As you grow older, you may start to worry about how the people closest to you will manage after you’re gone. Life insurance can ease some of that anxiety, at least when it comes to your financial concerns. With a life insurance policy, you can take solace in knowing that the payout your beneficiaries will receive after you’ve passed away can cover immediate costs or even help them in the future.

However, the life insurance application process can be daunting, especially if you have health concerns. Many policies require you to complete an examination with a medical technician, which can cause anxiety in its own right. Fortunately, if you’d prefer not to undergo the scrutiny of an exam, some life insurance options for seniors offer great coverage without one. Read on to understand the types of coverage available for seniors and see if no-exam life insurance is right for you.

The pros and cons of no-exam life insurance

If you’ve dealt with severe injuries or illnesses, you might think a reasonable life insurance rate is out of reach. Even if you don’t have significant health concerns, you might not want to go through the hassle of scheduling an in-person medical exam or the extra poking and prodding that comes with it.

You can still get coverage with  no-exam life insurance policies, you minus the hassle. Because medical exams take time to schedule, undergo, and review, they can extend the wait time for a decision. No-exam applications are quicker and more straightforward; applicants usually receive a response in days. Then, coverage begins immediately, so no-exam policies can help you get covered quickly.

However, keep in mind that no-exam life insurance may not always be the best option. If you’re in good health, a medical exam can actually help you secure lower premiums or higher death benefits, so it may be worth the extra step. Additionally, no-exam policies tend to cost a little bit more for less coverage because they’re riskier to insurers. Yet, older adults with complicated health histories often find that no-exam life insurance is the best fit for their situations.

What types of no-exam life insurance are available for seniors?

There are several no-exam life insurance plans for seniors. Some policies have a more considerable death benefit, so you can provide for any dependents long after you’re gone. Other policies make more sense for older adults who only need to cover funeral costs.

Keep in mind that some policies that don’t require medical exams have other qualifications, including age or health restrictions. Therefore,if you opt for a no-exam life insurance policy, it’s essential to identify one that meets your coverage needs and circumstances.

Term vs. permanent

Term life and permanent life are two overarching categories of life insurance that can each meet distinct needs. Term life insurance provides coverage through a fixed period you choose when applying. Older adults under age 70 can get 10, 20, or 30-year term coverage through Fidelity Life’s RAPIDecision® Senior Life Term policies. These policies offer up to $150,000 in coverage.

Term life insurance policies could be a fit if you still have specific future expenses or milestones you’d like to cover. For example, you might want coverage while your kids or grandkids are in school, while you’re still working, or while you’re paying off your mortgage. You can choose the term and coverage level that best fits into your financial timeline.

Permanent life insurance policies last through the end of your life as long as you continue paying your premiums. Most types of permanent life insurance accumulate cash value over time. Many permanent policies require a medical exam, but Fidelity Life’s RAPIDecision® Senior Whole Life insurance offers between $10,000 and $150,000 without one. With RAPIDecision® Senior Whole Life, you can borrow from your policy’s cash value during your lifetime.

Permanent policies could work well for older adults with dependents. If your spouse, child, or other loved ones rely on a portion of your income, the payout they receive from a permanent policy can help them maintain their financial well-being and cover future expenses.

In addition to whole life policies, final expense insurance is a type of permanent life insurance that does not require a medical exam. However,final expense insurance differs from other permanent policies in a couple of key ways.

• Final expense insurance, also known as burial or funeral insurance, provides beneficiaries with a smaller death benefit than whole life policies, primarily meant to cover end-of-life costs.
• Fidelity Life’s RAPIDecision® Final Expense policies offer up to $40,000 in coverage that begins as soon as you’re approved.
• Older adults without dependents and with relatively few ongoing expenses might prefer final expense insurance.
• The payout could cover funeral and burial costs, any outstanding debts that your loved ones might otherwise have to deal with, or remaining medical bills.

If you don’t have savings set aside for your end-of-life costs, final expense insurance could help.

Simplified issue vs. guaranteed issue

Both simplified issue and guaranteed issue life insurance have short, straightforward applications without a medical exam. Nevertheless, there are some key differences between the two policy types.

Fidelity Life’s RAPIDecision® Final Expense policy is a simplified issue policy. That means you would only need to answer a medical questionnaire instead of completing a medical exam as part of your application. The insurance provider then completes a modified risk assessment using your questionnaire responses and information from some public databases. This process provides some insight into your medical history but saves a lot of time. However, it’s worth noting that some medical issues could still disqualify you from simplified issue coverage.

If you have potentially disqualifying health concerns, guaranteed issue life insurance can still cover you. Like simplified issue policies, guaranteed issue policies do not require a medical exam. However, applicants needn’t answer any health questions at all. You’ll be approved for coverage as long as you meet the policy’s age requirements.

Guaranteed issue premiums are often higher, and death benefits are a little lower, but the policies can still be worthwhile depending on your circumstances. For example, Fidelity Life’s RAPIDecision® Guaranteed Issue final expense insurance offers up to $25,000 in coverage with level premiums, so you won’t have to face any unexpected monthly costs. If you’re unsure which policy would work for you, you can always contact Fidelity Life and speak with a licensed insurance agent.

Is no exam senior life insurance right for you?

Everyone’s life insurance budgets and coverage needs are different. To determine the best life policy for you and your loved ones, consider your finances, age, and health.

If you’re in excellent shape, a life insurance policy with a medical exam could save you money in the long run. Still, as an older adult, you’ll have plenty of life insurance options, even if you don’t want to undergo a medical examination. Ultimately, the right life insurance policy is one that provides you with financial protection and peace of mind at a price you can afford. Talk to a licensed insurance agent to explore your options, or get started with a quote.