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Is No Medical Exam Life Insurance The Best Benefit For Senior Citizens?

Nowadays, more and more people have started to take into consideration the possibility of purchasing life insurance. The marketplace has took notice of this aspect and has developed numerous policies meant to fit the specific needs of all audiences, from toddlers to elderly citizens.

Senior-man-with-male-MD-300x199A common misconception regarding insurance is that seniors have difficulty obtaining it. Given the common criteria on which companies base their selection of applicants, the grounds on which this belief is set on are quite solid (the younger you are when buying life insurance, the smaller the rates). Nevertheless, seniors have options meant to be given serious thought.

The best type of protection an elder could get is term life. Term life insurance is a policy designed to keep the carrier insured for a limited amount of time, ranging from one to 30 years. It’s significantly cheaper than whole life insurance and easier to obtain. The downfall of term life is that if you outlive your policy, you won’t have any of the invested money returned.

A popular type of term life is no medical exam insurance. Normally you have to undergo a meticulous medical examination in order to find out if you are eligible for protection. Insurance officials evaluate how much risk you bring about to the company based on the results.

If you feel that your age or your medical condition might obstruct your pursuit of the ideal insurance policy you can opt for no-exam policies, which do not require such a procedure. Most annuities of this sort only call for the completion of a form with questions concerning your medical history and nothing else. Popular types of no-exam insurance include guaranteed acceptance and simplified issue annuities.

Is no medical exam life insurance the best benefit for seniors citizens? If treated as a last resort, yes. If you can, however, qualify for standard term life we advise you to choose the classic policy.

For more information about life insurance no medical exam and other insurance related articles you can visit our website! The ideal insurance policy might be just one quote away!

 


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