If you are looking at a new way of investing in your family’s future than look no further than purchasing a life insurance policy. None of our futures are promised, which means the income your family lives off of today could be gone tomorrow. The easiest way to protect that is making the life insurance investment.
With so many carriers in the market space, that means you will have to wade through the numerous factors that each put into their applications and underwriting guidelines. One common option for life insurance is a no exam policy. Obviously the key advantage to these policies is the absence of undergoing the medical exam and health underwriting portion.
At InsuranceScored.com, our priority is putting together the perfect policy for you, your family, and your financial goals. And we can accomplish this without going over your budget.
Too Old for No Exam?
Through the years, we’ve gotten a lot of questions about getting no exam life insurance coverage for people that are 50 or older. The majority of clients that we talk to assume that they are too old to get no exam coverage, but that isn’t true. Regardless of how old you are, it’s possible to get affordable life insurance coverage.
At first glance, the idea of getting life insurance without having to take a medical exam sounds like the perfect option. Nobody wants to have to go through the medical exam, have their blood drawn, and then wait for the results. But be aware because there are several pros and cons when it comes to no exam plans.
The Advantages of No Exam Life Insurance for 50 Year-Olds
One of the most notable advantages to no exam plans is that the insurance company won’t get a current picture of your health. If you’re out of shape, then you could end up paying a lot more for your life insurance coverage. With a no exam policy, the insurance company won’t get that information.
Another advantage to no exam coverage is how swift your policy will be issued. With a traditional insurance policy, you will have to wait for the insurance company to schedule the medical exam, get the results, and then review those results through their medical underwriting. So if getting a plan approved and issued immediately is the goal, your best bet will be going the way of a no exam policy.
Disadvantages of No Exam Plans
On the other side of the coin, there are the drawbacks of these plans. Just like every other type of life insurance plan, these are going to be a few disadvantages that you should be aware of before you purchase one of these plans.
The most notable pitfall of no exam plans is that without that exam, the insurance company is taking a much higher risk to accept you for life insurance protection. So who does that risk pass on to? You, the client, in the form of much higher monthly premiums.
Carriers are also susceptible to not allow you to purchase over a certain amount of face value, which will limit the amount of cash you could provide your family. Typically the normal life insurance carrier won’t allow you to purchase over $50K in your no-exam life insurance policy. There are a few companies that will sell you more than that, however they are rare and the plans they offer will be more expensive.
Life Insurance For People Over 50
Even if you’re 50 or older, it’s possible to get affordable life insurance. For some people, no exam life insurance coverage is a great choice, but it’s not perfect for everyone. Because there are so many advantages to these no exam plans, it’s vital that you make the best decision for you and your loved ones.
If this article hasn’t covered everything you had hoped it would we would certainly love to help you with any remaining questions or thoughts.
We understand that shopping around for life insurance isn’t the most fun buying decision you will make. Which is why you should work with us! We can make the process more fun and our agents can offer you most of the plans available nationwide We work with dozens and dozens of highly rated companies across the nation, and we know which companies will offer you the best life insurance coverage.
We can also help you navigate the various underwriting guidelines or help you find the best no-exam policy available. Don’t waste your precious hours that could be better spent with your family; let us do the grunt work for you and present you with a simple, organized quote comparing several carriers that will fulfill your life insurance needs.