Is No Medical Exam Life Insurance For Older People Dead?
Want no medical exam life insurance? Up until very recently it was probable to get
some life insurance up until age 65 without having to do a full blown medical examination. Quite a few people were able to get these policies. The whole thing was based on answers to a few pointed health questions together with reports from the M.I.B...Medical Information Bureau.
Like most things some people found a way to get around the vetting procedure. These people outright lied about their physical condition which resulted in the insurance company having to pay out a lot of money.
These dishonest people are not the only ones to blame, the insurance company has to take some responsibility for it as well. They simply were not thorough enough. The result of these errors by the the life insurance company and the dishonesty of the applicants is that life insurance from this organization has become quite difficult to get. Many applicants who would normally qualify are turned down.
The younger people still get their policies approved quite quickly but many of those more advanced in age get declined even though some of them are in pretty good health.
The premiums are lower than they used to be if you are in excellent health. You can get up to $500,000 coverage without doing a medical. You just need to answer a few medical questions. If you think about it you may as well do the medical if you know you will qualify. You get a free medical plus a good life insurance policy to boot.
If you want to buy up to $10,000,000 you can also apply online, you will need to be examined though. Some carriers require 2 exams, they may also want blood or urine tests. One great advantage to taking this route is that you get an agent to guide you through the process.
Is no medical exam life insurance for older people dead? No it is not, no exam life insurance for older people is still available but a little harder to get. The policies offered are the 10 year, 15 year, 20 year and 30 year term life insurance policies.
After the initial term you can renew your policy without qualifying all over again but the premiums will be much higher.