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Term Life Insurance With No Health Exam for Seniors, Elderly

By Mike Heuer

The younger you are, the easier it is to get term life insurance coverage. But once the elderly reach age 65, many term life insurance companies will stop underwriting them for term life insurance coverage. Even buying whole life coverage can be troublesome for America’s senior citizens.

But there are options available for seniors searching for good term life insurance coverage with no health exams required as part of the underwriting process. MetLife, the largest underwriter of life insurance in the United States, offers elderly term life insurance options without requiring health exams, and so do many other high quality and affordably priced term life insurance companies. Life Quick, Mutual of Omaha and Matrix Direct are more examples of financially sound term life insurance providers who sell senior term life insurance.

Some seniors like to start new businesses during their retirement years, and others will buy a second home. But finding term life insurance coverage to protect those obligations isn’t always easy. Despite difficulties, senior citizens still can buy high-quality term life insurance lasting anywhere from 5 years up to 30 years with coverage ranging from $5,000 to $500,000 or more. And most senior term life insurance policies can be extended for additional terms with no medical exam required. While some term life insurance companies overlook the potential senior citizen market, there are many others offering term life insurance for the elderly and are willing to underwrite what they view as a profitable risk.

One way for the elderly to obtain term life coverage is to join organizations, such as the American Legion or NRA, and get in on group term life insurance policies. Getting even a part time job where term life insurance might be offered is another way to obtain coverage. But if those are not options, it is possible to use the Internet to find insurers offering senior term life plans.

Using a secure, online quote tool is one the best ways for senior citizens to find term life insurance companies who want to do business with them without requiring medical exams and without charging too high a rate. Once seniors get at least five quotes for term life insurance coverage, they can better assess the companies offering coverage and policy options to help identify the best value for their money.

When seniors have the luxury of shopping, comparing and buying term life insurance at home instead of in the office of an aggressive agent looking for a commission, they can make wise, informed decisions on the term life insurance for the elderly before committing their hard-earned dollars while many times dealing with a fixed income.

Studies show fewer than 5 percent of term life insurance policies on average actually pay a death benefit, requiring even senior citizens to pass a health exam only increases administrative costs and paperwork for term life insurance companies, according to the Insurance Information Institute. That means senior citizens don’t have to pass a medical exam to buy affordable term life insurance coverage from quality companies willing to underwrite their risk.