of its Tenth Model Insurer Awards at its annual Innovation & Insight Day conference held at the Museum of American Finance.
Sagicor Life Insurance Company (“Sagicor”) is a full-service life insurance company that helps clients make wise financial decisions today, to ensure they’re protected tomorrow.
Sagicor is licensed in 45 State and the District of Columbia and rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings).
Sagicor is a wholly-owned subsidiary of Sagicor Financial Corporation, one of the oldest insurance groups in the Americans, with operations in 22 countries mainly in the United States, Central America and the Caribbean. Sagicor is committed to offering customers world-class service with integrity and value.
Term Insurance Lengths
The term length for No Medical Exam Life Insurance over the age 50 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
Convertible to permanent life insurance without proof of insurability.
Critical illness rider: Is a rider where a percentage of the death benefit is paid out upon diagnosis of critical illness.
Terminal Illness rider: Is a rider where the death benefit can be paid out when the insured is diagnosed with a terminal illness and death is within 12 – 18 months. (depending on the company)
Return of premium rider: This rider will allow term life insurance policyholders to recover all or part of their premiums paid over the life of the policy if they do not die during the stated term.
Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
You can be declined even when there’s no Medical Exam requirement.
Although you can apply for term life insurance with no medical exam, you must still pass the health underwriting. If you have some health issues that the company is unwilling to accept, your independent agent will generally offer a graded benefit or guaranteed issue policy.
These policies were designed for applicants who do not medically qualify for no medical exam term life insurance. Commonly known as Final Expense Insurance, these policies are available for seniors who are dealing with severe or multiple health issues.
Instead of term life insurance, final expense insurance is whole life insurance and is very popular even though they are typically priced higher than term insurance.
Although more expensive than term life insurance, graded benefit and guaranteed issue life insurance offers coverage for the life of the insured, monthly premiums can never be increased by the company, and the policy builds cash value over time.
