No Exam Life Insurance for Seniors
So, you are 65 or older and need life insurance? First thing first, where should you look? In this modern world of vast internet information, we recommend you start, well… with the internet. It is amazing how much information seniors can gather on life insurance without having to even talk to anyone and just browse. Look for information specifically for seniors and life insurance (like this article). Gather and write down and save any and all useful tips and bits of information you find. If a chat is available, chat with someone on the many website you may encounter. Plans for seniors can vary between term life insurance, whole life and universal life. Everything else is just a variation of one of these three types of life insurance. If your need is short, then term life insurance may be best. If your need is long and all you are about is the coverage, then universal life may be best. If you want long term coverage and good cash value then whole life or a high cash value universal life may be best. Seniors now even have the option of so called MOD Life. This plan allows a senior to start with a more affordable, low premium universal life insurance that will have increased premiums a few years later.
Last but not least, if you are the child of a senior and you will be helping your parent get a policy, will you want your parent to take an insurance exam or not – will your parent even want to co-operate and do an exam for insurance. They are many no exam life insurance plans available for seniors that may be a better choice. Although, usually priced higher, it may be better to select a plan that does not require an exam and be able to secure some coverage than select a plan that requires an exam and secure NO coverage because your parent is unwilling to do the exam or you are afraid that your parent will not do well on the exam.
Once you have done you product search, you now need to find a few companies who are willing to help you. We don’t mean companies who are willing to sell you life insurance, we really mean willing to help you as a senior. Many many companies offer life insurance that a senior can buy but that does not mean that the plan is suited to someone in his/her senior years. For example, how is the plan priced? how do they look at seniors (old and automatically unhealthy and high risk)? Are they well rated by AM Best (one of the main life insurance rating agency)? are they well rated for customer service (think BBB – Better Business Bureau)? Are they easy to reach when you call or e-mail them and do they respond fast to your needs and questions? And, by the way, just because the insurance company or agency you find has the name senior or American Association of Retired People as part of their name does not necessarily mean that they are your best choice. When contacting companies one may wonder how you will know if a they know how to work with seniors. It is actually fairly easy. Your first question to them should be “do you offer plans for seniors”. If the answer is vague such as “sure, we work with seniors, we work with everybody”…find another company. The company should have plans such as final expense, plans for ages to at least 85 and they should have heard of medical conditions that are more prevalent with seniors. Here is a good article from the Mayo Clinic about common senior ailments. If you do not have any health issues (many years of good health to you) you may still find the article helpful when sorting through the insurance companies.
Last but not least, how is the underwriting process? Did you know that you can actually request to speak to an underwriter. Very very few people do know that or would even bother to call an underwriter. Yet, the underwriter may be your best choice in sorting out insurance companies. One thing about the underwriter is that they are not in sales or marketing and are less likely to give you what they think you want to hear. Besides, they are more aware of the legal aspect of their work and will be much more precise in their answer. The simple question to them may just be “Do you underwrite many senior cases?” or “Will this condition and that condition be an issue at all”. If it is a common senior health condition and they say we can’t do it or are not likely to accept you, it is time to look for another company.
Well I hope this starter article helps. Of course as with any of our articles, we always recommend that you ask, ask and ask more questions before accepting the final policy. An even after you do accept the policy, please remember that you have at least 30 days to review and decide to accept or reject the policy and get a full refund. Feel free to also contact us and ask questions or request quotes, please just click here. Thank you.
About the Author
Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com/life_insurance/seniors_life_insurance/life_insurance_for_seniors.htm