Sometimes things happen and we find ourselves in a situation where we know we need insurance but we do not want to go through the hassle of the long applications and medical examinations. While there are available senior life insurance no exam programs it is important to examine the stipulations that come along with these programs before signing any type of contract. State and federal laws provide some ability to investigate these contracts before deciding whether you sign them. One example of this is the “free look” law. The insurance agent should be able to provide you with more information on the available plans.
Senior life insurance no exam type programs usually come in one of two forms although there may be others depending on the insurance company. One type of insurance that offers without a medical exam is term life insurance. Even though these offer no exam packages they often have fine print that you should be aware of. With these programs there is often a 2 to 3 year period before you get the full benefits in the event of death. Term life insurance only lasts for a set period often between 5 and 15 years. Term life also sometimes carries restrictions on what the beneficiary can use it for.
Final expense insurance, also known as burial insurance, is a type of whole life insurance that the beneficiary can use on anything. These also fall under the category of senior life insurance no exam style plans. Usually with these plans the premiums do not increase while the benefits do not decrease. These policies, in contrast to term life, do not have an expiration date. They continue as long as the premium is paid. Companies cannot cancel these programs because of age. They often have a guaranteed full payout without the waiting period.
Increasing funeral costs combined with reduced space for cemeteries has caused steep increases in the costs of funerals. It is good to research these costs when considering insurance. Sometimes senior life insurance no exam policies are the only policies we can get to take the burden of an expensive funeral off of the shoulders of our loved ones we leave behind. Funeral homes can provide written price lists of services giving you an idea how much might be required for your family in the event of your death. Keep in mind that these prices can and often do go up over time.
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