Seniors No Exam Life Insurance: Expectations Vs. Reality [2019 Update]

Written by Heidi Mertlich

There is an uncomplicated way to decide if you even need life insurance. Ask yourself: If I die, will anyone I care about suffer an economic adversity that I want to prevent? – Bob MacDonald, Forbes

In other words, if you have loved ones who depend on you financially, in all likelihood, you need life insurance.

The good news is: Seniors have plenty of no exam (no physical, non med) options for purchasing life insurance. The process is easier and the prices are more affordable than you’re probably thinking.

Here, we’ll detail everything seniors need to know about purchasing life insurance without a physical exam.


Table Of Contents

  1. No Exam
  2. Life Insurance for Seniors
  3. Quotes
  4. Bottom Line
  5. Apply

No Exam Life Insurance 101

To start, let’s define no exam life insurance.

The term, no exam (also called no physical, non med), means life insurance issued without the physical examination of the applicant.

The benefits are many for this type of life insurance:

  • Often priced competitively
  • Convenient
  • Quick application turnaround time
  • Hassle-free:
    • No needles
    • No nurses
    • No liquid samples
  • Different kinds of policies available

Purchasing life insurance without a physical is typically a straightforward simple process:

seniors

*Specific steps can vary by carrier and policy type

Depending on the carrier and policy type, your application and policy issuance can take just minutes to complete.

5 Options For No Exam Life Insurance For Seniors

Seniors generally have five options to secure life insurance coverage. Let’s look at each type in detail to help you make an informed decision:

seniors

*Subject to change

1. Term

Term life insurance, just as the name implies, lasts for a specific term with level premiums. Term life insurance can make all the sense in the world for seniors under certain circumstances.

Definition: Life insurance that pays a benefit in the event of the death of the insured during a specified term.

If you need financial protection for a specified period of time, term might be a good fit.

Details to consider:

  1. Your age
    • Age cut-offs do exist for no exam term life insurance. While each carrier is different, the following are general limits for the term length you are able to purchase:
      • 80 years old – 10 year term
      • 75 years old – 15 year term
      • 70 years old – 20 year term
      • 65 years old – 25 year term
      • 58 years old – 30 year term
      • Note – policy face amount age limits exist as well. Limits vary by carrier.
  2. Your health
    • How is your overall health? Term life insurance is, unsurprisingly, more affordable if you are in good health. As we age, it’s common to experience health concerns:
    • Health complications can limit your ability to secure low-cost term life insurance without a medical exam.

Bottom line – Seniors purchase no physical term life insurance all the time. It works best for those in good health. Especially after age 60, you will often pay noticeably more for non med term life insurance compared to medically underwritten life insurance.

2. Whole

Whole life insurance lasts your whole life. In other words, as long as you pay your premiums, your life insurance policy does not expire.

Definition: Life insurance that pays a benefit on the death of the insured and also accumulates a cash value.

Additionally, whole life insurance accumulates a cash value. The cash value can have a number of uses, including:

  • Tax-advantaged investments
  • Policy loans
  • Benefit paid to loved ones
  • Pay for policy premiums

Whole life insurance is not commonly purchased by seniors.

In some situations, whole life insurance may make sense:

  1. You have a large estate
  2. You are interested in utilizing the policy loan option
  3. A desire to leave a specific amount to a beneficiary (i.e. loved one, charity)

Details about whole life insurance:

  • Premiums remain level
  • Whole life insurance is more expensive than term life insurance
  • The policy does not expire

Bottom line – It’s not a popular option for seniors to purchase whole life insurance, but can make sense in certain circumstances. No physical whole life insurance is uncommon for seniors over age 75.

3. Guaranteed Universal

Guaranteed Universal life insurance (GUL) is one of the most popular types of life insurance seniors buy. Think of Guaranteed Universal as a bridge between term and whole life insurance.

Definition: Term life insurance designed to last your whole life that pays a benefit on the death of the insured.

Reasons seniors often purchase Guaranteed Universal:

  1. Provide a benefit to loved ones
  2. Financial planning for estate taxes
  3. Cover end of life expenses

Most GUL policies require a medical underwriting, however, no exam options do exist.

Important details about GUL:

  • Less expensive than whole life insurance
  • Tends to cost more than term life insurance
  • GUL is technically not whole life insurance because you choose the term length of your policy
  • The term length of your policy is designed to last longer than your life
    • For example, policy length often lasts to age 90 or even over age 100
  • Premiums are often level for the life of the policy
  • Premiums are not connected to interest rates or market volatility

Bottom line – Guaranteed Universal life insurance is often an excellent option for seniors. The policy typically lasts longer than your life, has level premiums, and often costs less than whole life insurance.

4. Universal 

While the name is similar, Universal life insurance (UL) is different than Guaranteed Universal.

Definition: Whole life insurance with flexible premiums and death benefit, and a cash value connected to investments.

Universal is not commonly purchased by seniors.

Specifics to UL:

  • Considered a form of permanent (whole) life insurance
  • Policy includes a cash value element that is connected to the policy’s investments
  • Premium payments are directly tied to investment performance
    • Premiums may need to increase to maintain policy, depending on investments
  • Death benefit can be modified

Bottom line – Universal life insurance is usually not a good fit for seniors. The policy does last a lifetime, however, the integrity of your policy is connected to its investments.

5. Final Expense

Seniors regularly purchase Final Expense (FE).

Definition: Whole life insurance designed to cover end-of-life expenses.

Final Expense life insurance provides funds for:

  1. Funeral costs
  2. Medical bills
  3. Modest debts

Important facts about FE:

  • Policy face amounts typically range from $25,000 – $100,000
  • Polices are issued for applicants up to 90 years old
  • Policy often include a cash value
  • Considered permanent (whole) life insurance, meaning that your policy will not expire
  • Easier to qualify for FE than other types of life insurance
  • Approval can be instant, after a brief health questionnaire

Bottom line – Final expense can make all the sense in the world for seniors looking for a modest policy to cover end-of-life expenses.

Let’s compare the 5 types of no exam life insurance for seniors:

No Exam Life Insurance For Seniors

 Term WholeGuaranteed
Universal
UniversalFinal Expense
Cash ValueYesYesYes
Permanent InsuranceYesYes**YesYes
Level PremiumsYesYesYesYes
Larger Policy Size OptionYesYesYesYes
No Exam OptionYesYesYesYesYes

** Guaranteed Universal is not permanent life insurance, but it’s designed to outlast the policy holder’s life.

Keep in mind – Comparisons provide a general overview. Some product features are optional and are subject to change.

Sample Life Insurance Quotes For Seniors

How much do the different types of no exam life insurance cost?

Keep in mind

  • Quotes are samples only and are based on healthy individuals
  • Quotes are for non-tobacco
  • Your personal quote may be different
  • Quotes are based on monthly premiums unless otherwise noted (GUL quotes are annual premiums)

Term No Exam Life Insurance For Male 55 - 75 Years Old

 $100,000$100,000$100,000$200,000$200,000$200,000
10 Year Term15 Year Term20 Year Term10 Year Term15 Year Term20 Year Term
55 Year Old$23.36$28.96$38.31$40.25$51.65$70.36
60 Year Old$36.15$47.63$64.34$66.03$89.01$122.42
65 Year Old $84.06$113.07$136.80$161.82$219.83$276.90
70 Year Old$150.93$215.93NA$295.56$424.08NA
75 Year Old$254.25NANA$502.20NANA

Term No Exam Life Insurance For Female 55 - 75 Years Old

 $100,000$100,000$100,000$200,000$200,000$200,000
10 Year Term15 Year Term20 Year Term10 Year Term15 Year Term20 Year Term
55 Year Old$18.97$22.53$28.32$31.68$38.80$50.37
60 Year Old$27.47$32.31$42.26$48.67$58.35$78.26
65 Year Old $51.06$74.91$92.47$95.81$143.53$178.64
70 Year Old$88.65$148.05NA$171.00$289.80NA
75 Year Old$171.63NANA$336.96NANA

Note – Additional term policies are available with medical underwriting.

Also Note – Be sure to clarify whether or not you are okay with possibly participating in a medical exam as some carriers use “Accelerated Underwriting“, meaning that a physical exam could be ordered. However, other carriers are truly no exam, without the need to participate in a medical exam whatsoever.

Whole Life Insurance Male 55 - 75 Years Old

 $100,000$150,000$200,000
55 Year Old$270.46$402.54$543.63
60 Year Old$340.99$508.33NA*
65 Year Old$441.44$659.01NA*
70 Year Old$605.06$904.44NA*
75 Year Old$936.51$1401.62NA*

Whole Life Insurance Female 55 - 75 Years Old

 $100,000$150,000$200,000
55 Year Old$245.70$365.40$485.10
60 Year Old$309.84$461.61NA*
65 Year Old$398.83$595.09NA*
70 Year Old$548.63$819.79NA*
75 Year Old$835.45$1250.03NA*

Note – Medically underwritten whole life policies are typically available up to age 85.

Also, Note – Whole life policies for over $150,000 (after age 55) are available for medically underwritten policies.

Guaranteed Universal Life (GUL) Male 55 - 65 Years Old

 $25,000 $50,000 $100,000
55 Year Old$427.99/Year$855.97/Year$1403.78/Year
60 Year Old$587.17/Year$1174.33/Year$1973.41/Year
65 Year Old$701.83/Year$1403.66/Year$2386.16/Year

Guaranteed Universal Life (GUL) Female 55 - 65 Years Old

 $25,000 $50,000 $100,000
55 Year Old$366.20/Year$732.39/Year$1166.99/Year
60 Year Old$502.73/Year$1005.45/Year$1640.88/Year
65 Year Old$588.86/Year$1177.72/Year$1939.41/Year

Note – Quotes are for annual premium amounts and policies are set to age 121.

Also, Note – Policy face amounts for over $100,000 are available with a medical exam.

Final Expense Male Ages 55 - 90

 $10,000$25,000$50,000$100,000
55 Year Old$27.75$65.56$148.50$319.91
60 Year Old$35.79$85.66$182.16$407.77
65 Year Old$47.35$115.18$228.23$782.48*
70 Year Old$61.18$149.13$302.94NA
75 Year Old$83.89$204.66$408.81NA
80 Year Old$120.42$297.86$593.60NA
85 Year Old$167.36$414.57$840.10NA
90 Year Old$302.74NANANA

Final Expense Female Ages 55 - 90

 $10,000$25,000$50,000$100,000
55 Year Old$22.31$51.96$130.36$256.57
60 Year Old$28.02$66.22$159.69$315.03
65 Year Old$35.65$85.30$194.84$522.09*
70 Year Old$44.68$107.89$244.95NA
75 Year Old$61.11$148.94$338.13NA
80 Year Old$88.36$217.07$505.64NA
85 Year Old$135.90$334.95$682.51NA
90 Year Old$256.36NANANA

*Graded benefit option (meaning that full benefits are not available until the waiting period is over)

Note – Quotes are for level benefits. Graded benefit quotes cost less, however, full benefits are not immediately available.

Bottom Line

Seniors have excellent options for life insurance. Your specific needs will determine the ideal face amount and policy type. Be sure to review the best no exam life insurance companies before moving forward.

The best time to secure life insurance is today. And, remember, some life insurance is better than zero life insurance.

How To Apply

You will want to do two things when you apply for no exam life insurance for seniors:

1. Partner with an independent agent

  • An independent agent will be able to access senior-friendly life insurance carriers to find the best policy to fit your needs.
  • They have your best interest in mind because they’re not held captive to a particular carrier.
  • Avoid applying directly with a life insurance company. Let’s say a medical condition shows up on your application. That information could then be available to other life insurance companies, via the Medical Information Bureau, and potentially affect future applications.

2. Be ready for the application

  • Have your information, including full name, date of birth, address and social security number readily available.
  • Your application is processed fastest when you can answer all application questions upfront.

 

About No Physical Term Life
About No Physical Term Life

We’re an independent life insurance agency that specializes in no exam life insurance. We’re licensed in all 50 states and can help you directly over the phone or even by email if you’d like (just fill out a quote form and you’ll get an email from us).

This entry was posted in Policy Options. Bookmark the permalink.

4 Comments

[…] Guaranteed Universal Life Insurance […]

August 4, 2018 at 5:07 am

[…] Note: If you are older than age 65, consider your options for no physical life insurance for seniors. […]

October 31, 2018 at 2:27 pm

[…] Note – you will want to be careful that the amount you will pay in premiums does not eventually add up to more than the face amount of the policy. If you are older, be sure to evaluate your options for life insurance for seniors. […]

November 17, 2018 at 2:56 pm

[…] Also note – If you are a senior, be sure to explore all of your options for no medical exam life insurance for seniors. […]

December 1, 2018 at 3:41 pm
Leave A Reply